GOVERNANÇA CORPORATIVA E DESEMPENHO DA EMPRESA: EVIDÊNCIAS DE EMPRESAS LISTADAS DO PAQUISTÃO
DOI:
https://doi.org/10.23925/2179-3565.2021v12i1p170-187Palavras-chave:
Problemas de Agência, Governança Corporativa, Concentração de Propriedade, Independência do ConselhoResumo
Este estudo tem como objetivo verificar a influência da governança corporativa no desempenho da empresa para as empresas não financeiras listadas na Bolsa de Valores do Paquistão (PSX) para o período de 2005-15. O artigo mediu a governança corporativa pelos grandes conselhos com mais conselheiros independentes, independência do comitê de auditoria, concentração de propriedade, inexistência de dualidade de CEO e presença de investidores estrangeiros e institucionais. Para abordar essa natureza endógena de propriedade e desempenho institucional neste estudo, usamos técnicas de variáveis instrumentais (IV) usando um mínimo de dois estágios (2SLS), instrumentalizando a propriedade institucional com o tamanho e a idade da empresa. O estudo constatou que empresas com conselhos grandes e independentes superam suas contrapartes. Da mesma forma, o estudo descobriu que as empresas que têm a posição conjunta de CEO e presidente do conselho têm desempenho inferior ao das contrapartes. No Paquistão, as empresas com proprietários estrangeiros e institucionais são melhores do que outras. Descobrimos que as empresas com proprietários concentrados têm um nível mais baixo de problemas de agência e, em última análise, apresentam um bom desempenho. Além disso, descobrimos que as empresas com um nível mais baixo de problema de agência do tipo II (medido por meio da contestabilidade da concentração de propriedade) apresentam melhor desempenho no Paquistão.
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