Governance and risk of Brazilian publicly traded companies
by Valdir De Jesus Lameira, Walter Lee Ness Jr., Jean E. Harris, Osvaldo Luiz Goncalves Quelhas, Roberto Guimaraes Pereira
International Journal of Business Continuity and Risk Management (IJBCRM), Vol. 2, No. 3, 2011

Abstract: This study estimates the relations between the governance practiced by a significant sample of Brazilian publicly listed companies and the risk of them. Local beta, the beta obtained using the S&P 500, share price volatility, idiosyncratic risk and the weighted average cost of capital were used to express their risk. The study confirmed that better governance were associated with lower risk. The structural equations results confirmed the linear regressions results. The endogeneity observed did not invalidate the results. The evidence predominately showed that the direction of causality runs from governance to the risk variables and not vice-versa.

Online publication date: Sat, 27-Sep-2014

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