Corporate governance in times of pandemic: an analysis of Brazilian firms
DOI:
https://doi.org/10.18046/j.estger.2024.173.6797Keywords:
corporate governance, economic crisis, pandemicAbstract
The paper analyzed the internal corporate governance system of Brazilian firms during the covid-19 pandemic by investigating the adopted corporate governance mechanisms and the relationship between this and the value of 156 firms with shares traded on Brazilian stock exchange (B3) in the period 2019-2022. Mean difference tests and regression analysis indicate that during the pandemic period the adoption of corporate governance practices increased, there was greater independence and gender diversity on the board of directors and for the installation of supervisory and control bodies. The firm value, measured by Tobin's Q and market-to-book ratio, gradually decreased over the period analyzed and only showed a positive relationship with the quality of the internal corporate governance system in the first year of the pandemic (2020).
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