Corporate governance and efficiency in the Electricity Sector using Data Envelopment Analysis: a study in the brazilian stock market

Autores

  • Fernanda Maciel Peixoto Universidade Federal de Uberlândia (UFU), Faculdade de Gestão e Negócios (FAGEN)
  • Roberto do Nascimento Ferreira Universidade Federal de São João del-Rei
  • Ana Lúcia Miranda Lopes Universidade Federal de Minas Gerais
  • André Francisco Alcântara Fagundes Universidade Federal de Uberlândia (UFU), Faculdade de Gestão e Negócios (FAGEN)

DOI:

https://doi.org/10.5007/2175-8077.2011v13n31p161

Palavras-chave:

Governança Corporativa, Eficiência, Data Envelopment Analysis

Resumo

Different Corporate Governance mechanisms have been suggested to minimize agency problems between managers and shareholders, and between controlling and minority shareholders. The aim of this study is to analyze the corporate governance mechanisms result in greater efficiency for Brazilian stock companies in the electricity sector, in 2007-2009. The hypothesis to be verified is that the lower the voting concentration   and the dependence of the council, and the greater the cash flow concentration, the greater the performance of the company will be. The analyzed sample involved thirty-three companies, fourteen being classified into one of the levels of CG (Level 1, Level 2 or New Market) and the remainder being members of the traditional market. To measure the efficiency of the companies, the non-parametric DEA (Data Envelopment Analysis) method was used, and to relate the efficiency with the governance variables, we adopted regression analysis of panel data. The results demonstrated that the use of CG mechanisms positively influences business efficiency, but not in the expected magnitude. It was found that the cash flow concentration is positively related to the efficiency of firms, supporting the governance literature. For future work, the use of other input and output variables is suggested.

Biografia do Autor

Fernanda Maciel Peixoto, Universidade Federal de Uberlândia (UFU), Faculdade de Gestão e Negócios (FAGEN)

Professora Assistente da FAGEN/UFU

Doutoranda no CEPEAD/UFMG na área de Finanças

Bolsista da CAPES

Aluna Visitante do Programa de Doutoramento do ISEG/UTL (Universidade Técnica de Lisboa)

Roberto do Nascimento Ferreira, Universidade Federal de São João del-Rei

Professor Assistente da Universidade Federal de São João del-Rei

Doutorando na Universidade Federal de Lavras

Bolsista PMCD-FAPEMIG

Ana Lúcia Miranda Lopes, Universidade Federal de Minas Gerais

Professora Adjunta do CEPEAD/FACE/UFMG

André Francisco Alcântara Fagundes, Universidade Federal de Uberlândia (UFU), Faculdade de Gestão e Negócios (FAGEN)

Professor Assistente da FAGEN/UFU

Doutorando no CEPEAD/UFMG na área de Marketing

Bolsista da CAPES

Aluno Visitante do Programa de Doutoramento do ISEG/UTL (Universidade Técnica de Lisboa)

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Publicado

2011-12-14