Governance mechanisms and market value of highway concessionaires Listed on the B3 (BM&FBOVESPA)
DOI:
https://doi.org/10.21434/IberoamericanJCG.v10igc.136Keywords:
Corporate Governance Mechanisms, Regulated Sector, Highway ConcessionaireAbstract
Objective: This study aims to integrate the agency theory, the corporate governance mechanisms and the characteristics of the Highway Operation Program (PER) administered by ANTT (National Agency of Terrestrial Transport), from the analysis of the characteristics of governance mechanisms of the 33 highway concessionaires listed on B3 (BMF&Bovespa) in the period 2010 to 2022, and the influence on their market value.
Methodology/approach: In methodological terms, the research had a documental character, using as research base the reports of B3 (BMF&Bovespa), CVM that operate both in the Brazilian Stock Exchange and in the United States. The research used the panel data regression model, with fixed and random effects.
Originality/Relevance: When relating the characteristics of governance mechanisms and the market value of Brazilian utilities, the results were significant for the variables: the presence of foreign investors, which confirms the theory that the presence of foreigner as a shareholder positively influences the market value of regulated companies; the independent members of the board of directors, has a positive effect on management and maximization of value for shareholders and, the supervision carried out by the regulatory agency as processes of the regulatory system that positively affects the control and development of new regulations, aimed at reducing benefits of the controlling shareholder and conflicts in management.
Main Results: Corporate Governance has been gaining prominence and developing in recent years in the business environment, especially since the year 2002, after the fraud scandals involving large North American companies, when the subject became more valued and of greater demand within organizations. Indicators have been operationalized that bring foreign investor capital behind the highway concession process, companies are already complying with international policy and the legal implications required by B3, CVM, ANTT, and national agencies.
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