| Popis: |
The article analyzed the impact of corporate governance on the value of Brazilian publicly held companies listed in the Brazilian Stock Exchange, aka B3, during the Covid-19 crisis, inferring the behavior of the stocks of companies listed in B3. In the study, windows were chosen to reflect the maximum fall of B3 index, “Ibovespa”, on March 3rd, 2020, and its recovery on June 1st, 2021, in order to contemplate the full effect of the impact of Covid-19 on main listed companies’ stocks in B3. In the fall window, corporate governance control worked for the return on the value of shares, because companies with greater governance had an abnormal return, higher than medium and low-governance companies, respectively. In the recovery window, companies with higher governance control had an abnormal return compared to medium and low-governance control companies. Thus, governance proved to be a risk control factor, even in a market stress event. |
