Efeito da Governança Corporativa nos Retornos das Ações em Decorrência do Anúncio da Recompra

José Guilherme Chaves Alberto; Henrique Cordeiro Martins

doi:10.51341/1984-3925_2020v23n3a1

Authors

José Guilherme Chaves Alberto Pontifical Catholic University of Minas Gerais http://orcid.org/0000-0002-3104-5354
Henrique Cordeiro Martins Fumec university http://orcid.org/0000-0002-8064-7386

DOI:

https://doi.org/10.51341/1984-3925_2020v23n3a1

Keywords:

Stock Repurchases, Corporate Governance, Information Asymmetry, Efficient Market, Event Study.

Abstract

Objective: The objective of this study is to analyze whether or not the stock prices of companies respond to the announcement of the share buyback and what are the possible influences that the adoption of stricter corporate governance practices may have on the results.

Method: A quantitative research was carried out on 329 public share buyback announcements, carried out by 99 companies, from 2003 to 2014. The quantitative part of this study used the ex-post-facto research technique, with data secondary and event study work methods.

Originality/Relevance: The increase in cash distribution by companies through the repurchase of shares, the evidence of an abnormal return on shares as a result of the repurchase and whether or not the adoption of better corporate governance practices reduce information asymmetry in the market, has led researchers to analyze whether or not there is a relationship between the level of governance and the return on shares as a result of the announcement of the share buyback event.

Results: The results indicate that there is evidence of an abnormal return in the Brazilian market before, during and after the announcement of the share buyback event. Regarding the adoption of corporate governance practices used by companies, no evidence was found that the adoption of stricter corporate governance practices reduces asymmetry.

Theoretical/Methodological contributions: The research contributes to the discussion of the theme in the Brazilian stock market and to broaden the discussion in the literature if the adoption of best corporate governance practices reduces the asymmetry.

Downloads

Download data is not yet available.

Author Biographies

José Guilherme Chaves Alberto, Pontifical Catholic University of Minas Gerais

Graduated in Business Administration from Faculdade Sciences Gerencial UNA (2000), Specialization in Statistics from Federal University of Minas Gerais (2011), Master in International Management of Companies from Universidad de Zaragoza / Spain (2003) and PhD in Administration from Universidade Fumec (2016). He is currently an adjunct professor at the Pontifical Catholic University of Minas Gerais and the Graduate School of IEC PUC Minas. He has experience in Capital Markets and Derivatives.

Henrique Cordeiro Martins, Fumec university

PhD in Business Administration at UFMG, with sandwich internship at Birmingham School, England.Professor at the doctoral program and an academic master's degree in Administration at Universidade FUMEC.

References

Almeida, M. A., Santos, J. F., Ferreira, L. F. V. M., & Torres, F. J. V. (2010). Evolução da qualidade das práticas de governança corporativa: um estudo das empresas brasileiras de capital aberto não listadas em bolsa. RAC – Revista de Administração Contemporânea, 14(5), 907-924. Doi: http://dx.doi.org/10.1590/S1415-65552010000500009.

Barbedo, C. H., da Silva, E. C., & Leal, R. P. C. (2009). Probabilidade de informação privilegiada no mercado de ações, liquidez intra-diária e níveis de governança corporativa. RBE – Revista Brasileira de Economia, 63(1), 51-62. Doi: http://dx.doi.org/10.1590/S0034-71402009000100004

Babenko, I., Tserlukevich, Y., & Vedrashko, A. (2012). The credibility of open market share repurchase signaling. Journal of Financial and Quantitative Analysis, 47(5), 1059-1088. Doi: https://doi.org/10.1017/S0022109012000312

Brown, C. (2007). The announcement effects of off-market share repurchases in Australia. Australian Journal of Management, 32(2), 369-385. Doi: https://doi.org/10.1177/031289620703200210

Campbell, J. Y., Lo, A. W., & Mackinlay, A. C. (1997). The econometrics of financial markets (2a ed.). New Jersey: Princeton University Press.

Carvalho, L.N.G. (2002). Governança corporativa no Brasil em perspectiva. Revista de Administração, 37(3), 19-32.

Carvalho, A. G., & Pennacchi,G. G. (2012). Can a stock exchange improve corporate behavior? evidence from firms' migration to premium listings in Brazil. Journal of Corporate Finance, 18, 883-903. Doi: https://doi.org/10.1016/j.jcorpfin.2011.01.003

Castro, F. H. F., Jr., & Yoshinaga, C. E. (2013). Não ignore os sinais: evidências dos programas de recompra de ações no mercado aberto. Anais do Encontro Brasileiro de Finanças, Rio de Janeiro, RJ, Brasil, 13.

Comment, R., & Jarrell, G. A. (1991). The relative signaling power of dutch-auctions and fixed-price self-tender offers and open-market share repurchases. The Journal of Finance, 46(4), 1243-1271. Doi: https://doi.org/10.1111/j.1540-6261.1991.tb04617.x

Copeland, T. E., Weston, J. F., & Shastri, K. (2005). Financial theory and corporate policy (4a ed.). São Paulo: Person Education.

Correia, L. F., Amaral, H. F., & Louvet, P. (2011). Um índice de avaliação da qualidade da governança corporativa no Brasil. Revista Contabilidade e Finanças. – USP, 22(55), 45-63. Doi: http://dx.doi.org/10.1590/S1519-70772011000100004.

Dann, L.Y. (1981). Common stock repurchase: an analysis of returns to bondholders and stockholders. Journal of Financial Economics, 9(2), 113-138. Doi: https://doi.org/10.1016/0304-405X(81)90010-6

Dann, L. Y., Masulis, R. W., & Mayers, D. (1991). Repurchase tender offers and earning information. Journal of Accounting and Economics, 14(3), 217-251. Doi: https://doi.org/10.1016/0165-4101(91)90013-E

Fávero, L. P. L., Belfiore, P., Takamatsu, R. T., & Suzart, J. (2014). Métodos quantitativos com Stata®. Rio de Janeiro: Elsevier.

Gabrielli, M. F., & Saito, R. (2004). Recompra de ações e proteção dos minoritários. Revista de Administração de Empresas, 44(4), 54-67. Doi: http://dx.doi.org/10.1590/S0034-75902004000400002.

Gordon, A. (2002). Recompra de ações: uma abordagem empírica (Dissertação de Mestrado). São Paulo, SP: Fundação Getúlio Vargas. Recuperado de http://bibliotecadigital.fgv.br/dspace/handle/10438/25

Grullon, G., & Ikenberry, D.L. (2000). What do we know about stock repurchases? Journal of Applied Corporate Finance, 13(1), 31-51. Doi: https://doi.org/10.1111/j.1745-6622.2000.tb00040.x

Grullon, G., & Michaely, R. (2002). Dividends, share repurchases, and the substitution hypothesis. The Journal of Finance, 57(4), 1649-1684. Doi: https://doi.org/10.1111/1540-6261.00474

Grullon, G., & Michaely, R. (2004). The information content of share repurchase programs. The Journal of Finance, 59(2), 651-680. Doi: https://doi.org/10.1111/j.1540-6261.2004.00645.x

Holm, C., & Scholer, F. (2010). Reduction of asymmetric information through corporate governance mechanisms – the important of ownership dispersion and exposure toward the international capital market. Corporate Governance: An International Review, 18(1), 32-47. Doi: https://doi.org/10.1111/j.1467-8683.2009.00777.x

Howe, K., He, J., & Kao, G.W. (1992). One-time cash flow announcements and free cash-flow theory: share repurchases and special dividends. The Journal of Finance, 47(5), 1963-1975. Doi: https://doi.org/10.1111/j.1540-6261.1992.tb04691.x

Hudson, R. S., & Gregoriou, A. (2010). Calculating and comparing security returns is harder than you think: A comparison between logarithmic and simple returns. Social Science Research Network. Recuperado em 10 dezembro, 2014, de http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1549328

Isagawa, N. (2002). Open-market repurchase announcement and stock price behavior in inefficient markets. Financial Management, 31(3), 5-20. Doi: https://doi.org/ 10.2307/3666312

Jagannathan, M., Stephens, C. P., & Weisbach, M. S. (2000). Financial flexibility and the choice between dividends and stock repurchases. Journal of Financial Economics, 57(3), 355-384. Doi: https://doi.org/10.1016/S0304-405X(00)00061-1

Jagannathan, M., & Stephens, C. (2003). Motives for multiple open-market repurchase programs. Financial Management, 32(2), 71-91. Doi: https://doi.org/ 10.2307/3666337

Kahle, K.M. (2002). When a buyback isn’t a buyback: Open market repurchases and employee options. Journal of Financial Economics, 63(2), 235-261. Doi: https://doi.org/10.1016/S0304-405X(01)00095-2

Kanagaretnam, K., Lobo, G. J., & Whalen, D. J. (2007). Does good corporate governance reduce information asymmetry around quarterly earnings announcements? Journal of Accounting and Public Policy, 26(4), 497-522. Doi: https://doi.org/10.1016/j.jaccpubpol.2007.05.003

Lakonishok, J., & Vermaelen, T. (1990). Anomalous price behavior around repurchase tender offers. The Journal of Finance, 45(2), 455-477. Doi: https://doi.org/10.1111/j.1540-6261.1990.tb03698.x

Lee, D. S., Mikkelson, W. H., & Partch M. M. (1992). Managers' trading around stock repurchases. The Journal of Finance, 47(5), 1947-1961. Doi: https://doi.org/10.1111/j.1540-6261.1992.tb04690.x

Li, K., & Mcnally, W. (2007). The information content of Canadian open market repurchase announcements. Managerial Finance, 33(1), 65-80. Doi: https://doi.org/10.1108/03074350710715818

Lopes, A. B., & Martins, E. (2007). Teoria da contabilidade: uma nova abordagem (2a ed.). São Paulo: Atlas.

Masulis, R.W. (1980). Stock repurchase by tender offer: an analysis of the causes of common stock price changes. The Journal of Finance, 35(2), 305-319. Doi: https://doi.org/10.1111/j.1540-6261.1980.tb02159.x

Micheloud, G. A. (2013). How do investors respond to share buyback programs? Evidence from Brazil during 2008 crisis (Dissertação de Mestrado). São Paulo, SP: Fundação Getúlio Vargas. Recuperado de http://bibliotecadigital.fgv.br/dspace/handle/10438/10897

Moreira, L. F. (2000). A recompra de ações na BOVESPA (Dissertação de Mestrado). Porto Alegre, RGS: Universidade Federal do Rio Grande do Sul. Recuperado de https://www.lume.ufrgs.br/bitstream/handle/10183/3370/000292091.pdf

Moreiras, L. M. F. (2010). Os efeitos da governança corporativa sobre a informação assimétrica (Tese de Doutorado). São Paulo, SP: Fundação Getúlio Vargas. Recuperado de https://bibliotecadigital.fgv.br/dspace/handle/10438/4447

Mota, D. C. (2007). Dividendos, juros sobre capital próprio e recompra de ações: um estudo empírico sobre a política de distribuição no Brasil (Dissertação de Mestrado). São Paulo, SP: Fundação Getúlio Vargas. Recuperado de http://bibliotecadigital.fgv.br/dspace/handle/10438/2311

Nascimento, A. M., & Reginato, L. (2008). Divulgação da informação contábil, governança corporativa e controle organizacional: uma relação necessária. Revista Universo Contábil, 4(3), 25-47. Doi: http://dx.doi.org/10.4270/ruc.20084

Nittayagasetwat, W., & Nittayagasetwat, A. (2013). Common stock repurchases: case of stock exchange of Thailand. International Journal of Business and Social Science, 4(2), 76-82.

Nossa, S. N., Lopes, A. B., & Teixeira, A. (2010). Stock repurchases and fundamental analysis: an empirical study of the brazilian market in the period from 1994 to 2006. BBR, 7(1), 1-22. Doi: https://doi.org/10.15728/bbr.2010.7.1.1

Persons, J.C. (1997). Heterogeneous shareholders and signalling with share repurchases. Journal of Corporate Finance, 3(3), 221-249. Doi: https://doi.org/10.1016/S0929-1199(96)00012-0

Rocha, C. F. P., & Procianoy, J. L. (2004). Disclosure das companhias abertas brasileiras: Um estudo exploratório. Revista Eletrônica de Gestão Organizacional, 2(3), 169-182.

Salehi, H., Rezaie, H., & Ansari, F. (2014). Corporate governance and information asymmetry. Management Science Letters, 4, 1829–1836. Doi: https://doi.org/10.5267/j.msl.2014.6.048

da Silva R. L. M, Nardi, P. C. C., & Pimenta, T., Jr. (2012). O Impacto da migração das empresas para os níveis diferenciados de governança corporativa da BM&F Bovespa sobre o risco e o retorno de suas ações. Revista de Administração da UFSM, 5(2), 222-242. Doi: http://dx.doi.org/10.5902/198346592599

Singh, A. K., Zaman, M. A., & Krishnamurti, C. (1994). Liquidity changes associated with open market repurchases. Financial Management, 23(1), 47-55. Doi: https://doi.org/ 10.2307/3666055

Stephens, C., & Weisbch, M. (1998). Actual share reacquisitions in open market repurchase programs. The Journal of Finance, 53(1), 313–333. Doi: https://doi.org/10.1111/0022-1082.115194

Vermaelen, T. (1981). Common stock repurchases and market signaling: An empirical study. Journal of Financial Economics, 9(2), 139-183. Doi: https://doi.org/10.1016/0304-405X(81)90011-8

Vieira, E. R., & Mendes, A. G. S. T. (2004). Governança corporativa: uma análise de sua evolução e impactos no mercado de capitais brasileiro. Rio de Janeiro: Revista BNDES.

Wang, C. S., Strong, N., Tung, S., & Lin, S. (2009). Share repurchases, the clustering problem, and the free cash flow hypothesis. Financial Management, 38(3), 487-505. Doi: https://doi.org/10.1111/j.1755-053X.2009.01045.x

Zhang, H. (2005). Share price performance following actual share repurchases. Journal of Banking & Finance, 29(7), 1887-1901. Doi: https://doi.org/10.1016/j.jbankfin.2004.06.038