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Corporate governance and firm performance in Portugal
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Resumo(s)
The purpose of the present paper is to analyze the relationship between corporate governance and firm performance in Portugal, using the Return on Assets (ROA), the Return on Equity (ROE) and the Cumulative Abnormal Return (CAR) as proxy variables to measure firms’ performance. The dataset used for estimations covers 69 firms from 2003 to 2005.
No relationship was found between corporate governance practices and performance. This is probably related with the fact that only a few companies are obligated to explain in their annual reports the corporate governance practices adopted and because it is a recent subject, in Portugal, which means that until now it has not been very broached.
Descrição
A Work Project, presented as part as the requirements for the Award of a Masters Degree in Finance from the Nova School in Business and Economics
Palavras-chave
Corporate Governance Firm Performance CMVM Recommendations