GOVERNANÇA CORPORATIVA E DESEMPENHO DE MERCADO:
O EFEITO MODERADOR DO USO DO TWITTER
DOI:
https://doi.org/10.22561/cvr.v34i1.7320Palabras clave:
Governança Corporativa, Desempenho de Mercado, Mídia Social, TwitterResumen
Este estudo investiga o efeito do uso corporativo da mídia social, Twitter, na relação entre a governança corporativa e o desempenho de mercado. Para isso, realizou-se uma pesquisa descritiva, documental e com abordagem quantitativa. A população corresponde as empresas listadas na B3 (Brasil, Bolsa e Balcão) e a amostra é composta em média por 193 empresas/ano, totalizando 1.353 observações entre os anos de 2013 e 2019. Por meio de uma regressão linear múltipla OLS com erros padrão robustos, os resultados permitem evidenciar que a divulgação de informações financeiras no Twitter potencializa a relação entre a governança corporativa e o market-to-book, fato que destaca as empresas com altas pontuações de governança tendem a incentivar o uso de mídias sociais, o qual maximizaria o seu desempenho de mercado. O teste de sensibilidade confirma os resultados, ao demonstrar que a governança corporativa e a disseminação de informações corporativas no Twitter atraem mais investidores, devido à redução dos problemas de agência e assimetria de informação. O estudo contribui ao evidenciar informações entre a ação dos gestores e a leitura pelo mercado. Em um primeiro momento, as divulgações pelo Twitter respaldam o uso de mecanismos de governança nas empresas com foco em desempenho, com reduzidos investimentos, e segundo que potencializa o retorno de mercado pela amplitude das informações disponibilizadas aos investidores que entendem ser um respaldo ao processo de transparência.
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