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Advisor(s)
Abstract(s)
O crescimento das empresas leva à dispersão do capital, e consequentemente a um menor
controlo dentro das organizações. Os acionistas delegam competências de gestão aos
administradores, e por isso a assimetria de informação de ambas as partes é relativamente
maior. Esta assimetria de informação resultou na criação de um código de boas práticas
de governação, contemplando um conjunto de princípios e recomendações que as
organizações devem relatar.
Este estudo pretende aferir sobre a importância das recomendações presentes no Código
do Governo das Sociedades com a performance de empresas cotadas nas bolsas de valores
de Portugal e de Espanha.
Apresenta-se o enquadramento teórico sobre a temática objeto desta investigação quer
em Portugal, quer em Espanha. A metodologia adotada foi a quantitativa e qualitativa,
onde se presente dar resposta às questões de investigação: quanto maior o número de
recomendações seguidas pelas empresas, maior é o grau de confiança transmitido aos
stakeholders; quantas mais recomendações as empresas adotarem melhor é o seu
desempenho? Entre os setores empresariais existem divergências significativas nas
recomendações seguidas? Qual o seu impacto? Os riscos identificados pelas entidades
dos diversos setores de atividade nos dois países são divergentes? As razões que as
empresas usam para não adotarem as recomendações são plausíveis? As empresas que
não adotam as recomendações têm a mesma influência nos diversos capítulos?Como principais conclusões deste estudo, de referir uma proporção direta da performance
das organizações com o seguimento das recomendações das organizações.
The growth of companies leads to the dispersion of capital, and consequently to less control within organizations. The shareholders delegate management skills to the administrators, and therefore the information asymmetry on both sides is relatively greater. This information asymmetry resulted in the creation of a code of good governance practices, covering a set of principles and recommendations that organizations must report. This study aims to assess the importance of the recommendations contained in the Corporate Governance Code with the performance of companies listed on the Portuguese and Spanish stock exchanges. The theoretical framework on the subject matter of this investigation is presented, both in Portugal and in Spain. The methodology adopted was quantitative and qualitative, where it is possible to answer the research questions: the greater the number of recommendations followed by companies, the greater the degree of confidence transmitted to stakeholders; the more recommendations that companies adopt, the better their performance is. Are there significant differences between the business sectors in the recommendations followed? What is its impact? Are the risks identified by entities in the different sectors of activity in the two countries divergent? Are the reasons companies use for not adopting the recommendations plausible? The companies that do not adopt the recommendations have the same influence on the several chapters? As main conclusions of this study, to mention a direct proportion of the organizations performance with the follow-up of the organizations recommendations.
The growth of companies leads to the dispersion of capital, and consequently to less control within organizations. The shareholders delegate management skills to the administrators, and therefore the information asymmetry on both sides is relatively greater. This information asymmetry resulted in the creation of a code of good governance practices, covering a set of principles and recommendations that organizations must report. This study aims to assess the importance of the recommendations contained in the Corporate Governance Code with the performance of companies listed on the Portuguese and Spanish stock exchanges. The theoretical framework on the subject matter of this investigation is presented, both in Portugal and in Spain. The methodology adopted was quantitative and qualitative, where it is possible to answer the research questions: the greater the number of recommendations followed by companies, the greater the degree of confidence transmitted to stakeholders; the more recommendations that companies adopt, the better their performance is. Are there significant differences between the business sectors in the recommendations followed? What is its impact? Are the risks identified by entities in the different sectors of activity in the two countries divergent? Are the reasons companies use for not adopting the recommendations plausible? The companies that do not adopt the recommendations have the same influence on the several chapters? As main conclusions of this study, to mention a direct proportion of the organizations performance with the follow-up of the organizations recommendations.
Description
Keywords
Governo das sociedades Cultura organizacional Desempenho organizacional Recomendações Corporate governance Recommendations Culture Performance