Keywords
corporate governance
Ibovespa
investments
governance indexes
How to Cite
Abstract
Objective: To analyze and compare the financial performance of B3’s corporate governance indexes (IGC, ITAG, IGCT, and IGC-NM) in relation to the Ibovespa, to verify whether corporate governance indexes outperform the main Brazilian stock market index.
Method: An empirical study with a quantitative approach, employing a descriptive comparative method based on time series. Data from the Quantum Axis platform were used up to May 31, 2024, considering return, volatility, Sharpe and Treynor ratios, and maximum drawdown over 60-, 48-, 36-, 24-, and 12-month windows.
Results: ITAG, IGC, and IGCT outperformed Ibovespa in several time windows, while IGC-NM showed inferior performance in terms of both nominal and risk-adjusted returns. Volatility levels were similar across the indexes, but more pronounced drawdowns occurred in the governance indexes.
Originality/Relevance: The study updates the literature by considering multiple time windows up to 2024, including the pandemic period, thereby expanding the analysis of index resilience.
Theoretical/Methodological Contributions: It structures a conceptual model that connects governance theories (Agency Theory, Stakeholder Theory, Resource Dependence Theory, and Stakeholder Salience Theory) to financial metrics, providing a basis for further analyses.
Social/Managerial Contributions: It provides insights for investors, regulators, and policymakers, reinforcing the importance of corporate governance for more transparent and responsible markets.
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