Governança corporativa e eficiência econômica: um estudo em empresas distribuidoras do setor elétrico brasileiro

Abstract

The electricity sector has undergone important changes in order to minimize the rates demanding practices that make efficient companies. This scenario we have the corporate governance as a set of mechanisms able to contribute to the performance. However, studies on the relationship between governance and efficiency are not yet conclusive, especially in the electricity sector which has peculiar characteristics as it is a regulated industry. Thus, the main objective is to assess the relationship between economic efficiency and corporate governance in the electricity sector. Therefore, we calculate the economic efficiency by DEA. The level of corporate governance has been assessed using 17 binary questions listed in the specialized literature. Data were collected in the second half of 2013, through survey, the reference form and standardized financial statements and made available by the CVM. As a result of efficiency, it appears that the average efficiency score decreased from 2010 to 2013. In relation to the level of governance, there is a small evolution in the internal structure, however, the index can be considered relatively low. As for the relationship of economic efficiency with the governance index, not met significant relationships. It is found that such mechanisms as duality in office, board independence, within a maximum of two years tend to relate negatively with scores.