Influence of corporate governance on information asymmetry: a comparison between Brazilian and American companies

Abstract

This research analyzed the relationship between dimensions of corporate governance (CG) and informational asymmetry between managers and investors. We analyzed 81 Brazilian and 98 American companies, listed on the Ibrx100 and S & P100, respectively, during the period from 2012 to 2016. It was evidenced that CG, in general, is negatively related to informational asymmetry in the Brazilian scenario, but not in the American. To better understand this result, CG was analyzed for its dimensions in isolation, which showed that in the United States management practices are related to the smallest information asymmetry, while in Brazil practices related to integration strategies are related to the smallest. informational asymmetry. Thus, these results suggest that different CG mechanisms have different implications in the Brazilian and American scenario, which contributes to guide managers to adapt CG practices to the context of their country, so as to minimize informational asymmetry effectively.

Keywords

• governança corporativa
• assimetria de informação
• brasil
• estados unidos