We study the determinants of Corporate Governance (CG) practices in Brazil. Using hand collected data, we build CG subindices for Board Structure, Board Procedures, Minority Shareholders Rights, and Disclosure, and an overall CG index, BCGI, computed as the average of these four subindices. During our sample period, CG practices changed significantly: improvement was stronger among firms in the High- than Low-CG requirement listings. Tangibility and Liquidity are the only variables that predict CG practices with some consistency. Most importantly, we find no evidence that Tobin's q predicts CG practices. This last result lowers the possibility of reverse causation in analyses that use CG practices as determinant of firm value.

我们研究了巴西公司治理 (CG) 实践的决定因素。使用手工收集的数据，我们建立了董事会结构、董事会程序、少数股东权利和披露的 CG 子指数，以及作为这四个子指数的平均值计算的整体 CG 指数 BCGI。在我们的样本期间，CG 实践发生了显着变化：高 CG 要求列表中的公司比低 CG 要求列表中的公司改进更强。有形性和流动性是唯一能够以某种一致性预测 CG 实践的变量。最重要的是，我们没有发现托宾 q 预测 CG 实践的证据。最后一个结果降低了在使用 CG 实践作为公司价值决定因素的分析中出现反向因果关系的可能性。