Purpose

This study aims to examine the listing of firms at the highest corporate governance level of the Brazilian stock exchange (B3) as a means of legitimation and its relationship with risk and return on investment.

Design/methodology/approach

This paper analyzes 205 companies from 2010 to 2019, in which firms listed at the Novo Mercado level were compared with groups composed of other firms traded on B3.

Findings

The main results demonstrate that a listing at the supposedly higher level of corporate governance in Brazil does not indicate lower risk, a higher return or even a better risk-return ratio.

Research limitations/implications

The findings are restricted to this sample, representing the association identified between the analyzed phenomena and not a cause-effect relationship.

Practical implications

The highest level of corporate governance in Brazil brings together firms that present a higher risk (at least systematic) and lower returns (at least financial) because they seek to legitimize themselves in the market as firms committed to better management practices.

Social implications

These findings are useful to investors, the stock exchange, regulatory agents and the companies themselves to reflect on the purpose and usefulness of different levels of corporate governance in Brazil.

Originality/value

This study differs from the others that relate corporate governance to risk or return because it does not deal individually with corporate governance practices, but rather the phenomenon that is listed in a special governance level, created by the stock exchange, serving as a kind of seal legitimation.

中文翻译：

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公司通过公司治理的合法性及其与巴西风险与回报的关联

目的

这项研究旨在研究在巴西证券交易所（B3）处于最高公司治理水平的公司的上市，以此作为合法化手段及其与风险和投资回报率的关系。

设计/方法/方法

本文分析了2010年至2019年的205家公司，其中将在Novo Mercado级别上市的公司与其他在B3上交易的公司组成的组进行了比较。

发现

主要结果表明，在巴西公司治理水平较高的情况下上市，并不表示较低的风险，较高的回报率或什至更好的风险收益率。

研究局限/意义

研究结果仅限于此样本，代表了在分析的现象之间确定的关联，而不是因果关系。

实际影响

巴西最高水平的公司治理将风险较高（至少是系统性）和收益较低（至少是财务）的公司聚集在一起，因为它们致力于使市场合法化，因为它们致力于更好的管理实践。

社会影响

这些发现对投资者，证券交易所，监管机构和公司本身很有用，以反映巴西不同层次的公司治理的目的和效用。

创意/价值

这项研究不同于其他将公司治理与风险或回报相关的研究，因为它没有单独涉及公司治理实践，而是由证券交易所在特殊治理级别中列出的现象作为一种密封来处理。合法化。