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In this context of growth, in which BM&FBovespa has encouraged increasingly IPO and new issues of shares as a form of business financing, considering also that corporate governance and its practices are presented to companies as instruments of generating value and return on invested capital, improving the pricing of its shares, and that the adoption of good governance practices has become one of the basic requirements demanded by investors and market institutions,
We defined the following research question: What is the perception of investor relation directors of the companies listed on BM&FBovespa regarding the benefits arising from the implementation of best practices in corporate governance? Thus, the overall objective was to identify the vision of executives of publicly traded companies listed on different levels of BM&FBovespa on the benefits realized through the adoption of Best Practices of Corporate Governance.
Studies on the subject "Benefits of Implementing BPCG" are important for several reasons, for example to the community - the adoption of BPCG is immediately reflected in the programs of corporate social responsibility, attracting partnerships, volunteerism and support, while increasing the acceptance of the brand among the public and providing greater visibility before the community, increasing the respect for the brand and attracting goodwill towards the company.
For the development of the research, we used a similar methodology to that applied by Oliveira et al. (2011), who classified 25 motivations for the adoption of best practices of corporate governance, according to the perceptions of directors of the 157 companies listed in the New Market and at Levels 1 and 2 of BM & FBovespa and directors of the 359 largest and best privately held companies in Brazil.
There were also some surprising results. Despite the empirical evidence of the fact that the generation of wealth for the company and for the shareholder is a subject widely discussed, both theoretically and empirically, the benefit BE1-Greater valuation of companies by investors willing to pay agios of governance was shown in a secondary position by privately held companies.
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