Relation of Evidence of Corporate Risk Management with Organizational Performance and Share Valuation of Brazilian Companies with ADRs ; Relação da Evidenciação do Gerenciamento de Riscos Corporativos com Desempenho Organizacional e Valorização das Ações de Empresas Brasileiras com ADRs

Corporate risk management (GRC) is increasingly gaining prominence in the academic and corporate world, being placed as an important support for the creation of value for companies. This research aims to analyze the relationship between corporate risk management and organizational performance and the valuation of shares in Brazilian companies issuing American Depositary Receipts (ADRs). The method based on the framework proposed by COSO ERM, in the version updated in 2017, was used. It is a descriptive research, using both a qualitative approach, through content and document analysis to identify the disclosure of the GRC, as well as quantitative, using an econometric model with panel data with fixed effects, which tested the defined hypotheses. Regarding disclosure, the companies showed an evolution between the years 2017 and 2018, there is, however, room for improvement. The results validated the defined hypotheses, which claim that there is a positive relationship between the disclosure, in the annual reports, of corporate risk management with organizational performance and with the valuation of the company's shares. This study contributes to reinforce the importance of corporate risk management as a tool in the generation and maintenance of company value. ; O gerenciamento de riscos corporativos (GRC) vem, cada vez mais, ganhando destaque no mundo acadêmico e corporativo, sendo colocado como um importante apoio para a criação de valor das empresas. Esta pesquisa objetiva analisar a relação do gerenciamento de riscos corporativos com o desempenho organizacional e a valorização das ações das empresas brasileiras com emissão de American Depositary Receipt (ADR). Trata-se de uma pesquisa descritiva, utilizando tanto a abordagem qualitativa, por meio da análise de conteúdo e documental para identificar a evidenciação do GRC, bem como quantitativa, utilizando um modelo econométrico com dados em painel com efeitos fixos, que testou as hipóteses definidas. Em relação à evidenciação, as empresas apresentaram uma ...