No abstract

This research aims to analyze the relationship between the adoption of corporate governance mechanisms and economic efficiency in distribution companies of the electrical industry listed on BM&FBovespa. For this, the economic efficiency was calculated based on Data Envelopment Analysis (DEA) and the corporate governance level was measured by an index with 16 binary questions, literature based. The data were collected in reference forms and accounting reports from the companies, for 2010 to 2013, with 80 observations. The results indicate there is not evolution on the governance level in the period, considered relatively low and the economic efficiency reduce their mean score. Was not found relationship between the variables for the all sample, but the separation in firms with strong and weak governance can explain this behavior, occurring positive relationship with the efficiency in the first group and negative in the second. These results are new evidences related to necessity in maintain a robust set of governance mechanisms, under penalty of losing performance where it is used partially or with a weak level.