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Based on agency theory, this article analyzes the adoption and the strengthening of corporate governance and their resulting on performance of state-owned companies. Therefore, it was employed as empirical context the Brazilian state-owned companies that, by force of law, adopted and started to monitor corporate governance mechanisms. Thus, a longitudinal approach was adopted, between 2013 and 2019, and a panel data model for the analysis of all Brazilian and federal state companies directly controlled by the Union, dependent and not dependent from federal government. To our analysis, we employed and original database with longitudinal information at firm level. The main results suggest that the adoption and the strengthening of corporate governance mechanisms by state-owned companies can positively influence economic and financial performance and reduce their financial dependence from the government. However, considering the characteristics of public administration, we argue that this effect can be delayed in state-owned companies. This study contributes to the literature in several ways. The study sheds light on the understood aspects of the theme and includes in the discussion the delayed aspect of the effect from corporate governance on state-owned companies. Moreover, the paper also supports managers and formulators of public politics. [ABSTRACT FROM AUTHOR]

This study aims to analyze the results that Law No. 13,303 / 2016 promoted at the level of corporate governance of Brazilian federal state companies as well as the relationship between corporate governance and the net profit of these companies. The population of the study are the Brazilian state-owned companies headquartered in Brazil, which correspond to 200, having as a sample the group formed by the 61 state-owned companies that underwent a governance assessment after Law No. 13,303 / 2016, this choice was due to the fact that these companies have data that measure corporate governance through the State Governance Indicator - IGSEST between the years 2016 to 2019, available electronically. The data were collected through governmental public transparency portals and respectively treated using SPSS, version 23. The main results indicate that there was a strengthening of corporate governance mechanisms in federal state companies after Law No. 13,303 / 2016, measured on the Indicator IG-SEST and that this strengthening can explain 79.7% of the net profit of these companies. It is concluded that the Law of State-Owned Companies presented itself as a driving force for the effective strengthening of corporate governance of state-owned companies and that when state-owned companies expand their corporate governance practices, their net profits also increase, thus obtaining a better result economic-financial. [ABSTRACT FROM AUTHOR]