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The adoption of good corporate governance practices is critical for investment decision and, therefore, for attraction of capital. In this context, it is possible to a identify an important link between higher-quality protection of shareholders and the size of the capital markets of a given country, defined based on the number of companies that go public and the market value of listed companies. On the other hand, a weak corporate governance system, with low levels of shareholder protection, is associated with higher capital costs for companies and the market in general. Thus, to attract the resources necessary for the country’s growth, it is vital for the development of the Brazilian capital market to be accompanied by the strengthening of corporate governance

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