<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1414-4077</journal-id>
<journal-title><![CDATA[Avaliação: Revista da Avaliação da Educação Superior (Campinas)]]></journal-title>
<abbrev-journal-title><![CDATA[Avaliação (Campinas)]]></abbrev-journal-title>
<issn>1414-4077</issn>
<publisher>
<publisher-name><![CDATA[Publicação da Rede de Avaliação Institucional da Educação Superior (RAIES), da Universidade Estadual de Campinas (UNICAMP) e da Universidade de Sorocaba (UNISO)]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1414-40772021000200629</article-id>
<article-id pub-id-type="doi">10.1590/s1414-40772021000200015</article-id>
<title-group>
<article-title xml:lang="pt"><![CDATA[Modelos de governança corporativa e indicadores econômico-financeiros de Instituições de Educação Superior privadas: uma análise do mercado de capitais brasileiro]]></article-title>
<article-title xml:lang="en"><![CDATA[Corporate governance models and economic and financial indicators of private Higher Education Institutions: an analysis of the Brazilian capital market]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Silva Junior]]></surname>
<given-names><![CDATA[Annor da]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Silva]]></surname>
<given-names><![CDATA[Vitor Correa da]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Dumer]]></surname>
<given-names><![CDATA[Miguel Carlos Ramos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Martins-Silva]]></surname>
<given-names><![CDATA[Priscilla de Oliveira]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidade Federal do Espírito Santo Programa de Pós-Graduação em Ciências Contábeis ]]></institution>
<addr-line><![CDATA[Vitória ES]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidade Federal do Espírito Santo Grupo de Estudos a Educação Superior e a Gestão Universitária ]]></institution>
<addr-line><![CDATA[Vitória ES]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidade Federal do Espírito Santo Programa de Pós-Graduação em Administração ]]></institution>
<addr-line><![CDATA[Vitória ES]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidade Federal do Espírito Santo Programa de Pós-Graduação em Administração ]]></institution>
<addr-line><![CDATA[Vitória ES]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>05</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>05</month>
<year>2021</year>
</pub-date>
<volume>26</volume>
<numero>2</numero>
<fpage>629</fpage>
<lpage>653</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://educa.fcc.org.br/scielo.php?script=sci_arttext&amp;pid=S1414-40772021000200629&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://educa.fcc.org.br/scielo.php?script=sci_abstract&amp;pid=S1414-40772021000200629&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://educa.fcc.org.br/scielo.php?script=sci_pdf&amp;pid=S1414-40772021000200629&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Este artigo tem como escopo a investigação da relação entre modelos de governança corporativa e indicadores econômico-financeiros de entidades mantenedoras de Instituições de Educação Superior presentes no mercado de capitais brasileiro. Para caracterizar os modelos de governança corporativa destas entidades mantenedoras, utilizou-se 12 características definidoras presentes na literatura. Os indicadores econômico-financeiros utilizados foram: liquidez, atividade, endividamento, rentabilidade e mercado. Foi realizada pesquisa documental com dados coletados junto à Comdinheiro e outras fontes. O período investigado foi de sete anos, entre 2013 e 2019, com dados analisados por meio do teste chi-quadrado. As evidências indicam a formação de dois grupos, sendo: (1) Grupo A, formado pela YDUQS Participações S.A. e Cogna Educacional S.A. que possuem modelo de governança corporativa tipicamente anglo-saxônico; e (2) Grupo B, formado pela Ânima Holding S.A. e Ser Educacional S.A. que possuem modelo de governança corporativa tipicamente latino-americano. Ao analisar a relação entre estes dois grupos e os indicadores econômico-financeiros, constatou-se que o Grupo A possui (a) menor endividamento e (b) maiores índices de Dividend Yield, quando comparado com o Grupo B. Há evidências de que a governança anglo-saxônica possui potencial para gerar maiores benefícios econômico-financeiros para as entidades mantenedoras que adotam esse modelo.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[This paper aims to investigate the relationship between corporate governance models and economic and financial indicators of maintainer entities of Higher Education Institutions present in the Brazilian capital market. To characterize the corporate governance models of these maintainer entities, 12 defining characteristics present in the literature were used. The economic and financial indicators used were: liquidity, activity, indebtedness, profitability and, market. Documental research was carried out with data collected from Comdinheiro and other sources. The period investigated was seven years, between 2013 and 2019, with data analyzed using the chi-square test. The evidence indicates the formation of two groups: (1) Group A, formed by YDUQS Participações S.A., and Cogna Educacional S.A. which have a typically Anglo-Saxon corporate governance model; and (2) Group B, formed by Ânima Holding S.A., and Ser Educacional S.A. which have a typically Latin American corporate governance model. When analyzing the relationship between these two groups and the economic and financial indicators, it was found that Group A has (a) lower indebtedness and (b) higher Dividend Yield rates, when compared to Group B. There is evidence that Anglo-Saxon governance has the potential to generate greater economic and financial benefits for the maintainer entities that adopt this model.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Private higher education institutions]]></kwd>
<kwd lng="en"><![CDATA[Corporate governance models]]></kwd>
<kwd lng="en"><![CDATA[Economic and financial indicators]]></kwd>
<kwd lng="pt"><![CDATA[Instituições de educação superior privada]]></kwd>
<kwd lng="pt"><![CDATA[Modelos de governança corporativa]]></kwd>
<kwd lng="pt"><![CDATA[Indicadores econômico-financeiros]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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