Os níveis de governança corporativa da BM&F BOVESPA aumentam a liquidez das ações?

According to the agency theory, there is conflict of interest between the agent and the principal. To align these interests there are some mechanisms, such as the adoption of corporate governance practices. Recent research found a positive relationship between corporate governance and stock liquidity. The purpose of this article is to analyze whether the adherence of companies to the corporate governance levels of the BM&F BOVESPA increases the stock liquidity. For this, panel data regressions were estimated for three variables representing the liquidity. The results do not suggest that there is significant evidence of the impact of adherence to the corporate governance levels on the stock liquidity. The adherence of companies to governance levels does not provide a liquidity premium, which contradicts some studies. A likely explanation is based on the hypothesis of insufficient legal protection to investors and the Brazilian governance model, considering that the rules and principles required by the adherence to the governance levels of the stock exchange do not have the force of law. Keywords: stock liquidity, corporate governance, BM&F BOVESPA.