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Recently, Brazilian companies have been facing a ne w investor’s profile that is not only searching for opportunities, but also worried with the risk involved in the transaction. This concern is the result of many scandals involving ma jor corporations. Thus, the adhesion to corporate governance’s practice can be understood a s a strategy of the company, with the intention of becoming competitive and creating a pr opitious environment for receiving investors, aiming at the reduction of cost with the capitation of financing sources. The goal of this study is to investigate whether there are diff erences between the companies which adhered to corporate governance practices before an d fter the effective adherence to the different levels. This is an empirical analytical s tudy which evaluates, from the investor’s point of view, if the risk of a share portfolio opt imized by Markowitz’s model has not been significant changed statistically after the adheren c . The hypothesis F-Fisher test was used to evaluate whether the variances of the sample, befor e and after accession to the different levels of governance, differ statistically, considering a significance level of 5%. The results lead to the conclusion that there are statistically signifi cant evidences to reject the null hypothesis that the adherence of these companies to the differ ent levels of BOVESPA’s corporate governance affects the companies’ risk in the marke t.

THE INFLUENCE OF THE ADHESION TO CORPORATE GOVERNANCE PRACTICES ON THE STOCK’S RISK OF OPEN CAPITAL COMPANIES