Investments with a focus on transparency, accountability, legality and fairness can generate value for shareholders over the long term. Governance is the set of practices with purposes of optimizing the performance of the company seeking to maximize the value creation. This study aims to determine whether the goodwill generated by the stocks of companies on the Novo Mercado of BMF&BOVESPA is greater than the non-member companies. The study has a descriptive, documentary approach with quantitative data. The survey sample consists of the 100 largest companies in accordance with the magazine ranking Exame issue of June 2011. The data used for research were collected from the website of the BMF&BOVESPA and from Economatica’s database. After the processing, the result of z of the sample was 1.3534 which is less than 1.96 z critical to a level of significance of 5% indicating that cannot reject the null hypothesis, thus it is not possible stating that the goodwill generated by the stocks of companies on Novo Mercado of BMF&BOVESPA are larger than companies not members of Novo Mercado.