A relação entre conselho de administração e desempenho das empresas listadas na B3 do setor de consumo cíclico

Abstract

In the perspective of governance literature, it is argued that the board of directors’ efficiency in its disciplinary role, having the function of protecting patrimony, resides essentially in the way in which it is structured. The board of directors is expected to perform different functions, for example, management monitoring, which provides the company strategic orientation. Therefore, this article has the objective to verify the relationship between the characteristics of the board of directors and the business performance of companies listed in the B3’s “Cyclical Consumption” segment in the years ranging from 2010 to 2017. The study is characterized as descriptive, performed through documentary analysis and quantitative approach. The population is composed of 82 companies, encompassing a sample of 48 of these with governance level. To measure corporate performance, Tobin’s ROA, ROE and Q variables were used, and as a characteristic of the board of directors the variables selected were: independence of the board of directors, the size of the board,a dummy variable to find director duality, and a dummy for governance level, for control variable, and company size. For data analysis, the regression of unbalanced panel data was done using Gretl® statistical software. The results pointed to a negative and significant relation between board independence, director duality, and corporate governance level with its performance. The board of directors and company size did not present a significant relation.