Composition of the board and firm value of brazilian public companies

Detalhes bibliográficos
Autor(a) principal: Gondrige, Enalto de Oliveira
Data de Publicação: 2012
Outros Autores: Clemente, Ademir, Espej, Márcia Maria dos Santos Bortolocci
Tipo de documento: Artigo
Idioma: eng
por
Título da fonte: BBR. Brazilian Business Review (English edition. Online)
Texto Completo: http://www.bbronline.com.br/index.php/bbr/article/view/262
Resumo: The purpose of this paper is to investigate the relationship between the composition of boards of directors of Brazilian public companies and the firm value. The analysis is conducted by reference to a group of 208 Brazilian companies listed on Bovespa in the year 2008. The contribution of the study is done to assess the level of adherence to the recommendations of the Brazilian Institute of Corporate Governance (IBGC) regarding the composition of the board and its relation to market value. Using a multiple regression, three variables were studied: the level of board independence (Indep), accumulation of function by the Chief Executive Officer (CeoPowerful) and board size (Nmembros). The variable Nmembros was statistically significant, indicating positive correlation between corporate value and board size.
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spelling Composition of the board and firm value of brazilian public companiesEstrutura do conselho de administração e valor das companhias brasileirasCorporate governanceboard of directorsTobin’s QGovernança corporativaconselho de administraçãoQ de TobinThe purpose of this paper is to investigate the relationship between the composition of boards of directors of Brazilian public companies and the firm value. The analysis is conducted by reference to a group of 208 Brazilian companies listed on Bovespa in the year 2008. The contribution of the study is done to assess the level of adherence to the recommendations of the Brazilian Institute of Corporate Governance (IBGC) regarding the composition of the board and its relation to market value. Using a multiple regression, three variables were studied: the level of board independence (Indep), accumulation of function by the Chief Executive Officer (CeoPowerful) and board size (Nmembros). The variable Nmembros was statistically significant, indicating positive correlation between corporate value and board size.Este estudo tem por objetivo investigar a relação entre a estrutura dos conselhos de administração e o valor das companhias brasileiras de capital aberto. A análise é conduzida tomando como referência um conjunto de 208 empresas brasileiras listadas na Bovespa, no ano de 2008. A contribuição do estudo se dá em avaliar o nível de aderência às recomendações do Instituto Brasileiro de Governança Corporativa (IBGC) no que se refere à estrutura do conselho de administração e sua relação com o valor de mercado. Utilizando-se análise de regressão linear múltipla, três variáveis foram estudadas: nível de independência do conselho (Indep), acúmulo de cargo pelo executivo principal (CeoPowerful) e número de membros do conselho (Nmembros). A variável Nmembros apresentou significância estatística, indicando relação positiva entre empresas mais valorizadas e o tamanho dos conselhos de administração.FUCAPE Business Shool2012-07-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPeer-reviewed ArticleArtigo revisado pelos paresapplication/pdfapplication/pdfhttp://www.bbronline.com.br/index.php/bbr/article/view/26210.15728/bbr.2012.9.3.4Brazilian Business Review; Vol. 9 No. 3 (2012): July to September 2012; 71-93Brazilian Business Review; v. 9 n. 3 (2012): Julho a Setembro de 2012; 71-931808-23861807-734Xreponame:BBR. Brazilian Business Review (English edition. Online)instname:Fucape Business School (FBS)instacron:FBSengporhttp://www.bbronline.com.br/index.php/bbr/article/view/262/399http://www.bbronline.com.br/index.php/bbr/article/view/262/400Gondrige, Enalto de OliveiraClemente, AdemirEspej, Márcia Maria dos Santos Bortolocciinfo:eu-repo/semantics/openAccess2018-11-06T19:54:47Zoai:ojs.pkp.sfu.ca:article/262Revistahttps://www.bbronline.com.br/index.php/bbr/indexONGhttp://www.bbronline.com.br/index.php/bbr/oai|| bbronline@bbronline.com.br1808-23861808-2386opendoar:2018-11-06T19:54:47BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)false
dc.title.none.fl_str_mv Composition of the board and firm value of brazilian public companies
Estrutura do conselho de administração e valor das companhias brasileiras
title Composition of the board and firm value of brazilian public companies
spellingShingle Composition of the board and firm value of brazilian public companies
Gondrige, Enalto de Oliveira
Corporate governance
board of directors
Tobin’s Q
Governança corporativa
conselho de administração
Q de Tobin
title_short Composition of the board and firm value of brazilian public companies
title_full Composition of the board and firm value of brazilian public companies
title_fullStr Composition of the board and firm value of brazilian public companies
title_full_unstemmed Composition of the board and firm value of brazilian public companies
title_sort Composition of the board and firm value of brazilian public companies
author Gondrige, Enalto de Oliveira
author_facet Gondrige, Enalto de Oliveira
Clemente, Ademir
Espej, Márcia Maria dos Santos Bortolocci
author_role author
author2 Clemente, Ademir
Espej, Márcia Maria dos Santos Bortolocci
author2_role author
author
dc.contributor.author.fl_str_mv Gondrige, Enalto de Oliveira
Clemente, Ademir
Espej, Márcia Maria dos Santos Bortolocci
dc.subject.por.fl_str_mv Corporate governance
board of directors
Tobin’s Q
Governança corporativa
conselho de administração
Q de Tobin
topic Corporate governance
board of directors
Tobin’s Q
Governança corporativa
conselho de administração
Q de Tobin
description The purpose of this paper is to investigate the relationship between the composition of boards of directors of Brazilian public companies and the firm value. The analysis is conducted by reference to a group of 208 Brazilian companies listed on Bovespa in the year 2008. The contribution of the study is done to assess the level of adherence to the recommendations of the Brazilian Institute of Corporate Governance (IBGC) regarding the composition of the board and its relation to market value. Using a multiple regression, three variables were studied: the level of board independence (Indep), accumulation of function by the Chief Executive Officer (CeoPowerful) and board size (Nmembros). The variable Nmembros was statistically significant, indicating positive correlation between corporate value and board size.
publishDate 2012
dc.date.none.fl_str_mv 2012-07-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
Artigo revisado pelos pares
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://www.bbronline.com.br/index.php/bbr/article/view/262
10.15728/bbr.2012.9.3.4
url http://www.bbronline.com.br/index.php/bbr/article/view/262
identifier_str_mv 10.15728/bbr.2012.9.3.4
dc.language.iso.fl_str_mv eng
por
language eng
por
dc.relation.none.fl_str_mv http://www.bbronline.com.br/index.php/bbr/article/view/262/399
http://www.bbronline.com.br/index.php/bbr/article/view/262/400
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv FUCAPE Business Shool
publisher.none.fl_str_mv FUCAPE Business Shool
dc.source.none.fl_str_mv Brazilian Business Review; Vol. 9 No. 3 (2012): July to September 2012; 71-93
Brazilian Business Review; v. 9 n. 3 (2012): Julho a Setembro de 2012; 71-93
1808-2386
1807-734X
reponame:BBR. Brazilian Business Review (English edition. Online)
instname:Fucape Business School (FBS)
instacron:FBS
instname_str Fucape Business School (FBS)
instacron_str FBS
institution FBS
reponame_str BBR. Brazilian Business Review (English edition. Online)
collection BBR. Brazilian Business Review (English edition. Online)
repository.name.fl_str_mv BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)
repository.mail.fl_str_mv || bbronline@bbronline.com.br
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