A participação do conselheiro independente nas companhias listadas no novo mercado da BM&FBovespa em 2012
Autor(a) principal: | |
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Data de Publicação: | 2013 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/11404 |
Resumo: | The object of this paper is the corporate governance, specifically in relation to the role of the independent board members elected by the companies of Novo Mercado from BMF&Bovespa, by means of a qualitative study in order to verify the participation of the independent board members and the dynamics of decision process within such companies. The purpose of this work is to contribute to the corporate finance and corporate governance areas, specifically to explain several results of quantitative studies that deny a positive correlation between the proportion of independent board members and the financial performance of the companies. The survey was distributed by e-mail which was answered by 30 out of the total 361 independent board members and enabled the identification that the performance tasks of such members are directed by consulting activities and not by controlling activities, demonstrating that the dynamics within the boardroom in the decision process is in the direction of an alignment of interests and not of conflict. Furthermore, the study identified that reduced hours are dedicated in the actual performance of the functions of board members and, therefore, indicate that this may be one of the reasons to justify the lack of positive correlation between the proportion of board members and the financial performance of the companies. Therefore, the study suggests that, in the Brazilian environmental of high concentration of shares within reduced number of shareholders, the regulation authorities should be more active in their supervision functions, as the independent board member does not assume such role. |
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Gozzi, Paulo RobertoEscolas::EAESPSilva, Wesley Mendes daGorga, Érica Cristina RochaRidolfo Neto, Arthur2014-01-20T20:31:58Z2014-01-20T20:31:58Z2013-12-19GOZZI, Paulo Roberto. A participação do conselheiro independente nas companhias listadas no novo mercado da BM&FBovespa em 2012. Dissertação (Mestrado Profissional em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2013.http://hdl.handle.net/10438/11404The object of this paper is the corporate governance, specifically in relation to the role of the independent board members elected by the companies of Novo Mercado from BMF&Bovespa, by means of a qualitative study in order to verify the participation of the independent board members and the dynamics of decision process within such companies. The purpose of this work is to contribute to the corporate finance and corporate governance areas, specifically to explain several results of quantitative studies that deny a positive correlation between the proportion of independent board members and the financial performance of the companies. The survey was distributed by e-mail which was answered by 30 out of the total 361 independent board members and enabled the identification that the performance tasks of such members are directed by consulting activities and not by controlling activities, demonstrating that the dynamics within the boardroom in the decision process is in the direction of an alignment of interests and not of conflict. Furthermore, the study identified that reduced hours are dedicated in the actual performance of the functions of board members and, therefore, indicate that this may be one of the reasons to justify the lack of positive correlation between the proportion of board members and the financial performance of the companies. Therefore, the study suggests that, in the Brazilian environmental of high concentration of shares within reduced number of shareholders, the regulation authorities should be more active in their supervision functions, as the independent board member does not assume such role.O tema do presente trabalho é a governança corporativa, especificamente sobre a atuação dos conselheiros independentes das companhias do Novo Mercado da BM&FBovespa por meio de um estudo qualitativo para verificar a forma e a dinâmica da participação dos membros independentes no processo de tomada de decisão das companhias onde atuam. O objetivo é contribuir para o campo de finanças e governança corporativa de modo a explicar resultados de diversos estudos quantitativos que apontam não haver uma correlação significativa entre a proporção de conselheiros independentes e o desempenho financeiro das companhias. O questionário distribuído por e-mail foi respondido por 30 dos 361 conselheiros independentes e possibilitou a constatação de que a atuação dos conselheiros independentes avaliados está atualmente mais voltada para o papel consultivo do que propriamente de fiscalização, demonstrando uma dinâmica de alinhamento e não de conflito no processo decisório do conselho de administração. Além disso, o estudo constatou que os conselheiros independentes disponibilizam pouco tempo no exercício das suas funções, situação que pode constituir fator indicativo para a falta de correlação entre proporção de conselheiros independentes e o desempenho financeiro das companhias, conforme apontada por diversos estudos quantitativos. Dessa forma, o estudo sugere que, no ambiente brasileiro de elevada concentração de ações nas mãos de poucos acionistas, os órgãos reguladores estejam mais atentos à sua função fiscalizadora uma vez que os conselheiros independentes não assumem esse papel.porCorporate governanceCorporate financeIndependent board membersAgency theory and resource basis theoryFinanças corporativasConselheiros independentesTeoria da agênciaTeoria da dependência de recursosAdministração de empresasGovernança corporativaBolsa de Valores de São PauloEmpresas - FinançasConselhos de administradoresA participação do conselheiro independente nas companhias listadas no novo mercado da BM&FBovespa em 2012info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINALFinanças-Governança Dissertação Final - Participação do Conselheiro Independente.pdfFinanças-Governança Dissertação Final - Participação do Conselheiro Independente.pdfDissertação Final MPAapplication/pdf3210786https://repositorio.fgv.br/bitstreams/2fe6de93-fe82-4657-b383-7a4ca74a2142/downloadce3979d3f01f43f2efa2a33c6fb9edb1MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/63159fcb-8370-4705-a9d1-851e54d7c8cd/downloaddfb340242cced38a6cca06c627998fa1MD52TEXTFinanças-Governança Dissertação Final - Participação do Conselheiro Independente.pdf.txtFinanças-Governança Dissertação Final - Participação do Conselheiro Independente.pdf.txtExtracted texttext/plain102959https://repositorio.fgv.br/bitstreams/fd8bc875-134b-4ce3-ac77-b457428364ed/download813c411e90856a7286fa6bd73323fdecMD57THUMBNAILFinanças-Governança Dissertação Final - Participação do Conselheiro Independente.pdf.jpgFinanças-Governança Dissertação Final - Participação do Conselheiro Independente.pdf.jpgGenerated 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|
dc.title.por.fl_str_mv |
A participação do conselheiro independente nas companhias listadas no novo mercado da BM&FBovespa em 2012 |
title |
A participação do conselheiro independente nas companhias listadas no novo mercado da BM&FBovespa em 2012 |
spellingShingle |
A participação do conselheiro independente nas companhias listadas no novo mercado da BM&FBovespa em 2012 Gozzi, Paulo Roberto Corporate governance Corporate finance Independent board members Agency theory and resource basis theory Finanças corporativas Conselheiros independentes Teoria da agência Teoria da dependência de recursos Administração de empresas Governança corporativa Bolsa de Valores de São Paulo Empresas - Finanças Conselhos de administradores |
title_short |
A participação do conselheiro independente nas companhias listadas no novo mercado da BM&FBovespa em 2012 |
title_full |
A participação do conselheiro independente nas companhias listadas no novo mercado da BM&FBovespa em 2012 |
title_fullStr |
A participação do conselheiro independente nas companhias listadas no novo mercado da BM&FBovespa em 2012 |
title_full_unstemmed |
A participação do conselheiro independente nas companhias listadas no novo mercado da BM&FBovespa em 2012 |
title_sort |
A participação do conselheiro independente nas companhias listadas no novo mercado da BM&FBovespa em 2012 |
author |
Gozzi, Paulo Roberto |
author_facet |
Gozzi, Paulo Roberto |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EAESP |
dc.contributor.member.none.fl_str_mv |
Silva, Wesley Mendes da Gorga, Érica Cristina Rocha |
dc.contributor.author.fl_str_mv |
Gozzi, Paulo Roberto |
dc.contributor.advisor1.fl_str_mv |
Ridolfo Neto, Arthur |
contributor_str_mv |
Ridolfo Neto, Arthur |
dc.subject.por.fl_str_mv |
Corporate governance Corporate finance Independent board members Agency theory and resource basis theory Finanças corporativas Conselheiros independentes Teoria da agência Teoria da dependência de recursos |
topic |
Corporate governance Corporate finance Independent board members Agency theory and resource basis theory Finanças corporativas Conselheiros independentes Teoria da agência Teoria da dependência de recursos Administração de empresas Governança corporativa Bolsa de Valores de São Paulo Empresas - Finanças Conselhos de administradores |
dc.subject.area.por.fl_str_mv |
Administração de empresas |
dc.subject.bibliodata.por.fl_str_mv |
Governança corporativa Bolsa de Valores de São Paulo Empresas - Finanças Conselhos de administradores |
description |
The object of this paper is the corporate governance, specifically in relation to the role of the independent board members elected by the companies of Novo Mercado from BMF&Bovespa, by means of a qualitative study in order to verify the participation of the independent board members and the dynamics of decision process within such companies. The purpose of this work is to contribute to the corporate finance and corporate governance areas, specifically to explain several results of quantitative studies that deny a positive correlation between the proportion of independent board members and the financial performance of the companies. The survey was distributed by e-mail which was answered by 30 out of the total 361 independent board members and enabled the identification that the performance tasks of such members are directed by consulting activities and not by controlling activities, demonstrating that the dynamics within the boardroom in the decision process is in the direction of an alignment of interests and not of conflict. Furthermore, the study identified that reduced hours are dedicated in the actual performance of the functions of board members and, therefore, indicate that this may be one of the reasons to justify the lack of positive correlation between the proportion of board members and the financial performance of the companies. Therefore, the study suggests that, in the Brazilian environmental of high concentration of shares within reduced number of shareholders, the regulation authorities should be more active in their supervision functions, as the independent board member does not assume such role. |
publishDate |
2013 |
dc.date.issued.fl_str_mv |
2013-12-19 |
dc.date.accessioned.fl_str_mv |
2014-01-20T20:31:58Z |
dc.date.available.fl_str_mv |
2014-01-20T20:31:58Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
GOZZI, Paulo Roberto. A participação do conselheiro independente nas companhias listadas no novo mercado da BM&FBovespa em 2012. Dissertação (Mestrado Profissional em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2013. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/11404 |
identifier_str_mv |
GOZZI, Paulo Roberto. A participação do conselheiro independente nas companhias listadas no novo mercado da BM&FBovespa em 2012. Dissertação (Mestrado Profissional em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2013. |
url |
http://hdl.handle.net/10438/11404 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
instname_str |
Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
bitstream.url.fl_str_mv |
https://repositorio.fgv.br/bitstreams/2fe6de93-fe82-4657-b383-7a4ca74a2142/download https://repositorio.fgv.br/bitstreams/63159fcb-8370-4705-a9d1-851e54d7c8cd/download https://repositorio.fgv.br/bitstreams/fd8bc875-134b-4ce3-ac77-b457428364ed/download https://repositorio.fgv.br/bitstreams/641212c6-8d6c-4e30-86dc-5d44dff3914c/download |
bitstream.checksum.fl_str_mv |
ce3979d3f01f43f2efa2a33c6fb9edb1 dfb340242cced38a6cca06c627998fa1 813c411e90856a7286fa6bd73323fdec 7b8661b260cd2daf510bf0b856b39ecb |
bitstream.checksumAlgorithm.fl_str_mv |
MD5 MD5 MD5 MD5 |
repository.name.fl_str_mv |
Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
|
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1802749911734681600 |