Corporate Governance: An analysis of Board of Directors in relation with the Value of Market and Performance of the Brazilian Companies

Detalhes bibliográficos
Autor(a) principal: Pedro de Andrade, Lélis
Data de Publicação: 2009
Outros Autores: Salazar, German Torres, Calegário, Cristina Lélis Leal, Silva, Sabrina Soares
Tipo de documento: Artigo
Idioma: por
Título da fonte: RAM. Revista de Administração Mackenzie
Texto Completo: https://editorarevistas.mackenzie.br/index.php/RAM/article/view/528
Resumo: The objective of this work was to identify the relation between the composition of the board of directors, with the market of value and performance of the Brazilian companies of capital market. The hierarchic multiple regression model was used identify, not only the relation of the main independent variables selected, but, to consider the effect of other characteristics of the companies who also has influence in both the market of value and performance. As results, it can be distinguished that the composition of the administration board has exerted more influence in the value of market of the companies than in their performance. The total of board of directors showed positively related such as with the market of value as the performance. It was also evidenced that the characteristics of the companies, as indebtedness and its size, when they interact with the characteristics of the administration advice, suggest that the recommendations of the code of corporate governance produce different effect in the companies, following its individual characteristics. Keywords: Corporate Governance; Value of Market; Performance
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spelling Corporate Governance: An analysis of Board of Directors in relation with the Value of Market and Performance of the Brazilian CompaniesGovernança corporativa: uma análise da relação do conselho de administração com o valor de mercado e desempenho das empresas brasileirasThe objective of this work was to identify the relation between the composition of the board of directors, with the market of value and performance of the Brazilian companies of capital market. The hierarchic multiple regression model was used identify, not only the relation of the main independent variables selected, but, to consider the effect of other characteristics of the companies who also has influence in both the market of value and performance. As results, it can be distinguished that the composition of the administration board has exerted more influence in the value of market of the companies than in their performance. The total of board of directors showed positively related such as with the market of value as the performance. It was also evidenced that the characteristics of the companies, as indebtedness and its size, when they interact with the characteristics of the administration advice, suggest that the recommendations of the code of corporate governance produce different effect in the companies, following its individual characteristics. Keywords: Corporate Governance; Value of Market; PerformanceO objetivo deste trabalho foi identificar a relação entre a composição do Conselho de Administração, com o valor de mercado e desempenho das empresas brasileiras de capital aberto. Para tanto, foram utilizadas regressões múltiplas hierárquicas que  permitem identificar não somente a relação das principais variáveis independentes selecionadas, mas, além disso, considerar os efeitos de outras características das empresas que também interferem no valor de mercado e desempenho. Como resultado, destaca-se que a composição do conselho tem exercido mais influência no valor de mercado das companhias do que no desempenho delas. A quantidade total de conselheiros mostrou-se positivamente relacionada tanto com o valor de mercado quanto com o desempenho. Também constatou-se que as características das empresas, como endividamento e o seu tamanho, quando interagem com as características do Conselho de Administração, sugerem que as recomendações do código de governança corporativa surtem efeitos diferentes nas empresas, conforme as suas características individuais. Palavras chave: Governança Corporativa; Valor de Mercado; Desempenho EmpresarialEditora Mackenzie2009-06-15info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/528Revista de Administração Mackenzie; Vol. 10 No. 4 (2009)Revista de Administração Mackenzie; Vol. 10 Núm. 4 (2009)Revista de Administração Mackenzie (Mackenzie Management Review); v. 10 n. 4 (2009)1678-69711518-6776reponame:RAM. Revista de Administração Mackenzieinstname:Universidade Presbiteriana Mackenzie (MACKENZIE)instacron:MACKENZIEporhttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/528/1093Copyright (c) 2015 Revista de Administração Mackenzieinfo:eu-repo/semantics/openAccessPedro de Andrade, LélisSalazar, German TorresCalegário, Cristina Lélis LealSilva, Sabrina Soares2011-01-18T14:14:53Zoai:ojs.editorarevistas.mackenzie.br:article/528Revistahttps://editorarevistas.mackenzie.br/index.php/RAM/PUBhttps://editorarevistas.mackenzie.br/index.php/RAM/oairevista.adm@mackenzie.br1678-69711518-6776opendoar:2024-04-19T17:00:35.555483RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (MACKENZIE)false
dc.title.none.fl_str_mv Corporate Governance: An analysis of Board of Directors in relation with the Value of Market and Performance of the Brazilian Companies
Governança corporativa: uma análise da relação do conselho de administração com o valor de mercado e desempenho das empresas brasileiras
title Corporate Governance: An analysis of Board of Directors in relation with the Value of Market and Performance of the Brazilian Companies
spellingShingle Corporate Governance: An analysis of Board of Directors in relation with the Value of Market and Performance of the Brazilian Companies
Pedro de Andrade, Lélis
title_short Corporate Governance: An analysis of Board of Directors in relation with the Value of Market and Performance of the Brazilian Companies
title_full Corporate Governance: An analysis of Board of Directors in relation with the Value of Market and Performance of the Brazilian Companies
title_fullStr Corporate Governance: An analysis of Board of Directors in relation with the Value of Market and Performance of the Brazilian Companies
title_full_unstemmed Corporate Governance: An analysis of Board of Directors in relation with the Value of Market and Performance of the Brazilian Companies
title_sort Corporate Governance: An analysis of Board of Directors in relation with the Value of Market and Performance of the Brazilian Companies
author Pedro de Andrade, Lélis
author_facet Pedro de Andrade, Lélis
Salazar, German Torres
Calegário, Cristina Lélis Leal
Silva, Sabrina Soares
author_role author
author2 Salazar, German Torres
Calegário, Cristina Lélis Leal
Silva, Sabrina Soares
author2_role author
author
author
dc.contributor.author.fl_str_mv Pedro de Andrade, Lélis
Salazar, German Torres
Calegário, Cristina Lélis Leal
Silva, Sabrina Soares
description The objective of this work was to identify the relation between the composition of the board of directors, with the market of value and performance of the Brazilian companies of capital market. The hierarchic multiple regression model was used identify, not only the relation of the main independent variables selected, but, to consider the effect of other characteristics of the companies who also has influence in both the market of value and performance. As results, it can be distinguished that the composition of the administration board has exerted more influence in the value of market of the companies than in their performance. The total of board of directors showed positively related such as with the market of value as the performance. It was also evidenced that the characteristics of the companies, as indebtedness and its size, when they interact with the characteristics of the administration advice, suggest that the recommendations of the code of corporate governance produce different effect in the companies, following its individual characteristics. Keywords: Corporate Governance; Value of Market; Performance
publishDate 2009
dc.date.none.fl_str_mv 2009-06-15
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://editorarevistas.mackenzie.br/index.php/RAM/article/view/528
url https://editorarevistas.mackenzie.br/index.php/RAM/article/view/528
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://editorarevistas.mackenzie.br/index.php/RAM/article/view/528/1093
dc.rights.driver.fl_str_mv Copyright (c) 2015 Revista de Administração Mackenzie
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2015 Revista de Administração Mackenzie
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Editora Mackenzie
publisher.none.fl_str_mv Editora Mackenzie
dc.source.none.fl_str_mv Revista de Administração Mackenzie; Vol. 10 No. 4 (2009)
Revista de Administração Mackenzie; Vol. 10 Núm. 4 (2009)
Revista de Administração Mackenzie (Mackenzie Management Review); v. 10 n. 4 (2009)
1678-6971
1518-6776
reponame:RAM. Revista de Administração Mackenzie
instname:Universidade Presbiteriana Mackenzie (MACKENZIE)
instacron:MACKENZIE
instname_str Universidade Presbiteriana Mackenzie (MACKENZIE)
instacron_str MACKENZIE
institution MACKENZIE
reponame_str RAM. Revista de Administração Mackenzie
collection RAM. Revista de Administração Mackenzie
repository.name.fl_str_mv RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (MACKENZIE)
repository.mail.fl_str_mv revista.adm@mackenzie.br
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