How does diversity of the board members affect firm performance? The case of Brazil

Detalhes bibliográficos
Autor(a) principal: Schneider, Fernando Zanotti
Data de Publicação: 2017
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/27421
Resumo: This research investigates the relationship between the diversity on the composition of Board of Directors and the financial performance of Brazilian listed companies in BOVESPA, in a corporate segment called “Novo Mercado”. Despite being an increasingly studied topic abroad, Brazil has limited studies in diversity when compared with other countries. In a global level, most of the studies regarding this topic are focused on the gender composition of the Board. In this article, diversity is measured by four variables: gender, age, education and independence (or not) of the Board members. Analyzing a sample of 119 companies in Brazil, 967 individuals as board members, covering the period of 2013-2015, this quantitative study has as its core method an ordinary least squares (OLS) for estimating the parameters in a linear regression model, using as controls variables board size, industry (economic segment), the types of capital of listed companies, categorizing them as State, Private and Private Holding. In accordance with the theory, the research finds that a more diverse board (in terms of gender) has positive impact in the financial performance, measured by Return over Assets. In the other hand, the results show that diversity in terms of education and age has a negative impact in terms of ROA. In addition to the overall contribution to the discussion of diversity on Boards of Directors, the findings of the research may help shareholders, stakeholders and policy makers using such knowledge to use the Board more efficiently and strategically.
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spelling How does diversity of the board members affect firm performance? The case of Brazilcorporate strategycorporate governanceboard of directors.diversity.firm performance.Domínio/Área Científica::Ciências Sociais::Economia e GestãoThis research investigates the relationship between the diversity on the composition of Board of Directors and the financial performance of Brazilian listed companies in BOVESPA, in a corporate segment called “Novo Mercado”. Despite being an increasingly studied topic abroad, Brazil has limited studies in diversity when compared with other countries. In a global level, most of the studies regarding this topic are focused on the gender composition of the Board. In this article, diversity is measured by four variables: gender, age, education and independence (or not) of the Board members. Analyzing a sample of 119 companies in Brazil, 967 individuals as board members, covering the period of 2013-2015, this quantitative study has as its core method an ordinary least squares (OLS) for estimating the parameters in a linear regression model, using as controls variables board size, industry (economic segment), the types of capital of listed companies, categorizing them as State, Private and Private Holding. In accordance with the theory, the research finds that a more diverse board (in terms of gender) has positive impact in the financial performance, measured by Return over Assets. In the other hand, the results show that diversity in terms of education and age has a negative impact in terms of ROA. In addition to the overall contribution to the discussion of diversity on Boards of Directors, the findings of the research may help shareholders, stakeholders and policy makers using such knowledge to use the Board more efficiently and strategically.Ferraz, Duarte PittaRUNSchneider, Fernando Zanotti2017-12-29T09:47:05Z2017-09-222017-09-22T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/27421TID:201753391enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:14:30Zoai:run.unl.pt:10362/27421Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:28:41.275493Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv How does diversity of the board members affect firm performance? The case of Brazil
title How does diversity of the board members affect firm performance? The case of Brazil
spellingShingle How does diversity of the board members affect firm performance? The case of Brazil
Schneider, Fernando Zanotti
corporate strategy
corporate governance
board of directors
.diversity.
firm performance.
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short How does diversity of the board members affect firm performance? The case of Brazil
title_full How does diversity of the board members affect firm performance? The case of Brazil
title_fullStr How does diversity of the board members affect firm performance? The case of Brazil
title_full_unstemmed How does diversity of the board members affect firm performance? The case of Brazil
title_sort How does diversity of the board members affect firm performance? The case of Brazil
author Schneider, Fernando Zanotti
author_facet Schneider, Fernando Zanotti
author_role author
dc.contributor.none.fl_str_mv Ferraz, Duarte Pitta
RUN
dc.contributor.author.fl_str_mv Schneider, Fernando Zanotti
dc.subject.por.fl_str_mv corporate strategy
corporate governance
board of directors
.diversity.
firm performance.
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic corporate strategy
corporate governance
board of directors
.diversity.
firm performance.
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description This research investigates the relationship between the diversity on the composition of Board of Directors and the financial performance of Brazilian listed companies in BOVESPA, in a corporate segment called “Novo Mercado”. Despite being an increasingly studied topic abroad, Brazil has limited studies in diversity when compared with other countries. In a global level, most of the studies regarding this topic are focused on the gender composition of the Board. In this article, diversity is measured by four variables: gender, age, education and independence (or not) of the Board members. Analyzing a sample of 119 companies in Brazil, 967 individuals as board members, covering the period of 2013-2015, this quantitative study has as its core method an ordinary least squares (OLS) for estimating the parameters in a linear regression model, using as controls variables board size, industry (economic segment), the types of capital of listed companies, categorizing them as State, Private and Private Holding. In accordance with the theory, the research finds that a more diverse board (in terms of gender) has positive impact in the financial performance, measured by Return over Assets. In the other hand, the results show that diversity in terms of education and age has a negative impact in terms of ROA. In addition to the overall contribution to the discussion of diversity on Boards of Directors, the findings of the research may help shareholders, stakeholders and policy makers using such knowledge to use the Board more efficiently and strategically.
publishDate 2017
dc.date.none.fl_str_mv 2017-12-29T09:47:05Z
2017-09-22
2017-09-22T00:00:00Z
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