Famílias e diversidade de gênero: um estudo do desempenho das companhias listadas na bolsa de valores brasileira
Autor(a) principal: | |
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Data de Publicação: | 2019 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Manancial - Repositório Digital da UFSM |
Texto Completo: | http://repositorio.ufsm.br/handle/1/17406 |
Resumo: | Corporate Governance is a relevant issue in Finance, for proposing practices that can mitigate the agency problem, caused by the separation between ownership and control in companies. However, family-based firms do not present such a clear separation, and the existing family relationships can make the agency conflicts more complicated to solve. In the succession process of these companies, it is perceived that females face difficulties to be inserted. However, the participation of women in organizations in general has proved to be important, once it can be a way to mitigate agency conflicts. Thus, it was sought to verify the influence of family structure and gender diversity on the performance of companies listed on the Brazilian stock exchange. Also, it was sought to verify if monitoring and duality affected the performance of family firms, and if the family connections between female directors and executives with their colleagues impacted on the performance of companies. It was used secondary data from the Securities and Exchange Commission and from Economatica, from 2010 to 2017, as well as quantitative techniques for analysis, such as panel data and the generalized method of moments. Through the results, it was verified that, from the 228 firms on the sample, 112 where classified as family firms, and less than 8% of the total seats of the board of directors and of the management teams on the sample were occupied by females. Concerning the impact of family participation on family firms, the results were diverse, showing that a greater number of founders and descendants on the boards leads to a reduction on performance, while the participation of founders and descendants as CEOs or as shareholders affected both positively and negatively, depending on the dependent variable analyzed. Regarding the stock ownership by families, both directly and indirectly, it was perceived a positive effect, confirming the idea that shareholder families tend to watch over their business, leading to a better performance. Concerning the monitoring effect on family firms, the presence of independent directors affected ambiguously the performance, while the size of the boards had a negative effect. Moreover, duality had a positive effect on the performance of family firms. In relation to gender diversity, whose impact was analyzed for the whole sample, it was confirmed that a greater female participation on the boards of directors and on the management teams leads to an increase on the performance of the studied firms. However, the effect of the participation of female directors and executives which exhibited family connection whit their colleagues, was negative, leading to discussions. This research was distinguished by working with a series of variables little studied in Brazil, besides using a fresh database and a relatively recent method. In addition, it allowed to show that, even with the evolution of the composition of firms, many of them still familiar, and brought to light the small number of women working in the companies, giving scope for actions that aim to reduce this gender inequality. |
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Famílias e diversidade de gênero: um estudo do desempenho das companhias listadas na bolsa de valores brasileiraFamilies and gender diversity: a study of the performance of firms listed on the brazilian stock exchangeParticipação familiarDiversidade de gêneroDesempenhoCompanhias listadasFamily participationGender diversityPerformanceListed firmsCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAOCorporate Governance is a relevant issue in Finance, for proposing practices that can mitigate the agency problem, caused by the separation between ownership and control in companies. However, family-based firms do not present such a clear separation, and the existing family relationships can make the agency conflicts more complicated to solve. In the succession process of these companies, it is perceived that females face difficulties to be inserted. However, the participation of women in organizations in general has proved to be important, once it can be a way to mitigate agency conflicts. Thus, it was sought to verify the influence of family structure and gender diversity on the performance of companies listed on the Brazilian stock exchange. Also, it was sought to verify if monitoring and duality affected the performance of family firms, and if the family connections between female directors and executives with their colleagues impacted on the performance of companies. It was used secondary data from the Securities and Exchange Commission and from Economatica, from 2010 to 2017, as well as quantitative techniques for analysis, such as panel data and the generalized method of moments. Through the results, it was verified that, from the 228 firms on the sample, 112 where classified as family firms, and less than 8% of the total seats of the board of directors and of the management teams on the sample were occupied by females. Concerning the impact of family participation on family firms, the results were diverse, showing that a greater number of founders and descendants on the boards leads to a reduction on performance, while the participation of founders and descendants as CEOs or as shareholders affected both positively and negatively, depending on the dependent variable analyzed. Regarding the stock ownership by families, both directly and indirectly, it was perceived a positive effect, confirming the idea that shareholder families tend to watch over their business, leading to a better performance. Concerning the monitoring effect on family firms, the presence of independent directors affected ambiguously the performance, while the size of the boards had a negative effect. Moreover, duality had a positive effect on the performance of family firms. In relation to gender diversity, whose impact was analyzed for the whole sample, it was confirmed that a greater female participation on the boards of directors and on the management teams leads to an increase on the performance of the studied firms. However, the effect of the participation of female directors and executives which exhibited family connection whit their colleagues, was negative, leading to discussions. This research was distinguished by working with a series of variables little studied in Brazil, besides using a fresh database and a relatively recent method. In addition, it allowed to show that, even with the evolution of the composition of firms, many of them still familiar, and brought to light the small number of women working in the companies, giving scope for actions that aim to reduce this gender inequality.Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPESA governança corporativa é um tema de relevância em Finanças, por propor práticas que amenizam o problema de agência, causado pela separação entre propriedade e controle nas empresas. Entretanto, firmas de origem familiar não apresentam essa separação tão clara, e as relações familiares existentes podem tornar os conflitos de agência mais complicados de se resolver. No processo de sucessão dessas empresas, percebe-se que o gênero feminino enfrenta dificuldades de inserção. Entretanto, a participação das mulheres nas organizações como um todo também tem se mostrado importante, uma vez que pode mitigar os conflitos de agência existentes. Assim, buscou-se verificar a influência da estrutura familiar e da diversidade de gênero no desempenho das empresas listadas na bolsa de valores do Brasil. Adicionalmente, verificou-se se o monitoramento e a dualidade afetavam o desempenho das companhias familiares, e se a existência de laços familiares entre conselheiras e executivas e seus colegas afetava o desempenho das firmas. Utilizou-se dados secundários da Comissão de Valores Mobiliários e da Economática, os quais compreenderam o período de 2010 a 2017, além de técnicas quantitativas para a análise, como dados em painel e o método de momentos generalizados. Através dos resultados, verificou-se que, das 228 empresas da amostra, 112 foram classificadas como firmas familiares, e que menos de 8% do total de assentos nos conselhos de administração e em cargos executivos na amostra eram ocupados por mulheres. Em relação ao impacto da participação familiar nas companhias familiares, os resultados foram variados, mostrando que um maior número de fundadores e herdeiros nos conselhos reduz o desempenho, ao passo que a participação dos fundadores e herdeiros como CEOs e como acionistas exerceu um efeito tanto positivo quanto negativo, dependendo da variável dependente analisada. Quanto à propriedade acionária pertencente às famílias, tanto direta quanto indiretamente, percebeu-se um efeito positivo, corroborando com a ideia de que famílias acionistas tendem a zelar pelos seus negócios, levando a um desempenho melhor. Para o efeito do monitoramento sobre as firmas familiares, verificou-se que a presença de conselheiros independentes afetou de maneira ambígua o desempenho, enquanto o tamanho dos conselhos exerceu um efeito negativo. Ademais, a dualidade teve um efeito positivo sobre a performance das firmas familiares. Para diversidade de gênero, cujo impacto foi analisado para toda a amostra, confirmou-se que uma maior participação feminina nos conselhos de administração e em cargos executivos leva ao aumento no desempenho das firmas estudadas. Entretanto, o efeito da participação de conselheiras e executivas que apresentaram laços familiares com seus colegas foi negativo, abrindo espaço para discussão. Esta pesquisa se diferenciou por trabalhar uma série de variáveis pouco estudadas no Brasil, além de utilizar um banco de dados atual e um método relativamente recente. Ademais, permitiu mostrar que, mesmo com a evolução da composição das firmas, muitas delas ainda são familiares, e trouxe à tona o pequeno número de mulheres atuando nas companhias, dando margem para ações que visem reduzir a desigualdade entre os gêneros.Universidade Federal de Santa MariaBrasilAdministraçãoUFSMPrograma de Pós-Graduação em AdministraçãoCentro de Ciências Sociais e HumanasSonza, Igor Bernardihttp://lattes.cnpq.br/0001554374469356Becker, Kalinca Leiahttp://lattes.cnpq.br/9082069520269585Potrich, Ani Caroline Grigionhttp://lattes.cnpq.br/7790743591539041Valcanover, Vanessa Martins2019-07-11T13:58:59Z2019-07-11T13:58:59Z2019-02-18info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://repositorio.ufsm.br/handle/1/17406porAttribution-NonCommercial-NoDerivatives 4.0 Internationalhttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessreponame:Manancial - Repositório Digital da UFSMinstname:Universidade Federal de Santa Maria (UFSM)instacron:UFSM2019-07-12T06:00:25Zoai:repositorio.ufsm.br:1/17406Biblioteca Digital de Teses e Dissertaçõeshttps://repositorio.ufsm.br/ONGhttps://repositorio.ufsm.br/oai/requestatendimento.sib@ufsm.br||tedebc@gmail.comopendoar:2019-07-12T06:00:25Manancial - Repositório Digital da UFSM - Universidade Federal de Santa Maria (UFSM)false |
dc.title.none.fl_str_mv |
Famílias e diversidade de gênero: um estudo do desempenho das companhias listadas na bolsa de valores brasileira Families and gender diversity: a study of the performance of firms listed on the brazilian stock exchange |
title |
Famílias e diversidade de gênero: um estudo do desempenho das companhias listadas na bolsa de valores brasileira |
spellingShingle |
Famílias e diversidade de gênero: um estudo do desempenho das companhias listadas na bolsa de valores brasileira Valcanover, Vanessa Martins Participação familiar Diversidade de gênero Desempenho Companhias listadas Family participation Gender diversity Performance Listed firms CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
title_short |
Famílias e diversidade de gênero: um estudo do desempenho das companhias listadas na bolsa de valores brasileira |
title_full |
Famílias e diversidade de gênero: um estudo do desempenho das companhias listadas na bolsa de valores brasileira |
title_fullStr |
Famílias e diversidade de gênero: um estudo do desempenho das companhias listadas na bolsa de valores brasileira |
title_full_unstemmed |
Famílias e diversidade de gênero: um estudo do desempenho das companhias listadas na bolsa de valores brasileira |
title_sort |
Famílias e diversidade de gênero: um estudo do desempenho das companhias listadas na bolsa de valores brasileira |
author |
Valcanover, Vanessa Martins |
author_facet |
Valcanover, Vanessa Martins |
author_role |
author |
dc.contributor.none.fl_str_mv |
Sonza, Igor Bernardi http://lattes.cnpq.br/0001554374469356 Becker, Kalinca Leia http://lattes.cnpq.br/9082069520269585 Potrich, Ani Caroline Grigion http://lattes.cnpq.br/7790743591539041 |
dc.contributor.author.fl_str_mv |
Valcanover, Vanessa Martins |
dc.subject.por.fl_str_mv |
Participação familiar Diversidade de gênero Desempenho Companhias listadas Family participation Gender diversity Performance Listed firms CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
topic |
Participação familiar Diversidade de gênero Desempenho Companhias listadas Family participation Gender diversity Performance Listed firms CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
description |
Corporate Governance is a relevant issue in Finance, for proposing practices that can mitigate the agency problem, caused by the separation between ownership and control in companies. However, family-based firms do not present such a clear separation, and the existing family relationships can make the agency conflicts more complicated to solve. In the succession process of these companies, it is perceived that females face difficulties to be inserted. However, the participation of women in organizations in general has proved to be important, once it can be a way to mitigate agency conflicts. Thus, it was sought to verify the influence of family structure and gender diversity on the performance of companies listed on the Brazilian stock exchange. Also, it was sought to verify if monitoring and duality affected the performance of family firms, and if the family connections between female directors and executives with their colleagues impacted on the performance of companies. It was used secondary data from the Securities and Exchange Commission and from Economatica, from 2010 to 2017, as well as quantitative techniques for analysis, such as panel data and the generalized method of moments. Through the results, it was verified that, from the 228 firms on the sample, 112 where classified as family firms, and less than 8% of the total seats of the board of directors and of the management teams on the sample were occupied by females. Concerning the impact of family participation on family firms, the results were diverse, showing that a greater number of founders and descendants on the boards leads to a reduction on performance, while the participation of founders and descendants as CEOs or as shareholders affected both positively and negatively, depending on the dependent variable analyzed. Regarding the stock ownership by families, both directly and indirectly, it was perceived a positive effect, confirming the idea that shareholder families tend to watch over their business, leading to a better performance. Concerning the monitoring effect on family firms, the presence of independent directors affected ambiguously the performance, while the size of the boards had a negative effect. Moreover, duality had a positive effect on the performance of family firms. In relation to gender diversity, whose impact was analyzed for the whole sample, it was confirmed that a greater female participation on the boards of directors and on the management teams leads to an increase on the performance of the studied firms. However, the effect of the participation of female directors and executives which exhibited family connection whit their colleagues, was negative, leading to discussions. This research was distinguished by working with a series of variables little studied in Brazil, besides using a fresh database and a relatively recent method. In addition, it allowed to show that, even with the evolution of the composition of firms, many of them still familiar, and brought to light the small number of women working in the companies, giving scope for actions that aim to reduce this gender inequality. |
publishDate |
2019 |
dc.date.none.fl_str_mv |
2019-07-11T13:58:59Z 2019-07-11T13:58:59Z 2019-02-18 |
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.uri.fl_str_mv |
http://repositorio.ufsm.br/handle/1/17406 |
url |
http://repositorio.ufsm.br/handle/1/17406 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Federal de Santa Maria Brasil Administração UFSM Programa de Pós-Graduação em Administração Centro de Ciências Sociais e Humanas |
publisher.none.fl_str_mv |
Universidade Federal de Santa Maria Brasil Administração UFSM Programa de Pós-Graduação em Administração Centro de Ciências Sociais e Humanas |
dc.source.none.fl_str_mv |
reponame:Manancial - Repositório Digital da UFSM instname:Universidade Federal de Santa Maria (UFSM) instacron:UFSM |
instname_str |
Universidade Federal de Santa Maria (UFSM) |
instacron_str |
UFSM |
institution |
UFSM |
reponame_str |
Manancial - Repositório Digital da UFSM |
collection |
Manancial - Repositório Digital da UFSM |
repository.name.fl_str_mv |
Manancial - Repositório Digital da UFSM - Universidade Federal de Santa Maria (UFSM) |
repository.mail.fl_str_mv |
atendimento.sib@ufsm.br||tedebc@gmail.com |
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1805922133391441920 |