DETERMINANTS OF THE EFFICIENCY OF BOARD OF DIRECTORS OF FIRMS LISTED ON BM&FBOVESPA
DOI:
https://doi.org/10.11606/rco.v8i21.63219Keywords:
board of directors, ownership structure, corporate governance.Abstract
This paper aimed to examine under which conditions the board of directors works as an efficient corporate governance mechanism, considering the efficiency criteria of the agency theory. We searched the determinants of independency, size, and separation between CEO and chairman positions of a sample of companies listed on BM&FBOVESPA Exchange. The governance approach predicts the boards’ composition is mainly affected by the ownership and control structure, also financial structure and, firm characteristics. We found out that the indicator “board size” is not high and that in most of the companies the positions of CEO and chairman are performed by different people. Nevertheless, the fraction of independent members with a seat in the board of directors room is small. In general, the panel data analysis supports the hypothesis of significant relationship between board variables and ownership and control structure.
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