Estudo empírico sobre a diversidade no Conselho de Administração e o valor da empresa

Abstract

Research about Corporate Governance has been mainly based on the Firm theory. However, the literature has appointed the need for including a new approach in this context: the behavioral one, making the analysis more complete, and being more effective, for companies to be more sustainable, ethical and clear. Therefore, they can reach better results, as well as contribute positively for society. In this situation, this research was made. The main tool of Governance was studied in this work: the Board of Directors, under the behavioral perspective: the analysis of diversity, through the following dimensions: age, academic degree, genre and culture (concerning nationality). The aim was to investigate the relationship between the diversity in the Board and the Market value of companies, by means of Tobin´s Q. The analysis of the diversity impacts in performance was made through two models: i) diversity index (composed of the four dimensions mentioned before), and ii) dimensions as isolated variables. The sample was composed of 90 companies listed in the 2012 edition of Anuário de Governança Corporativa da Revista Capital Aberto, as the ones with more liquidity traded in BM&FBOVESPA. The data are secondary, and the analysis considered 2012 and 2013. This was a quantitative study, through the Multiple Linear Regression Model, estimated by the Ordinary Least Square Method (OLS). The statistic results were not consistently significant for the regressions. So, it was not possible to reach the hypotethical conclusion that a bigger diversity could lead to a bigger Market value for companies.