Composition of the board and firm value of brazilian public companies | Zendy

Enalto de Oliveira Gondrige | Zendy; Ademir Clemente | Zendy; Márcia Maria dos Santos Bortolocci Espejo | Zendy

AI Assistant Blog Pricing

Home ZAIA Blog

Open Access

Composition of the board and firm value of brazilian public companies

Author(s) -

Enalto de Oliveira Gondrige,

Ademir Clemente,

Márcia Maria dos Santos Bortolocci Espejo

Publication year - 2012

Publication title -

brazilian business review

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.176

H-Index - 4

ISSN - 1808-2386

DOI - 10.15728/bbr.2012.9.3.4

Subject(s) - accounting , corporate governance , business , independence (probability theory) , composition (language) , value (mathematics) , enterprise value , chief executive officer , economics , management , finance , statistics , mathematics , linguistics , philosophy

The purpose of this paper is to investigate the relationship between the composition of boards of directors of Brazilian public companies and the firm value. The analysis is conducted by reference to a group of 208 Brazilian companies listed on Bovespa in the year 2008. The contribution of the study is done to assess the level of adherence to the recommendations of the Brazilian Institute of Corporate Governance (IBGC) regarding the composition of the board and its relation to market value. Using a multiple regression, three variables were studied: the level of board independence (Indep), accumulation of function by the Chief Executive Officer (CeoPowerful) and board size (Nmembros). The variable Nmembros was statistically significant, indicating positive correlation between corporate value and board size.

The content you want is available to Zendy users.

Already have an account? Click here to sign in.

Having issues? You can contact us here

Accelerating Research