Corporate Governance: An analysis of Board of Directors in relation with the Value of Market and Performance of the Brazilian Companies

Authors

  • Lélis Pedro de Andrade Instituto Federal de Minas Gerais
  • German Torres Salazar Universidade Federal de Lavras
  • Cristina Lélis Leal Calegário Universidade Federal de Lavras
  • Sabrina Soares Silva Universidade Federal de Lavras

Abstract

The objective of this work was to identify the relation between the composition of the board of directors, with the market of value and performance of the Brazilian companies of capital market. The hierarchic multiple regression model was used identify, not only the relation of the main independent variables selected, but, to consider the effect of other characteristics of the companies who also has influence in both the market of value and performance. As results, it can be distinguished that the composition of the administration board has exerted more influence in the value of market of the companies than in their performance. The total of board of directors showed positively related such as with the market of value as the performance. It was also evidenced that the characteristics of the companies, as indebtedness and its size, when they interact with the characteristics of the administration advice, suggest that the recommendations of the code of corporate governance produce different effect in the companies, following its individual characteristics.

 

Keywords: Corporate Governance; Value of Market; Performance


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Author Biographies

Lélis Pedro de Andrade, Instituto Federal de Minas Gerais

Mestre em Administração pela Universidade Federal de Lavras (Ufla). Professor do Departamento de Gestão do Instituto Federal de Educação, Ciência e Tecnologia de Minas Gerais.

German Torres Salazar, Universidade Federal de Lavras

Doutor em Administração pela Faculdade de Economia, Administração e Contabilidade da Universidade de São Paulo (FEA-USP). Professor do Departamento de Administração e Economia da Universidade Federal de Lavras (Ufla).

Cristina Lélis Leal Calegário, Universidade Federal de Lavras

Doutora em Agricultura e Economia Aplicada pela University of Georgia (Estados Unidos). Professora do Departamento de Administração e Economia da Universidade Federal de Lavras (Ufla).

Sabrina Soares Silva, Universidade Federal de Lavras

Mestre e doutoranda em Administração pela Universidade Federal de Lavras (Ufla).

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Published

2009-06-15

Issue

Vol. 10 No. 4 (2009)

Section

Strategic Finances

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