Banca de QUALIFICAÇÃO: RAIMUNDO MARCIANO DE FREITAS NETO

Uma banca de QUALIFICAÇÃO de DOUTORADO foi cadastrada pelo programa.
DISCENTE : RAIMUNDO MARCIANO DE FREITAS NETO
DATA : 24/07/2018
HORA: 09:00
LOCAL: NEPSA II
TÍTULO:

Essays about the role of Boards of directors in Brazilian public companies 

PALAVRAS-CHAVES:

Boards of directors. Corporate Governance. Role. Interlock. Cost of capital.

PÁGINAS: 97
GRANDE ÁREA: Ciências Sociais Aplicadas
ÁREA: Administração
RESUMO:

Given the relevance of Boards of Directors to the corporate governance system, the present study analyzes the role played by CA in three perspectives: i) an analysis of the role played by the Boards of Directors of Brazilian firms and its relationship with the Brazilian Corporate Law requirements, shareholders and the variation of the behavior of its profile over time; ii) an analysis whether the Boards of Directors of Brazilian firms have presented a high degree of institutional isomorphism and what influence the sharing of directors has on this process; and iii) verify whether the cost of equity and the cost of debt of Brazilian companies is influenced by how their respective Boards of Directors operate. For that, minutes of the meetings of the Boards of companies of B3's Novo Mercado were analyzed and codified. We detected that Boards have a predominantly Managerial style, and that there is no significant difference between its main role in firm with or without blockholders or family management; it operates in routines, with no significant oscillations over time; and approximately half of its decisions are derived from a legal obligation, signaling that there is an autonomous action resulting from the firm's own style of operation. Besides, we found that there are significant differences in the predominant role among firms of the same sector, although it is perceived that the average profile of the sector is persistent over the years and that, among the sectors, there is no convergence of profiles; thus, a first evidence contrary to isomorphism, supported bu the finding that the amount of interlockships do not seem to influence the replication of roles among firms. Preliminarily, it was found that the traditional Governance variables are not relevant for the determination of the firm's cost of capital, implying that the current way of acting of the Boards may not be transmitting enought safety to market players, as a Governance instrument. Consequently, firms may be in a dire need to reformulate the current role of their boards, placing more emphasis in the Supervisory activities.

MEMBROS DA BANCA:
Presidente - 1543333 - ANDERSON LUIZ REZENDE MOL
Interno - 3220688 - ALEXANDRO BARBOSA
Externo à Instituição - ORLEANS SILVA MARTINS - UFPB