Banca de DEFESA: RAIMUNDO MARCIANO DE FREITAS NETO

Uma banca de DEFESA de DOUTORADO foi cadastrada pelo programa.
DISCENTE : RAIMUNDO MARCIANO DE FREITAS NETO
DATA : 08/05/2019
HORA: 14:00
LOCAL: NEPSA II
TÍTULO:

Essays about the role of Boards of directors in public companies listed on B3's Novo Mercado

PALAVRAS-CHAVES:

Boards of directors' role. Ownership structure. Brazilian Corporate Law. Isomorphism. Cost of capital.

PÁGINAS: 98
GRANDE ÁREA: Ciências Sociais Aplicadas
ÁREA: Administração
RESUMO:

A presente tese teve três objetivos principais, articulados na forma de três artigos independentes, que partilham a temática do papel do Conselho de Administração (CA) nas firmas do Novo Mercado da bolsa de valores brasileira e que o inferem de acordo com a análise de conteúdo das atas das reuniões, usando um esquema de classificação baseado na metodologia de Schwartz-Ziv e Weisbach (2013). O primeiro trata da análise do papel do Conselho de Administração sob a ótica das teorias da Agência, da Riqueza Socioemocional e da Abordagem Legalista. Verificou-se que o papel predominantemente exercido pelos Conselhos é o de gerenciamento das companhias, em oposição a ênfase nas atividades de monitoramento, esperada à luz da Teoria da Agência. Esse resultado se sustenta mesmo em empresas familiares, divergindo dos argumentos teóricos preconizados pela Riqueza
This thesis has three main objectives, separated in three independent articles which share a common theme – the role played by the board of directors of firms listed on B3’s Novo Mercado – and a common method to infer this role: a content analysis of the board meetings minutes, based on a classification scheme proposed by Schwartz-Ziv and Weisbach (2013). The first objective was an analysis of the role played by the boards under three theoretical settings: Agency Theory, Socioemotional Theory and Legalist Approach. We found that the main role played by boards was the managerial one, opposing the theoretical Agency proposition that it should be the supervisory. This result is also held for a subset of family-managed companies, diverging from the Socioemotional theoretical background, and does not seem to be influenced by the presence of blockholders in the firm’s ownership structure. Besides, it was verified that the Brazilian Corporate Laws is responsible for demanding less than half of the boards’ reported work and thus cannot be argued as being the quintessence of its role; and that there is no associative pattern between board composition and its main role, which translates into the number of members, independence and gender diversity being insufficient to direct board activities. The second objective was to analyze if boards have been displaying any level of institutional isomorphism and whether director interlocking influences this process. We found no systematic similarity between boards’ roles when aggregated at Novo Mercado or Industry levels. Besides, there is no evidence of interlocking boards being having more similar roles than the ones which do not share directors. It was concluded that boards are not being subject to major influences from coercive, mimetic or normative isomorphic pressures. The third objective was an analysis of the influence of board role over the cost of capital, using as theoretical background Agency and Resource Dependence theories, and the wealth redistribution hypothesis. Meeting frequency was found to be important for the effectivity of board role, and that placing emphasis in supervisory duties is associated to a discount in the cost of equity. As we found no evidence of a relationship between cost of debt and the role played by boards, we cannot infer that there is a strong divergence between the interests of shareholders and debtholders. Thus, adopting a monitoring-oriented approach should improve the capital structure of the company, as it benefits at least one class of stakeholders.

MEMBROS DA BANCA:
Presidente - 1543333 - ANDERSON LUIZ REZENDE MOL
Interno - 3220688 - ALEXANDRO BARBOSA
Interno - 1802347 - VINICIO DE SOUZA E ALMEIDA
Externo à Instituição - ORLEANS SILVA MARTINS - UFPB
Externo à Instituição - WILSON TOSHIRO NAKAMURA - UPM