Composición del consejo de administración y desempeño financiero en mercados emergentes de América Latina: evidencia para Brasil, Chile y México

Marcelo Arévalo-Alegría; Andrés Acuña-Duarte; Andrea King-Domínguez

doi:10.18046/j.estger.2020.156.3739

Autores

Marcelo Arévalo-Alegría Investigador, Departamento de Economía y Finanzas, Universidad del Bío-Bío, Concepción, Chile. https://orcid.org/0000-0003-1019-0883
Andrés Acuña-Duarte Profesor asistente, Departamento de Economía y Finanzas, Universidad del Bío-Bío, Concepción, Chile. https://orcid.org/0000-0002-1623-4616
Andrea King-Domínguez Profesora asistente, Departamento de Economía y Finanzas, Universidad del Bío-Bío, Concepción, Chile.

DOI:

https://doi.org/10.18046/j.estger.2020.156.3739

Palavras-chave:

governo corporativo, conselho de administração, diversidade de gênero, desempenho financeiro, América Latina

Resumo

Este artigo analisa o impacto de quatro atributos do conselho de administração no desempenho de 101 empresas não financeiras do Brasil, Chile e México, em vigor no período 2011-2017. Além disso, inovase ao explorar o efeito defasado de tais atributos para abordar a causalidade inversa identificada na literatura. A estimação de modelos de dados em painel estáticos e dinâmicos revela um efeito positivo da independência do conselho sobre o desempenho contábil de empresas brasileiras e chilenas. A evidência relatada é mista em termos de dualidade de cargos, enquanto uma relação positiva, quadrática e côncava é identificada para o tamanho do conselho. Finalmente, não há evidências de que a diversidade de gênero compensa em um melhor desempenho presente e futuro.

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