Influência do conselho de administração no desempenho das empresas privadas de capital fechadoevidências das indústrias do Rio Grande do Sul

Resumo

This study seeks to address the relationship between the presence of a board of directors and financial performance in privately held companies. This question is of relevance given that existing literature focuses on publicly traded companies, while the impact of these bodies on privately held companies is a relatively unexplored field of research, especially from a quantitative perspective. The research faces the significant challenge of gathering data about this sector, given that there is no central registry to consult nor any requirement for standardized reporting. To build the sample, a significant effort was required to gather financial statements and information regarding the articles of association from 104 privately held companies in the manufacturing sector of Rio Grande do Sul. The main objective was to analyze whether privately held companies that have boards report a better financial performance than peers that do not include a board in their structure. An additional objective was to establish whether the profile of these boards, in those companies that have them, also impacts financial performance. The data was analyzed using the Mann-Whitney medians tests and panel data regression. The results found no statistically significant relationship between the existence of a board of directors and financial performance, there being no distinction identified between the two groups of companies analyzed. Similarly, no statistically significant relationship was found with respect to certain characteristics of company boards — such as size, CEO duality, or the age of its members — and the financial performance of the companies studied. However, there was a significant relationship found between certain control variables — such as company size, maturity, and leverage — and the financial performance of the sample overall. It can thus be concluded that, although the presence of a company board can be considered good practice, its value cannot be measured solely by financial performance. However, the study offers an in-depth analysis of the group examined, offsetting the limitations arising from the scarcity of the data. Although the sample focuses on a specific economic sector in a single state, the results make a significant contribution to the literature regarding the governance of privately held companies, serving as a basis for future research with a broader scope.

Ficha do documento

Tipo

Dissertação

Ano

2025

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/38071

Temas

Desenvolvimento EconômicoGovernança

Palavras-chave

Governança CorporativaConselho de AdministraçãoCaracterísticas do Conselho de AdministraçãoEmpresas FechadasDesempenho FinanceiroCorporate governanceBoard of directorsProfile of board of directorsPrivately held companiesFinancial performanceAdministração de empresasConselhos de administradoresEmpresas - FinançasEmpresas - Avaliação