Conselho de Administração: uma análise da influência sobre o endividamento e a liquidez das empresas listadas na B3

Abstract

Studies show that business performance is influenced by external and internal factors. The board of directors of a company is related to its performance, so the objective was to verify whether the characteristics of the board of directors influence the indebtedness and liquidity of Brazilian publicly traded companies. Analyzed all Brazilian publicly traded companies listed in B3 between 2013 and 2018 through information provided to the Securities and Exchange Commission (reference forms and consolidated financial statements) and Economatica, using statistical tests and econometric technique "data panel". The results show that there is a relationship between the increase in the number of women on the board of directors with both an increase in liquidity and the decrease in indebtedness, while the chairman of the board and the chief executive officer is the same person there is a tendency of higher indebtedness and a decrease in liquidity. Financial performance has a positive relationship with liquidity and negative with indebtedness, as well as the size of the company has a negative relationship with indebtedness. The opportunity for growth, board remuneration and the number of counselors with training have a negative relationship with business liquidity.