COMPOSIÇÃO DOS CONSELHOS DE ADMINISTRAÇÃO, REDES SOCIAIS CORPORATIVAS E EFICIÊNCIA DOS INVESTIMENTOS
DOI:
https://doi.org/10.4270/ruc.2022106Palavras-chave:
Eficiência dos Investimentos, Redes Sociais Corporativas., Conselho de Administração, Redes Sociais CorporativasResumo
O objetivo desta pesquisa é analisar a relação da composição dos conselhos de administração e da formação de redes sociais corporativas com a eficiência dos investimentos nas empresas brasileiras não financeiras de capital aberto listadas na Brasil, Bolsa, Balcão (B3) no período entre 2010 e 2020. Os dados da pesquisa foram extraídos da base de dados Economática e dos formulários de referências das empresas disponíveis no site da Comissão de Valores Mobiliários (CVM). Os resultados mostraram que a proporção de membros independentes, a expertise financeira, o tamanho dos conselhos e a formação de redes sociais corporativas contribuem para as empresas não se afastarem do nível ideal de investimentos, melhorando assim a eficiência na aplicação dos recursos. No entanto, a dualidade do CEO eleva o afastamento do nível ideal de investimentos e a proporção de mulheres nos conselhos e a indicação dos membros pelos controladores apresentaram resultados dúbios, portanto inconclusivos. Na prática, os resultados contribuem com literatura que trata das implicações da composição dos conselhos de administração, bem como apresentam novas evidências dos fatores que explicam a eficiência dos investimentos. A pesquisa pode interessar aos investidores em geral, uma vez que a eficiência dos investimentos é fator fundamental para o sucesso (fracasso) das empresas, e desta forma estes devem considerar importantes a forma como os conselhos de administração são formados bem como a existência de relacionamentos com o ambiente externo através de redes sociais corporativas.
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