¿LAS CARACTERÍSTICAS DE LA JUNTA DIRECTIVA CAMBIAN DE ACUERDO CON LAS ETAPAS DEL CICLO DE VIDA DE LA COMPAÑÍA?
Palabras clave:
Teoría de la dependencia de recursos, Junta directiva, Ciclo de vida organizacional, Board interlockingResumen
De acuerdo con la perspectiva de la Teoría de la Dependencia de Recursos, la junta directiva refleja el entorno de la compañía, buscando maximizar los recursos, ya que cada miembro aporta diferentes habilidades, experiencias y vínculos. La literatura sugiere que las empresas adaptan sus estructuras a medida que evolucionan en las etapas del ciclo de vida, afectando de manera diferente las estructuras de gobierno corporativo y la estructura de propiedad. El objetivo de la investigación es identificar el efecto de las etapas del ciclo de vida en las características de la junta directiva. La muestra de la encuesta consta de empresas que figuran en B3, de 2012 a 2018. Las variables de los constructos que se refieren a la junta directiva incluyen características de tamaño, género, independencia, experiencia (en gestión, en áreas de apoyo y en áreas operativas), board interlocking (con el sector financiero y el sector en el que opera) y cooptación. Para el ciclo de vida, se crearon variables ficticias basadas en el modelo desarrollado por Dickinson (2011) utilizando la composición del estado de flujo de efectivo. Se concluyó que las empresas clasificadas en la etapa de madurez tienen una reducción en el número de miembros de la junta directiva, en la cooptación de miembros con experiencia en el área de gestión. Por otro lado, en las empresas pertenecientes a la etapa de crecimiento, hubo un aumento en la cooptación de miembros con experiencia en las áreas de gestión. En general, se encontró que las etapas del ciclo de vida organizacional (madurez y crecimiento) tienen diferentes efectos en los cambios en la junta directiva.
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Anthony, J. H., & Ramesh, K. (1992). Association between accounting performance measures and stock prices: A test of the life cycle hypothesis. Journal of Accounting and Economics, 15(2-3), 203-227. https://doi.org/10.1016/0165-4101(92)90018-W
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Baltagi, B. (2008). Econometric analysis of panel data. John Wiley & Sons.
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Bonn, I., & Pettigrew, A. (2009). Towards a dynamic theory of boards: An organizational life cycle approach. Journal of Management & Organization, 15(1), 2-16. https://doi.org/10.5172/jmo.837.15.1.2
Boyd, B. (1990). Corporate linkages and organizational environment: A test of the resource dependence model. Strategic Management Journal, 11(6), 419-430. https://doi.org/10.1002/smj.4250110602
Cameron, K. S., Kim, M. U., & Whetten, D. A. (1987). Organizational effects of decline and turbulence. Administrative Science Quarterly, 32 (2), 222-240. https://doi.org/10.2307/2393127
Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. The Financial Review, 38(1), 33-53. https://doi.org/10.1111/1540-6288.00034
Chen, H. L. (2014). Board capital, CEO power and R&D investment in electronics firms. Corporate Governance: An International Review, 22(5), 422-436. https://doi.org/10.1111/corg.12076
Coles, J. L., Daniel, N. D., & Naveen, L. (2014). Co-opted boards. The Review of Financial Studies, 27(6), 1751-1796. https://doi.org/10.1093/rfs/hhu011
Coles, J. L., Daniel, N. D., & Naveen, L. (2008). Boards: Does one size fit all? Journal of Financial Economics, 87(2), 329-356. https://doi.org/10.1016/j.jfineco.2006.08.008
Costa, W. B. da, Macedo, M. A. da S., Yokoyama, K. Y., & Almeida, J. E. F. de. (2017). The determinants of the life cycle stages of Brazilian public companies: A study based on financial accounting variables. Brazilian Business Review, 14(3), 304–320. https://doi.org/10.15728/bbr.2017.14.3.3
Daily, C. M. (1995). The relationship between board composition and leadership structure and bankruptcy reorganization outcomes. Journal of Management, 21(6), 1041-1056. https://doi.org/10.1177/014920639502100602
Daily, C. M., & Dalton, D. R. (1994). Bankruptcy and corporate governance: The impact of board composition and structure. Academy of Management Journal, 37(6), 1603-1617. https://doi.org/10.5465/256801
Daily, C. M., McDougall, P. P., Covin, J. G., & Dalton, D. R. (2002). Governance and strategic leadership in entrepreneurial firms. Journal of Management, 28(3), 387-412. https://doi.org/10.1016/S0149-2063(02)00133-2
Dalziel, T., Gentry, R. J., & Bowerman, M. (2011). An integrated agency–resource dependence view of the influence of directors' human and relational capital on firms' R&D spending. Journal of Management Studies, 48(6), 1217-1242. https://doi.org/10.1016/j.jfineco.2005.07.005
DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned/ contributed capital mix: A test of the life-cycle theory. Journal of Financial Economics, 81(2), 227-254. https://doi.org/10.1016/j.jfineco.2005.07.005
Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6), 1969-1994. https://doi.org/10.2308/accr-10130
Faff, R., Kwok, W. C., Podolski, E. J., & Wong, G. (2016). Do corporate policies follow a life-cycle?. Journal of Banking & Finance, 69, 95–107. https://doi.org/10.1016/j.jbankfin.2016.04.009
Fávero, L. P., & Belfiore, P. (2016). Análise de dados: Modelos de regressão com Excel®, Stata® e SPSS®. Elsevier Brasil.
Filatotchev, I., Toms, S., & Wright, M. (2006). The firm's strategic dynamics and corporate governance life‐cycle. International Journal of Managerial Finance, 2(4), 256-279. https://doi.org/10.1108/17439130610705481
Gonçalves, F. F., Almeida, J. E. F., Bortolon, P. M., & Pündrich, G. P. (2019). O ciclo de vida das firmas e as características do conselho de administração. Anais do X Congresso Nacional de Administração e Contabilidade-AdCont 2019. IAG| PUC-Rio.
Habib, A., & Hasan, M. M. (2019). Corporate life cycle research in accounting, finance and corporate governance: A survey, and directions for future research. International Review of Financial Analysis, 61, 188-201. https://doi.org/10.1016/j.irfa.2018.12.004
Haynes, K. T., & Hillman, A. (2010). The effect of board capital and CEO power on strategic change. Strategic Management Journal, 31(11), 1145-1163. https://doi.org/10.1002/smj.859
Hillman, A. J., Cannella, A. A., & Paetzold, R. L. (2000). The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies, 37(2), 235-256. https://doi.org/10.1111/1467-6486.00179
Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28(3), 383-396. https://doi.org/10.5465/amr.2003.10196729
Hillman, A. J., Shropshire, C., & Cannella Jr, A. A. (2007). Organizational predictors of women on corporate boards. Academy of Management Journal, 50(4), 941-952. https://doi.org/10.5465/amj.2007.26279222
Hillman, A. J., Withers, M. C., & Collins, B. J. (2009). Resource dependence theory: a review. Journal of Management, 35(6), 1404-1427. https://doi.org/10.1177/0149206309343469
Jawahar, I. M., & McLaughlin, G. L. (2001). Toward a descriptive stakeholder theory: An organizational life cycle approach. Academy of Management Review, 26(3), 397-414. https://doi.org/10.5465/amr.2001.4845803
Lynall, M. D., Golden, B. R., & Hillman, A. J. (2003). Board composition from adolescence to maturity: a multitheoretic view. Academy of Management Review, 28(3), 416-431. https://doi.org/10.5465/amr.2003.10196743
Perrault, E., & McHugh, P. (2015). Toward a life cycle theory of board evolution: Considering firm legitimacy. Journal of Management & Organization, 21(5), 627-649. https://doi.org/10.1017/jmo.2014.92
Pfeffer, J. (1972). Size and composition of corporate boards of directors: The organization and its environment. Administrative Science Quarterly, 17(2), 218-228. https://doi.org/10.2307/2393956
Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations: A resource dependence perspective. New York: Harper & Row.
Novaes, P. V., & Almeida, J. E. (2020). The role of firms’ life cycle stages on voluntary disclosure and cost of equity capital in Brazilian public companies. Brazilian Business Review, 17, 601-620. https://doi.org/10.15728/bbr.2020.17.6.1
O’Connor, T. & Byrne, J. (2015). Governance and corporate life-cycle. International Journal of Managerial Finance, 11 (1), 23-43. https://doi.org/10.1108/IJMF-03-2013-0033
Oliveira, A. S. de, & Girão, L. F. de A. P. (2018). Acurácia na previsão de lucros e os estágios do ciclo de vida organizacional: Evidências no mercado brasileiro de capitais. Revista de Educação e Pesquisa em Contabilidade, 12(1), 121-144. https://doi.org/10.17524/repec.v12i1.1530
Ortiz‐de‐Mandojana, N., Aragón‐Correa, J. A., Delgado‐Ceballos, J., & Ferrón‐Vílchez, V. (2012). The effect of director interlocks on firms' adoption of proactive environmental strategies. Corporate Governance: An International Review, 20(2), 164-178. http://dx.doi.org/10.1111/j.1467-8683.2011.00893.x
Sánchez, L. P. C., Guerrero-Villegas, J., & González, J. M. H. (2017). The influence of organizational factors on board roles. Management Decision, 55(5), 842-871. https://doi.org/10.1108/MD-12-2015-0566
Shen, W., & Cannella Jr, A. A. (2002). Revisiting the performance consequences of CEO succession: The impacts of successor type, postsuccession senior executive turnover, and departing CEO tenure. Academy of Management Journal, 45(4), 717-733. https://doi.org/10.5465/3069306
Wernerfelt, B. (1985). The dynamics of prices and market shares over the product life cycle. Management Science, 31(8), 928-939. https://doi.org/10.1287/mnsc.31.8.928
Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. MIT Press.
Zahra, S. A., & Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management, 15(2), 291-334. https://doi.org/10.1177/014920638901500208
Ames, D., Coyne, J., & Kim, K. (2020). The impact of life cycle stage on firm acquisitions. International Journal of Accounting & Information Management, 28(2), 223-241. https://doi.org/10.1108/IJAIM-02-2019-0027
Anthony, J. H., & Ramesh, K. (1992). Association between accounting performance measures and stock prices: A test of the life cycle hypothesis. Journal of Accounting and Economics, 15(2-3), 203-227. https://doi.org/10.1016/0165-4101(92)90018-W
Balogh, A. (2016). Does life-cycle influence board composition? Working paper. Available at SSRN 2851327, University of Sydney. https://dx.doi.org/10.2139/ssrn.2851327
Baltagi, B. (2008). Econometric analysis of panel data. John Wiley & Sons.
Bonacich, P. (1987). Power and centrality: A family of measures. American Journal of Sociology, 92(5), 1170-1182. https://doi.org/10.1086/228631
Bonn, I., & Pettigrew, A. (2009). Towards a dynamic theory of boards: An organizational life cycle approach. Journal of Management & Organization, 15(1), 2-16. https://doi.org/10.5172/jmo.837.15.1.2
Boyd, B. (1990). Corporate linkages and organizational environment: A test of the resource dependence model. Strategic Management Journal, 11(6), 419-430. https://doi.org/10.1002/smj.4250110602
Cameron, K. S., Kim, M. U., & Whetten, D. A. (1987). Organizational effects of decline and turbulence. Administrative Science Quarterly, 32 (2), 222-240. https://doi.org/10.2307/2393127
Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. The Financial Review, 38(1), 33-53. https://doi.org/10.1111/1540-6288.00034
Chen, H. L. (2014). Board capital, CEO power and R&D investment in electronics firms. Corporate Governance: An International Review, 22(5), 422-436. https://doi.org/10.1111/corg.12076
Coles, J. L., Daniel, N. D., & Naveen, L. (2014). Co-opted boards. The Review of Financial Studies, 27(6), 1751-1796. https://doi.org/10.1093/rfs/hhu011
Coles, J. L., Daniel, N. D., & Naveen, L. (2008). Boards: Does one size fit all? Journal of Financial Economics, 87(2), 329-356. https://doi.org/10.1016/j.jfineco.2006.08.008
Costa, W. B. da, Macedo, M. A. da S., Yokoyama, K. Y., & Almeida, J. E. F. de. (2017). The determinants of the life cycle stages of Brazilian public companies: A study based on financial accounting variables. Brazilian Business Review, 14(3), 304–320. https://doi.org/10.15728/bbr.2017.14.3.3
Daily, C. M. (1995). The relationship between board composition and leadership structure and bankruptcy reorganization outcomes. Journal of Management, 21(6), 1041-1056. https://doi.org/10.1177/014920639502100602
Daily, C. M., & Dalton, D. R. (1994). Bankruptcy and corporate governance: The impact of board composition and structure. Academy of Management Journal, 37(6), 1603-1617. https://doi.org/10.5465/256801
Daily, C. M., McDougall, P. P., Covin, J. G., & Dalton, D. R. (2002). Governance and strategic leadership in entrepreneurial firms. Journal of Management, 28(3), 387-412. https://doi.org/10.1016/S0149-2063(02)00133-2
Dalziel, T., Gentry, R. J., & Bowerman, M. (2011). An integrated agency–resource dependence view of the influence of directors' human and relational capital on firms' R&D spending. Journal of Management Studies, 48(6), 1217-1242. https://doi.org/10.1016/j.jfineco.2005.07.005
DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned/ contributed capital mix: A test of the life-cycle theory. Journal of Financial Economics, 81(2), 227-254. https://doi.org/10.1016/j.jfineco.2005.07.005
Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6), 1969-1994. https://doi.org/10.2308/accr-10130
Faff, R., Kwok, W. C., Podolski, E. J., & Wong, G. (2016). Do corporate policies follow a life-cycle?. Journal of Banking & Finance, 69, 95–107. https://doi.org/10.1016/j.jbankfin.2016.04.009
Fávero, L. P., & Belfiore, P. (2016). Análise de dados: Modelos de regressão com Excel®, Stata® e SPSS®. Elsevier Brasil.
Filatotchev, I., Toms, S., & Wright, M. (2006). The firm's strategic dynamics and corporate governance life‐cycle. International Journal of Managerial Finance, 2(4), 256-279. https://doi.org/10.1108/17439130610705481
Gonçalves, F. F., Almeida, J. E. F., Bortolon, P. M., & Pündrich, G. P. (2019). O ciclo de vida das firmas e as características do conselho de administração. Anais do X Congresso Nacional de Administração e Contabilidade-AdCont 2019. IAG| PUC-Rio.
Habib, A., & Hasan, M. M. (2019). Corporate life cycle research in accounting, finance and corporate governance: A survey, and directions for future research. International Review of Financial Analysis, 61, 188-201. https://doi.org/10.1016/j.irfa.2018.12.004
Haynes, K. T., & Hillman, A. (2010). The effect of board capital and CEO power on strategic change. Strategic Management Journal, 31(11), 1145-1163. https://doi.org/10.1002/smj.859
Hillman, A. J., Cannella, A. A., & Paetzold, R. L. (2000). The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies, 37(2), 235-256. https://doi.org/10.1111/1467-6486.00179
Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28(3), 383-396. https://doi.org/10.5465/amr.2003.10196729
Hillman, A. J., Shropshire, C., & Cannella Jr, A. A. (2007). Organizational predictors of women on corporate boards. Academy of Management Journal, 50(4), 941-952. https://doi.org/10.5465/amj.2007.26279222
Hillman, A. J., Withers, M. C., & Collins, B. J. (2009). Resource dependence theory: a review. Journal of Management, 35(6), 1404-1427. https://doi.org/10.1177/0149206309343469
Jawahar, I. M., & McLaughlin, G. L. (2001). Toward a descriptive stakeholder theory: An organizational life cycle approach. Academy of Management Review, 26(3), 397-414. https://doi.org/10.5465/amr.2001.4845803
Lynall, M. D., Golden, B. R., & Hillman, A. J. (2003). Board composition from adolescence to maturity: a multitheoretic view. Academy of Management Review, 28(3), 416-431. https://doi.org/10.5465/amr.2003.10196743
Perrault, E., & McHugh, P. (2015). Toward a life cycle theory of board evolution: Considering firm legitimacy. Journal of Management & Organization, 21(5), 627-649. https://doi.org/10.1017/jmo.2014.92
Pfeffer, J. (1972). Size and composition of corporate boards of directors: The organization and its environment. Administrative Science Quarterly, 17(2), 218-228. https://doi.org/10.2307/2393956
Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations: A resource dependence perspective. New York: Harper & Row.
Novaes, P. V., & Almeida, J. E. (2020). The role of firms’ life cycle stages on voluntary disclosure and cost of equity capital in Brazilian public companies. Brazilian Business Review, 17, 601-620. https://doi.org/10.15728/bbr.2020.17.6.1
O’Connor, T. & Byrne, J. (2015). Governance and corporate life-cycle. International Journal of Managerial Finance, 11 (1), 23-43. https://doi.org/10.1108/IJMF-03-2013-0033
Oliveira, A. S. de, & Girão, L. F. de A. P. (2018). Acurácia na previsão de lucros e os estágios do ciclo de vida organizacional: Evidências no mercado brasileiro de capitais. Revista de Educação e Pesquisa em Contabilidade, 12(1), 121-144. https://doi.org/10.17524/repec.v12i1.1530
Ortiz‐de‐Mandojana, N., Aragón‐Correa, J. A., Delgado‐Ceballos, J., & Ferrón‐Vílchez, V. (2012). The effect of director interlocks on firms' adoption of proactive environmental strategies. Corporate Governance: An International Review, 20(2), 164-178. http://dx.doi.org/10.1111/j.1467-8683.2011.00893.x
Sánchez, L. P. C., Guerrero-Villegas, J., & González, J. M. H. (2017). The influence of organizational factors on board roles. Management Decision, 55(5), 842-871. https://doi.org/10.1108/MD-12-2015-0566
Shen, W., & Cannella Jr, A. A. (2002). Revisiting the performance consequences of CEO succession: The impacts of successor type, postsuccession senior executive turnover, and departing CEO tenure. Academy of Management Journal, 45(4), 717-733. https://doi.org/10.5465/3069306
Wernerfelt, B. (1985). The dynamics of prices and market shares over the product life cycle. Management Science, 31(8), 928-939. https://doi.org/10.1287/mnsc.31.8.928
Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. MIT Press.
Zahra, S. A., & Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management, 15(2), 291-334. https://doi.org/10.1177/014920638901500208
Publicado
2022-07-15
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Kreuzberg, F., & Rodrigues Vicente, E. F. (2022). ¿LAS CARACTERÍSTICAS DE LA JUNTA DIRECTIVA CAMBIAN DE ACUERDO CON LAS ETAPAS DEL CICLO DE VIDA DE LA COMPAÑÍA?. Revista Universo Contábil, 17(1), 109–129. Recuperado a partir de https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/9276
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