Cette thèse porte sur les déterminants et les enjeux de la diversité du genre dans la composition des instances de gouvernance d'entreprise. Elle a pour objectif de contribuer au débat sur la féminisation du conseil d'administration, mettant en perspective les discussions en cours sur les enjeux économiques de la diversité du genre. Au regard des réflexions théoriques, actuelles ou plus anciennes, sur le rôle et la composition du conseil d'administration dans le processus de création de valeur, la thèse explore les dimensions relatives aux apports de compétences, au processus d'apprentissage organisationnel et à la capacité d'innovation. Les recherches menées corroborent, en particulier, la plausibilité de la thèse du "business case". Les résultats montrent clairement que la féminisation des instances de gouvernance est porteuse d'enjeux économiques et managériaux. Ils soulignent que la féminisation apporte des compétences distinctives au conseil d'administration, qu'elle participe favorablement à la bonne gouvernance, porteuse d'avantages compétitifs, et que le marché financier encourage l'intégration des femmes au conseil d'administration des entreprises. Ainsi, la thèse conclut que les entreprises tirent un apport net à envisager des mesures de féminisation de leurs instances de gouvernance. Toutefois, la prudence s'impose dans le parti pris de systématiser le recours à la diversité du genre au conseil d'administration comme un moyen de performance incontournable. / This thesis investigates the determinants and issues of gender diversity in the composition of corporate governance structures. The thesis aims at contributing to the debate on the feminization of corporate governance structures. It puts into perspective the ongoing debates on the economic value-added of gender diversity in corporate board of directors. Under the current discussions on the role and composition of corporate board in value creation, this thesis focuses on aspects related to competencies, and learning and innovation capacity. The research shows, in particular, the plausibility of the business case theory. The results clearly show that the feminization of corporate governance structures involve economic and managerial concerns. They stress that feminization brings distinctive expertise to corporate board of directors. It participates positively in good governance and as a result, carries out a competitive advantage for companies. In addition, financial market encourages the integration of women in corporate Board of Directors. Although the results call for caution in imposing bias gender diversity in corporate boards as an essential means of performance, the thesis concludes that companies must consider measures of feminization of their governing structures.

Board of Directors of a joint-stock company and position of its members Board of Directors of a joint-stock company is a body whose powers can be divided in two major fields of activity. The first one is called business management and involves organization and conducting of business within the company. The second one includes the right to act on behalf of the company in relations to third parties. The aim of my thesis is to analyze issues related to the so called "concurrence of duties" which has recently become very relevant and there is still no generally accepted solution. Concurrence of duties can be defined as a situation, where a member of the Board of Directors performs, besides his duties, other duties for the company (different from his duties of a member of the Board of Directors) as an employee of the company. These concurrent duties are based on different legal rules, so e.g. the respective liability for damage in connection to the performance of such duties, possibilities of termination of the legal relationship between such person and the company or tax and insurance payment conditions are regulated differently. The problem is that it is unclear how such person is to be considered - whether he/she is a member of the Board of Directors or an employee. I tried to analyze the current...

Esse trabalho tem como objetivo analisar a relação entre as características do conselho de administração e o desempenho de hospitais sem fins lucrativos. Em busca deste objetivo geral foram estabelecidos os seguintes objetivos específicos: levantar as características dos conselhos de administração de hospitais sem fins lucrativos; descrever os tipos de conselhos de administração de hospitais; mensurar o desempenho operacional dos hospitais via eficiência; analisar a relação entre os tipos de conselhos de administração e o desempenho financeiro dos hospitais; analisar a relação entre os tipos de conselhos de administração e o desempenho operacional dos hospitais; e analisar a relação entre o desempenho financeiro e o desempenho operacional dos hospitais. A fundamentação teórica aborda governança corporativa, Teoria da Agência, Stewardship, características do conselho de administração, desempenho financeiro e operacional em hospitais sem fins lucrativos. A amostra estudada consiste em 43 hospitais sem fins lucrativos brasileiros, com dados referentes ao ano de 2016. As técnicas estatísticas utilizadas foram análise de clusters, análise envoltória de dados e análise de correspondência simples. Foram estudadas as relações entre o conjunto de características dos conselhos de administração (independência, gênero dos membros e profissão) com o desempenho financeiro e operacional dos hospitais. Os resultados indicam que que existe relação significativa entre algumas das características do conselho e os resultados financeiros do hospital. Os tipos de conselho com maior nível de independência e diversidade tendem a ser associados com desempenho financeiro superior. Não foram encontradas relações significativas entre os tipos de conselhos de administração e o desempenho operacional ou entre o desempenho operacional e o desempenho financeiro. Esse trabalho busca contribuir com o entendimento de como elementos do conselho se relacionam com o desempenho financeiro e operacional do hospital. / This work aims to analyze the relationship between the board of directors\' characteristics and the performance of non-profit hospitals. In pursuit of this general objective, the following specific objectives were established: to investigate the board of directors\' characteristics in non-profit hospitals; to describe the types of hospital board of directors; to measure the operational performance of hospitals through efficiency; to analyze the relationship between the types of board of directors and the hospitals\' financial performance; to analyze the relationship between the types of boards of directors and the hospitals\' operational performance; and to analyze the relationship between the hospitals\' financial and operational performance. The theoretical framework addresses corporate governance, agency theory, stewardship, board characteristics, financial and operational performance in non-profit hospitals. The sample consisted of 43 Brazilian non-profit hospitals, with data referring to the year 2016. The statistical techniques used were cluster analysis, data envelopment analysis and simple correspondence analysis. We studied the relationships between the set of board characteristics (independence, members\' gender and profession) with hospitals\' financial and operational performance. The results indicate that there is a significant relationship between some of the characteristics of the board and the financial results of the hospital. The types of boards with the highest level of independence and diversity tend to be associated with superior financial performance. No significant relationships were found between types of boards of directors and operational performance or between operational performance and financial performance. This work seeks to contribute to the understanding of how board members relate to the financial and operational performance of the hospital.

Em virtude de sucessivas crises e fraudes envolvendo grandes empresas ocorridas nos últimos anos, a sociedade e os governos passaram a buscar novas formas de controle, além de revitalizar antigas formas que haviam sido deixadas de lado. Sendo o Comitê de Auditoria (CA) uma das fontes mais importantes de controle dentro das atuais necessidades das organizações, o presente trabalho tem como objetivo identificar e analisar os aspectos mais relevantes que o caracterizam. Diversos regulamentos e orientações para regular este órgão (CA), tal como a lei Sarbanes-Oxley, foram criados tanto no Brasil como no exterior e uma comparação entre os normativos e orientações das autoridades e organismos brasileiros com os normativos internacionais foi efetuada. Como contribuição ao conhecimento sobre o tema, uma pesquisa documental foi desenvolvida em 112 empresas de grande porte no Brasil, identificando as principais informações sobre o comitê de auditoria, evidenciadas por essas organizações, utilizando o canal de comunicação da internet. Um índice para efetuar comparações entre as empresas foi criado: o Índice de Disclosure do Comitê de Auditoria (IDCA). Os resultados mostraram que a maioria das empresas componentes da amostra não apresentou um grau de evidenciação sobre o Comitê de Auditoria que permita uma visualização efetiva sobre esse organismo nas organizações pesquisadas. / Successive crises and frauds involving large companies in recent years have driven the society and the governments to seek new forms of control and to revive old forms previously set aside. Since the Audit Committee (AC) is one of the most important sources of control within present needs of the organizations, this research aims to identify and analyze the most relevant aspects that characterize audit committees. Various regulations and guidelines, such as Sarbanes-Oxley Act, were created to regulate AC in Brazil and other countries as well, so a comparison was performed between the Brazilian regulations and guidelines produced by Brazilian and international authorities and regulatory bodies. As a contribution to the knowledge on the subject, a documental research was performed in 112 large companies in Brazil to identify the main information on audit committees disclosed by these organizations using the Internet communication channel. An index to compare companies disclosure on audit committees was created (IDCA). The findings show that most companies of the sample did not present a level of disclosure on the IDCA index to allow an effective view of the audit committee in these organizations.

A governança corporativa visa aumentar a probabilidade dos fornecedores de recursos garantirem para si o retorno sobre seu investimento, por meio de um conjunto de mecanismos no qual se inclui o Conselho de Administração. O tema possui importância crescente, por ser bem difundida a hipótese de que a estrutura de governança afeta o valor da empresa. A questão é descobrir se existe uma estrutura de governança corporativa "melhor" ou "ideal". Vários códigos de governança foram elaborados com este intuito. No Brasil, destacam-se os códigos do Instituto Brasileiro de Governança Corporativa (IBGC) e da Comissão de Valores Mobiliários (CVM). Esta dissertação investiga se a estrutura de governança corporativa foi relevante para as companhias abertas brasileiras de 1998 a 2000 e se as companhias adequadas às recomendações do IBGC e da CVM alcançaram maior valor de mercado ou melhor desempenho. Três variáveis de governança foram consideradas: separação dos cargos de diretor executivo e presidente do conselho (DE), tamanho do conselho (TOT) e independência do conselho (INDEP). Utilizou-se uma regressão múltipla do tipo seção transversal entre as variáveis dependentes de valor e desempenho e as variáveis independentes de governança corporativa. A variável diretor executivo como presidente do conselho (DE) apresentou os resultados mais importantes, com forte evidência de que, em média, as empresas que têm pessoas distintas ocupando os cargos de diretor executivo e presidente do conselho são mais valorizadas pelo mercado. A variável tamanho do conselho (TOT) apresentou uma relação certamente não linear, sugerindo que as empresas com um número intermediário de conselheiros alcançam melhor desempenho. A variável independência do conselho (INDEP) não apresentou relação significativa contra as variáveis de valor e desempenho. / Corporate governance seeks to increase the probability that suppliers of financial resources will assure themselves the return on their investment through a set of mechanisms including the Board of Directors. The subject has growing importance, because it is well spread the hypothesis that corporate governance affects firm value. The question is to find out if there is a "better" or "ideal" corporate governance structure for the firm. Several corporate governance codes were prepared with this purpose. In Brazil, we highlight the IBGC (Brazilian Institute of Corporate Governance) and the CVM (Brazilian Securities and Exchange Commission) codes. This dissertation investigates if the corporate governance structure was important to Brazilian listed companies from 1998 to 2000 and if the companies more adjusted to the IBGC and CVM recommendations achieved higher market value or superior performance. Three governance variables were considered: the separation of chief executive officer and chairman positions (DE), board size (TOT), and board independence (INDEP). The multiple regression method with cross sectional data was applied between firm value and performance dependent variables and corporate governance independent variables. The variable chief executive officer as chairman (DE) has showed the most important results, with strong evidence that, on average, firms with different people in charge of the chief executive officer and chairman positions have higher market value than the others. The variable board size (TOT) has showed a clear non linear relation, suggesting that firms with an intermediate number of directors achieve superior performance. The variable independence of the board (INDEP) has not showed a significant relation against the variables of value and performance.

Made available in DSpace on 2016-03-15T19:26:03Z (GMT). No. of bitstreams: 1 Monica Sciascia Magalhaes Bressan.pdf: 407893 bytes, checksum: 5e54dbcba89f05256fa267221eb1f3c1 (MD5) Previous issue date: 2013-02-05 / The objective of this paper is analyse the relationship between members of the board linked to banking institutions on the capital structure of non-financial brazilian companies. The nomination of a director related with commercial bank (financial interlocking) brings some advantages to the company related to its financial expertise or even facilitates the access to capital by reducing the cost of monitoring, but can create conflict of interests between shareholders and the director. Using accounting data and information about the characteristics of board members with banking relationship in the period from 2005 to 2008, this paper investigates, through analysis of panel data, the relation between the presence of the director related with banking institutions and the levels of capital structure. However, the results do not indicate a significant relation between the members of the board related with banks on the capital structure of these companies. / O objetivo deste trabalho é examinar a relação entre os membros do conselho de administração ligados a instituições bancárias sobre a estrutura de capital das companhias brasileiras não financeiras de capital aberto. A nomeação de um conselheiro ligado a banco comercial (financial interlocking), apesar de trazer algumas vantagens para a companhia relacionadas à sua expertise financeira ou mesmo a facilidade de acesso ao capital pela diminuição dos custos de monitoramento, pode gerar conflito entre os interesses dos acionistas e os desse conselheiro. Usando variáveis contábeis e relacionadas às características dos membros dos conselhos relacionados com instituições bancárias do período de 2005 a 2008, investigou-se através de análise de dados em painel a relação da presença de membros do conselho de administração com ligação com instituição bancária e os indicadores de endividamento da empresa. No entanto, os resultados obtidos não podem ser considerados significativos para validar a hipótese de existência de relação entre os membros do conselho de administração ligados a instituições bancárias sobre a estrutura de capital dessas companhias.

Denna studie syftar till att undersöka huruvida det finns ett samband mellan andelen kvinnor i bankstyrelser i Europa och bankens kreditbetyg. Studien har ett positivistiskt synsätt och präglas av en kvantitativ metod. Studien har vidare använt sig av en tvärsnittsdesign och därmed observerat flera fall vid en given tidpunkt. Den empiriska sekundärdatan är dels insamlad via databasen Thomson Reuters Eikon som erhåller finansiell data från noterade bolag över hela världen. Studien har även hämtat information om kreditbetyg för bankerna via Standard & Poor’s databas. Vidare har en multivariat analys genomförts för att kunna upptäcka ett eventuellt samband mellan den beroende variabeln, kreditbetyg, och den oberoende variabeln, andel kvinnor i styrelsen. Studien presenterar även deskriptiv statistik samt en korrelationsanalys över den insamlade datan. Studiens resultat visar på att det finns ett positivt samband mellan andelens kvinnliga styrelseledamöter i europeiska bankstyrelser och bankens kreditbetyg. Detta betyder således att om andelen kvinnliga styrelseledamöter ökar, så gör även kreditbetyget detsamma vilket indikerar att kreditrisken för banken sjunker. Detta resultat stödjer tidigare studier som menar att kvinnor i styrelser är mer riskaversiva än män (Arayssi et al., 2016; Huang och Kisgen, 2013). Studiens förslag till vidare forskning är att studera flera olika fall över tid, istället för att utgå från en given tidpunkt, vilket skulle möjliggöra undersökning av kausalitet mellan variablerna. Vidare ter det sig intressant att ta hänsyn till styrelseledamöternas ålder i vidare forskning då forskning indikerar att riskprofilen kan förändras beroende på ålder. Ett annat förslag är att inhämta kreditbetyg från fler kreditinstitut än endast S&P för att undersöka om resultatet skulle te sig annorlunda då. Slutligen kan det vara av intresse att ta hänsyn till om banken har spritt eller kontrollerat ägande då dessa faktorer kan tänkas påverka kreditbetyget och således kreditrisken i banken. / The aim of this study is to investigate the relationship between the proportion of women in bank boards in Europe and the banks credit rating. The study has a positivistic approach and is characterized by a quantitative method to respond to the purpose of the study. Furthermore, the study has used a cross sectional design which means that it has observed several cases at a given time. The empirical data has been collected partly via the database Thomson Reuters Eikon which present financial data from listed companies worldwide. The study has also collected information about the banks credit rating from the database of Standard & Poor. Furthermore, a multivariate analysis has been completed in order to discover any connections between the dependent variable, credit rating and the independent variable, the proportion of women in the board. The study also presents descriptive statistics together with a correlation analysis over the collected data. The result from the study shows a positive correlation between the proportion of female board members in european bank boards and the banks credit rating. This means that if the proportion of women in bank boards increases, the banks credit rating also increases which indicates that the banks credit risk decreases. This result supports previous studies that say that women in boards are more risk averse than men (Arayssi et al., 2016; Huang och Kisgen, 2013). Suggestions for further studies within the field is to do a similar study but to study several cases over time which would allow investigation of causality between the variables. Furthermore, it would be interesting to take the board members age into account as previous studies indicates that the risk profile changes depending on age. Another suggestion for further studies is to collect credit ratings from more than S&P in order to investigate if the result may differ from this study. Finally, it could be of interest to consider if the bank has scattered or controlled ownership as these factors can affect the credit rating and thus the credit risk.

Consumer Operated Service Providers (COSPs) are programs that are directed and administratively controlled by mental health consumers for their peers. As such, many mental health consumers have been placed in the position of serving on a COSP and often with unclear descriptions and no training. As a result, there is often a disconnect between the will of the board and the vision of the executive director, leading to tension and the possibility of failed mission. Using servant leadership as the guide, the goal of this case study was to explore the experiences of executive directors who operate Consumer Operated Service Providers (COSPs) in Texas that specialize in mental health recovery support services to better understand how they work with mental health consumers serving as their governing board members. Data were collected through semi-structured interviews with 7 executive directors of COSPs in Texas. Interview data were inductively coded, then subjected to a thematic analysis procedure. Findings revealed that the concept of servant leadership is commonly used to empower board members and create healthy working relationships between boards and executive directors, particularly around the area of motivating board members to engage with the organization. It was also revealed that the existence of COSPs, in conjunction with traditional governing boards, provides a good balance and perspective relative to strategic planning activities and fundraising. Positive social change implications include recommendations to executives of COSPs to more adequately mobilize and train consumer board members in order to achieve organizational goals that often include consumer focused care and treatment for a wide range of mental health issues.

This dissertation includes two related chapters that investigate the value of multiple directorships. In the first chapter, I focus on potential tradeoffs between the costs and benefits of multiple directorships held by outside directors and attempt to determine how firm characteristics affect such tradeoffs. It is widely believed that outside directors of a firm play important functions of monitoring and advising. As a result, the basic hypothesis of the first essay is that multiple directorships by outside directors can have different implications for firms that have different levels of monitoring and advising needs. Consistent with this hypothesis, the evidence suggests that firm performance is positively associated with multiple directorships for firms with high growth opportunities and low agency conflicts. Such firms would benefit more from better advising while not suffering much from less monitoring. Likewise, firm performance is negatively associated with multiple directorships for firms with low growth opportunities and high agency conflicts. In the second essay, I examine how multiple directorships held by outside directors affect shareholder wealth during acquisitions. The evidence indicates that not all busy outside directors have the same effect and some types of busy outside directors may benefit the firms.

This study investigates whether a relationship exists between fraudulent financial reporting and a variety of corporate governance attributes. Numerous high profile accounting scandals perpetuated over recent years have brought prominence to the corporate governance structure employed by US public companies. Many of these scandals involved manipulation of the financial reporting process by high level managers. It is therefore thought that a lack of effective oversight provided by the governing bodies engaged to monitor the actions of management may be at the heart of the problem. A review of prior research is used to identify the attributes of corporate governance relevant for inclusion in this study and to provide support for the posing of twenty directional hypotheses. The selected corporate governance attributes are classified into four broad categories depicting Audit Committee Functionality, Board of Director Composition, Ownership Structure, and External Auditor Factors. A matched pair research design is utilised to determine whether significant differences exist between the corporate governance attributes employed by fraud and non-fraud companies. A sample of 76 fraud companies, identified through an examination of Accounting and Auditing Enforcement Releases issued by the Securities Exchange Commission and drawn from a total of 223 companies examined, are tested along with an industry-size matched sample of non-fraud companies. The results of univariate paired t-tests and a conditional logistic regression equation find that statistically significant relationships do exist between a number of corporate governance attributes and fraudulent financial reporting. Specifically, the study finds that the percentage of independent directors on a company's board, the existence of a nominating committee, and the engaging of a Big6 auditor are negatively related to the incidence of fraud. Whereas, the average number of directorships held by audit committee members, the duality of the CEO and Chairman of the Board positions, and the percentage of company ownership held by outside blockholders are positively related to the incidence of fraudulent financial reporting.