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Previous issue date: 2015-08-25 / Research about Corporate Governance has been mainly based on the Firm theory. However, the literature has appointed the need for including a new approach in this context: the behavioral one, making the analysis more complete, and being more effective, for companies to be more sustainable, ethical and clear. Therefore, they can reach better results, as well as contribute positively for society. In this situation, this research was made. The main tool of Governance was studied in this work: the Board of Directors, under the behavioral perspective: the analysis of diversity, through the following dimensions: age, academic degree, genre and culture (concerning nationality). The aim was to investigate the relationship between the diversity in the Board and the Market value of companies, by means of Tobin??s Q. The analysis of the diversity impacts in performance was made through two models: i) diversity index (composed of the four dimensions mentioned before), and ii) dimensions as isolated variables. The sample was composed of 90 companies listed in the 2012 edition of Anu??rio de Governan??a Corporativa da Revista Capital Aberto, as the ones with more liquidity traded in BM&FBOVESPA. The data are secondary, and the analysis considered 2012 and 2013. This was a quantitative study, through the Multiple Linear Regression Model, estimated by the Ordinary Least Square Method (OLS). The statistic results were not consistently significant for the regressions. So, it was not possible to reach the hypotethical conclusion that a bigger diversity could lead to a bigger Market value for companies. / O estudo da Governan??a Corporativa tem sido realizado predominantemente com base na Teoria da Firma. Contudo, a literatura tem indicado ser necess??rio a inclus??o de uma nova abordagem, a comportamental, tornando a an??lise completa e colaborando mais efetivamente para que as empresas sejam mais sustent??veis, mais ??ticas, mais transparentes, e por conseguinte alcancem melhores desempenhos e contribuam positivamente para a sociedade. Esta disserta????o se insere neste contexto, estuda o seu principal mecanismo, o conselho de administra????o, sob a perspectiva comportamental; an??lise da diversidade representada pelas dimens??es: idade, forma????o acad??mica, g??nero e cultural (em termos de nacionalidade).O objetivo ?? investigar a rela????o entre a diversidade no conselho e o valor de mercado das empresas, medido pelo Q de Tobin. A an??lise dos impactos da diversidade no desempenho ser?? realizada por dois modelos: i) ??ndice de diversidade (composto pelas quatro dimens??es mencionadas), e ii) as dimens??es como vari??veis isoladas. A amostra ?? composta por noventa empresas listadas na edi????o de 2012 do Anu??rio de Governan??a Corporativa da Revista Capital Aberto, como as mais l??quidas com a????es negociadas na BM&FBOVESPA. Os dados s??o secund??rios e os per??odos de an??lise os anos de 2012 e 2013. O estudo ?? de natureza quantitativa utilizando-se de Modelo de Regress??o Linear M??ltipla estimada pelo m??todo dos M??nimos Quadrados Ordin??rios (MQO). N??o se obteve signific??ncia estat??stica de forma consistente nas regress??es realizadas, motivo pelo qual n??o ?? poss??vel ser conclusivo acerca da hip??tese de que uma maior diversidade leva a um maior valor de mercado das empresas.
| Identifer | oai:union.ndltd.org:IBICT/oai:132.0.0.61:jspui/761 |
| Date | 25 August 2015 |
| Creators | M??XIMO, Elisabete Rodrigues |
| Contributors | SILVA, Edison Simoni da, KAYO, Eduardo Kazuo, SILVEIRA, Alexandre Di Micelli da |
| Publisher | FECAP, Mestrado em Administra????o, FECAP, Brasil, Funda????o Escola de Com??rcio ??lvares Penteado |
| Source Sets | IBICT Brazilian ETDs |
| Language | Portuguese |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis |
| Format | application/pdf |
| Source | reponame:Biblioteca Digital de Teses e Dissertações do FECAP, instname:Fundação Aramando Álvares Penteado, instacron:FAAP |
| Rights | http://creativecommons.org/licenses/by-nc-nd/4.0/, info:eu-repo/semantics/openAccess |
| Relation | M??XIMO, Elisabete Rodrigues. Estudo emp??rico sobre a diversidade no Conselho de Administra????o e o valor da empresa. 2015. 151f. Disserta????o (Mestrado Profissional em Administra????o com ??nfase em Finan??as) - FECAP, S??o Paulo. |
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