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Conselhos de administração: análise de sua composição em um conjunto de companhias abertas brasileiras

Author

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  • Marcos Galileu Lorena Dutra
  • Richard Saito

Abstract

This paper analyzes the profile of board of directors of 142 Brazilian listed companies on the São Paulo exchange as of fiscal year ending December 1999. The board members were classified into 4 categories according to its degree of independence from the controlling shareholders - as per Bhagat and Black (2000). In addition, firm characteristics such as ownership structure, cross-listing and firm size were investigated to explain its likely influence on the composition of board of directors. The empirical research indicates that board members represent the interests of controlling shareholders, and that there is no evidence that minority shareholders do exercise their voting rights.

Suggested Citation

  • Marcos Galileu Lorena Dutra & Richard Saito, 2002. "Conselhos de administração: análise de sua composição em um conjunto de companhias abertas brasileiras," RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration), ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração, vol. 6(2), pages 9-27.
    • Handle: RePEc:abg:anprac:v:6:y:2002:i:2:168
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    Cited by:

    1. Luiz Henrique F. Vargas & Patrícia M. Bortolon & Lucas A. B. C. Barros & Ricardo P. C. Leal, 2018. "Recent activism initiatives in Brazil," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 15(1), pages 40-50, February.
    2. Savio de Luna Pinto & Aline Alves de Andrade & Roselaine Cristina Borges & Celso Machado Jr., 2016. "Board Profile and its Influence on the Stock Value of Oil Companies and Gas," International Business Research, Canadian Center of Science and Education, vol. 9(8), pages 37-45, August.

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