Influência das características do conselho de administração sobre o endividamento das empresas brasileiras de capital aberto

Abstract

The study had as a main objective analyze the influence of the Administrative Council characteristics on the indebtedness of Brazilian companies with open capital. A theoretical reference was approached about the agency theory, corporate governance (board of directors) as well as indebtedness. The data were collected from companies of the Novo Mercado segment that trade stocks in B3, from 2010 to 2016 out of the database of Comdinheiro, being chosen as a dependent variable the General Indebtedness, and as independent variables to represent the Administrative Council, the Board Size, Board Independence, Chairman / CEO and Number of Meetings. Therefore, it was verified that the size of the Council presented a negative relation with the Total Indebtedness, and that the Number of Meetings presented a positive relation with the Total Indebtedness. However, for the selected sample and in the analyzed period, the Independence of the Council and the Chairman / CEO did not explain the Total Indebtedness of the analyzed companies.