Influência da diversidade de sexo nos conselhos de administração: uma análise sobre o nível de disclosure das empresas listadas na B3

Abstract

Gender diversity in the Board of Directors (CA) is a topic discussed by researchers and regulatory bodies. To understand the role of gender diversity in the decision-making process, the studies discuss the financial, social, environmental and economic benefits that affect external and internal users of accounting. The objective of this study is to analyze the effect that the gender diversity of the members of the Board of Directors has on the level of disclosure of publicly traded companies listed on the Stock, Brazil, Balcão (B3). It is assumed that as the Board of Directors is more diversified between men and women as members, disclosure is expected to be greater. To test this hypothesis, statistical techniques were used that relate the characteristics of the Board of Directors to the companies' disclosure index. The construction of the disclosure index was based on a Likert scale model linked to Principal Component Analysis (PCA). To examine the dependent and independent variables, econometric regressions (Ordinary Least Squares and Quantile Regression) were used. The results do not confirm the hypothesis that the presence of women on the Board of Directors influences corporate disclosure since it was only possible to verify this relationship in companies that have a higher rate of data disclosure (located in the last deciles of the disclosure distribution). Such results, however, may be influenced by the limitations found, to highlight the low presence of women on the Boards and the low variability, over the years, of the indicators that make up the disclosure level of companies, which prevented a temporal analysis.