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Advisor(s)
Abstract(s)
As questões do governance têm sido trazidas para análise desde o final do século passado e continuam na atualidade a ser alvo de preocupação, nomeadamente os modelos do corporate governance, as práticas utilizadas, o modo como se estruturam os conselhos de administração e os seus reflexos na performance das empresas.
Este estudo analisa a influência das caraterísticas do conselho de administração e das práticas do governance na performance das sociedades cotadas na Euronext Lisboa, salientando o contributo destas dimensões para a gestão de Recursos Humanos.
A revisão da literatura apresenta resultados pouco consistentes e os contributos mais recentes em Portugal são escassos. Pelo que esta investigação parte da literatura para testar um conjunto de hipóteses que relacionam as caraterísticas do conselho e práticas do governance com a performance.
Para o efeito, na metodologia são utilizados dados anuais desde 2005 até 2015 das empresas cotadas na Euronext Lisboa, e as hipóteses de investigação são testadas através de dois modelos com dados em painel, ponderadores seccionais e efeitos fixos temporais. As proxys de performance utilizadas corresponderam à rentabilidade das ações e a variações no Q de Tobin.
Os resultados obtidos apontam que as empresas que têm mais mulheres no conselho de administração são as que têm maiores níveis de performance. Em contrapartida, as empresas com mais administradores tendem a apresentar piores desempenhos. Adicionalmente, ao nível da formação, foram encontradas evidências que sugerem que deverá existir um equilíbrio entre administradores com formação na área da economia/gestão e administradores com formação em outras áreas. Foram ainda obtidos indícios que apontam para uma relação positiva entre dispersão acionista e performance. Estes resultados têm implicações no modo como se estruturam os conselhos de administração nas sociedades cotadas de forma a que a sua perfornance tenda a aumentar. Poderá ser pertinente aprofundar algumas questões, nomeadamente a diversidade do conselho além do género, que ainda foram pouco explorados em Portugal. Outra questão importante remete para os planos de compensação e no modo como isso se reflete na performance. Estudos futuros seriam uteis associados ao processo de seleção dos administradores independentes, permitindo concluir sobre a sua eficácia na monitorização do conselho e consequentemente o seu real contributo para a performance.
Governance issues have been brought forward for analysis since the end of the last century and continue to be a concern today, including corporate governance models, practices used, how boards are structured and their effects on companies performance. This study analyses the impact of board characteristics and governance practices on performance of portuguese listed firms, highlighting the contribution of these dimensions to the management of Human Resources. The literature review presents inconsistent results and the most recent contributions in Portugal are scarce. Therefore, this research part of the literature to test a set of hypotheses that relate the characteristics of the board and practices of governance with performance. For that purpose, the methodology uses annual data from 2005 to 2015 of listed companies on Euronext Lisbon, and the research hipothesys are tested through 2 panel data models with cross-section wheights and time fixed effects. The proxys of performance used are stock returns and changes in Tobin’s Q. The resutls obtained point that firms with more women on the board have higher levels of performance. Nonethless, firms with more directors on the board appear to perform worst. Moreover, when it comes to directors’ education, the evidences found suggest that there should be an equilibrium between directors with education regarding economics/management and admnistrators with other kinds of education. In adittion, it was obtained some evidence that point to a positive relation between equity dispersion and performance. These results have implications for how boards of directors are structured in listed companies so that their performance tends to increase. It may be pertinent to explore some of the issues, such as the diversity of the council beyond gender, which were still little explored in Portugal. Another important issue refers to compensation plans and how this is reflected in performance. Future studies would be useful in the selection process of independent managers, allowing them to conclude about their effectiveness in monitoring the board and consequently its real contribution to performance
Governance issues have been brought forward for analysis since the end of the last century and continue to be a concern today, including corporate governance models, practices used, how boards are structured and their effects on companies performance. This study analyses the impact of board characteristics and governance practices on performance of portuguese listed firms, highlighting the contribution of these dimensions to the management of Human Resources. The literature review presents inconsistent results and the most recent contributions in Portugal are scarce. Therefore, this research part of the literature to test a set of hypotheses that relate the characteristics of the board and practices of governance with performance. For that purpose, the methodology uses annual data from 2005 to 2015 of listed companies on Euronext Lisbon, and the research hipothesys are tested through 2 panel data models with cross-section wheights and time fixed effects. The proxys of performance used are stock returns and changes in Tobin’s Q. The resutls obtained point that firms with more women on the board have higher levels of performance. Nonethless, firms with more directors on the board appear to perform worst. Moreover, when it comes to directors’ education, the evidences found suggest that there should be an equilibrium between directors with education regarding economics/management and admnistrators with other kinds of education. In adittion, it was obtained some evidence that point to a positive relation between equity dispersion and performance. These results have implications for how boards of directors are structured in listed companies so that their performance tends to increase. It may be pertinent to explore some of the issues, such as the diversity of the council beyond gender, which were still little explored in Portugal. Another important issue refers to compensation plans and how this is reflected in performance. Future studies would be useful in the selection process of independent managers, allowing them to conclude about their effectiveness in monitoring the board and consequently its real contribution to performance
Description
Esta versão contém as críticas e sugestões dos elementos do júri.
Keywords
Governance Performance Conselho de administração Euronext Governance Board