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

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DOI: https://doi.org/10.1590/S1415-65552002000200003
Keywords:
corporate governance, board of directors, independent directors, controlling shareholders

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Marcos Galileu Lorena Dutra
Fundação Getulio Vargas
Richard Saito
Stanford University

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.

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How to Cite
Dutra, M. G. L., & Saito, R. (1). Conselhos de administração: análise de sua composição em um conjunto de companhias abertas brasileiras. Journal of Contemporary Administration, 6(2), 9-27. https://doi.org/10.1590/S1415-65552002000200003
Issue
Vol. 6 No. 2 (2002): May/Aug - 2002
Section
Articles

Since mid-February of 2023, the authors retain the copyright relating to their article and grant the journal RAC, from ANPAD, the right of first publication, with the work simultaneously licensed under the Creative Commons Attribution 4.0 International license (CC BY 4.0), as stated in the article’s PDF document. This license provides that the article published can be shared (allows you to copy and redistribute the material in any medium or format) and adapted (allows you to remix, transform, and create from the material for any purpose, even commercial) by anyone.

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Author Biographies

Marcos Galileu Lorena Dutra, Fundação Getulio Vargas

Mestre em Administração de Empresas pela Fundação Getulio Vargas de São Paulo. Professor da Faculdade de Ciências Econômicas, Contábeis e Administrativas da Universidade Presbiteriana Mackenzie, além de Analista da Comissão de Valores Mobiliários. Suas áreas de interesse em pesquisa são governança corporativa, estrutura e regulação do mercado financeiro e de capitais, finanças empresariais. 

Richard Saito, Stanford University

Doctor of Philosophy pela Stanford University, USA. Professor de Finanças da Escola de Administração de Empresas de São Paulo da Fundação Getulio Vargas. Suas áreas de interesse em pesquisa são finanças corporativas, governança corporativa.