O IMPACTO DO CONSELHO DE ADMINISTRAÇÃO NO DESEMPENHO DOS BANCOS BRASILEIROS

Abstract

This study investigates whether the performance of Brazilian banks is related to their corporate governance structure, analyzed according to the characteristics of the boards of directors from 2010 to 2016. The analysis seeks to understand the characteristics of the board that most affected the performance of registered institutions in the Securities and Exchange Commission (CVM), in the "banking" and "financial intermediation" sectors. The study is based on the assumption that corporate governance provides an increase in the economic value of the organization and improvements in the quality of management. Performance indicators have been defined as return on assets (ROA) and return on equity (ROE) indicators, which are recommended for use in bank surveys. The definition of the variables related to the characteristics of the boards of directors was based on several published works on the subject, being: total number of directors on the board, percentage of external directors, percentage of independent directors , participation of the CEO as board member, separation of CEO and chairman of the board, percentage of directors who are female, average age of directors and total number of meetings of the board of directors. A panel of data composed of 203 observations was explored, by panel data analysis, based on two econometric models. The first analysis suggests that the variables total number of directors on the board and percentage of directors who are female have significance to explain the return on the asset (ROA). The second analysis showed that the average age of directors, the percentage of independent directors and the separation of CEO and chairman of the board are significant in explaining return on equity (ROE).