Relação das características do Conselho de Administração com o desempenho financeiro das empresas listadas na B3 no período da pandemia

Abstract

The main objective of this study is to analyze the relationship between the characteristics of the Board of Directors and the financial performance of listed companies during the COVID-19 pandemic, from 2019 to 2021. The methodology employed is descriptive in nature and uses documentary analysis in conjunction with a quantitative approach. The research includes a population of 243 companies, with a sample of 211 companies, distributed as 150 in 2019, 188 in 2020 and 211 in 2021. The variables ROA and ROE were used to assess corporate performance. As for the characteristics of the board of directors, the following variables were selected: board size, independence, expertise, director duality and gender composition of the board. The data was analyzed using descriptive statistics and the Kruskal-Wallis test, using SPSS® statistical software. The results showed no significant relationship between board characteristics and company performance. However, the evidence obtained showed differences between the groups analyzed. Although most companies followed the recommendations regarding the number of members, the presence of independent members was low and financial expertise limited. Dual chairmanships were rare, and despite the increase in female presence, gender diversity is still limited. The Kruskal-Wallis test indicated significant differences in the medians of Return on Assets (ROA) and Return on Equity (ROE) in relation to the characteristics of the CAdm. However, the study was restricted to this relationship, indicating the need for future research to explore other governance mechanisms and post-pandemic periods.