A Influência Das Redes De Relações Corporativas No Desempenho Das Empresas Do Novo Mercado Da BOVESPA (The Influence of Corporate Relationships Networks on the Performance of Firms in the Novo Mercado of BOVESPA)

Revista Brasileira de Finanças, 6(3), 337-358, 2008

22 Pages Posted: 24 Apr 2014

See all articles by Wesley Mendes-Da-Silva

Wesley Mendes-Da-Silva

Getulio Vargas Foundation (FGV) - Finance, Accounting and Controllership Department of Fundação Getulio Vargas (São Paulo, Brazil)

Luciano Rossoni

UnB - Universidade de Brasília

Diógenes Manoel Leiva Martin

Mackenzie University

Roy Martelanc

University of São Paulo (USP) - Department of Administration

Date Written: November 23, 2008

Abstract

Portuguese Abstract: O papel desempenhado pelo conselho de administrac, ao e um dos principais aspectos considerados na literatura sobre governanc, a corporativa ao redor do mundo. Ao mesmo tempo, as relac, oes sociais e institucionais tem sido vistas como fator preponderante para os resultados advindos da atuac, ao de tais conselhos de grandes empresas. Todavia ainda nao se verificam pesquisas que busquem analisar o papel do conselho de administrac, ao a partir da an alise de redes sociais no Brasil. Desse modo, objetiva-se com este estudo verificar a existencia de associac, oes entre nıvel de centralidade, densidade e coesao dos conselhos de empresas brasileiras e desempenho da firma. Para tanto, avaliou-se 615 indivıduos, que formaram os conselhos de administrac, ao das 90 empresas listadas no Novo Mercado da BOVESPA em 2007. A analise foi conduzida em duas fases. Na primeira buscou-se apresentar a configurac, ao das redes de conselheiros e de empresas e, na segunda, verificar associac, oes entre estrutura da rede e desempenho. Verificou-se que a centralidade, densidade e a coesao das firmas, em termos de seus conselheiros, estao relacionadas com desempenho, ora em termos de rentabilidade do ativo, ora em ındice de endividamento. Dessa forma, concluise que organizac, oes mais bem posicionadas nas redes de relac, oes corporativas tendem a apresentar maior rentabilidade e menor endividamento.

English Abstract: The role played by the board of a firm is one of the main aspects considered in literature on corporate governance around of the world. simultaneously, the social and institutional relations have been seen as preponderant factor for the happened results of the performance of such boards of big companies. However not yet research is verified that analyze the role of the boards from the Social Network Analysis (SNA) in Brazil. In this manner,this study aims to verify the existence of associations between centrality level, density and cohesion of the boards of Brazilian companies and firm performance. Then, we evaluate 615individuals, that had formed the boards of the 90 listed companies in the Novo Mercado of the Sao Paulo Stock Exchange in 2007. The analysis was lead in two phases. In the first one we present the configuration of the networks of board members, in second place, we verify associations between structure of the network and performance. It was verified that the centrality, density and the cohesion of the firms, in terms of its board members, are related with performance, some times in terms of Return Over Assets (ROA), some times in debt. Of this form, we conclude that organizations most located in the networks of corporative relations tend to present greater yield and minor debt.

Note: Downloadable document is in Portuguese.

Keywords: interlocking directorates; boards; social network; neuroeconomic

JEL Classification: D85, L14, O16, N26, N36

Suggested Citation

Mendes-Da-Silva, Wesley and Rossoni, Luciano and Martin, Diógenes Manoel Leiva and Martelanc, Roy, A Influência Das Redes De Relações Corporativas No Desempenho Das Empresas Do Novo Mercado Da BOVESPA (The Influence of Corporate Relationships Networks on the Performance of Firms in the Novo Mercado of BOVESPA) (November 23, 2008). Revista Brasileira de Finanças, 6(3), 337-358, 2008, Available at SSRN: https://ssrn.com/abstract=2428380

Wesley Mendes-Da-Silva

Getulio Vargas Foundation (FGV) - Finance, Accounting and Controllership Department of Fundação Getulio Vargas (São Paulo, Brazil) ( email )

Sao Paulo 01313-902, São Paulo
Brazil

Luciano Rossoni (Contact Author)

UnB - Universidade de Brasília ( email )

Brazil

Diógenes Manoel Leiva Martin

Mackenzie University ( email )

São Paulo
Brazil

Roy Martelanc

University of São Paulo (USP) - Department of Administration ( email )

Av. Prof. Luciano Gualberto
908 - Presidio 1 Sala G142
Sao Paulo 05508-900
Brazil

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