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O governo das sociedades e desempenho das sociedades anónimas portuguesas

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Resumo:The activity of boards of directors is one of the main aspects of the debate on the efficiency of the corporate governance mechanisms that has been running in the last years. This work seeks to contribute to that debate by analyzing whether the characteristics and working of boards of directors correlates with various measures of the long-term performance of large Portuguese firms, during the period of 2001-2003. In particular, we built a sample including both public (listed in the Euronext Lisbon) and private firms. The board of directors variables used are the board independence, board size, separation of chairman and chief executive officer positions and executive remuneration. The empirical evidence comes from multiple regression models, suggesting, both in public and private firms, that firms perform better when the remuneration of the executives is linked to the results. We find empirical evidence on the negative effect of the size on firm performance for public firms. We also find that public firms with more independent members on the board do not perform better than other firms. In addition, we report that higher profitability private firms normally have different people in charge of chairman and chief executive officer positions.
Autores principais:Cunha, Vera Lúcia Mendes da
Assunto:Corporate Governance boards of directors financial performance Governo das sociedades conselhos de administração desempenho financeiro
Ano:2006
País:Portugal
Tipo de documento:dissertação de mestrado
Tipo de acesso:acesso aberto
Instituição associada:Universidade do Minho
Idioma:português
Origem:RepositóriUM - Universidade do Minho

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