Características pessoais e profissionais dos CEOs e a performance financeira: uma investigação nas empresas não financeiras listadas na B3
DOI:
https://doi.org/10.22567/rep.v10i1.764Palavras-chave:
Características dos CEOs, B3, Teoria dos Escalões Superiores.Resumo
O objetivo desse estudo foi analisar a influência das características pessoais e profissionais dos CEOs na performance financeira das empresas não financeiras de capital aberto listadas na B3. Para isso, adotou-se como suporte teórico a Teoria dos Escalões Superiores, proposta por Hambrick & Mason (1984) e empiricamente utilizou-se um modelo empírico da regressão múltipla. Foram analisadas 328 empresas no período de 2011 a 2018, as quais formaram um painel desbalanceado com 824 observações. Para medir a performance financeira das empresas utilizou-se o retorno sobre o ativo (ROA) e as características pessoais e profissionais investigadas foram idade (IDA), gênero (GEN), experiência profissional (EXP), nível de escolaridade (ESC), área de formação (FOR) e tempo de mandato (TEM). As evidências apontam que CEOs femininas influenciam negativamente, enquanto CEOs com experiência anterior na Diretoria Executiva da mesma empresa e com maiores níveis de escolaridade influenciam positivamente no desempenho financeiro das empresas de capital aberto da B3. Tais evidências contribuem com um público diverso, a exemplo das próprias empresas, CEOs que pretendem ingressar em empresas de capital aberto e ainda com os investidores e potenciais investidores.
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