Conexiones sociales y rotación involuntaria del CEO: evidencias del mercado brasileño
DOI:
https://doi.org/10.5007/2175-8069.2021.e76116Resumen
Este estudio tuvo como objetivo investigar si las conexiones sociales entre los miembros de la Junta de Directores y Chief Executive Officer (CEO) disminuyen la probabilidad de reemplazo involuntario del CEO en el contexto brasileño. A partir de los datos del Formulario de Referência entre 2012 y 2018 de las empresas que cotizan en la Bolsa Brasil Balcão [B]3, se desarrolló un Índice de Conexión Social (ICS). Los resultados de la regresión logística indican que la probabilidad de reemplazo involuntario del CEO disminuye con las conexiones sociales, consistente con estudios previos. El resultado se mantuvo incluso en presencia de indicadores de gobierno corporativo y características estructurales de la Junta de Directores. Los resultados muestran que las conexiones sociales inciden en el seguimiento de la Junta en términos de facturación, así como el análisis agregado de los datos a través del ICS propuesto capta mejor este efecto, en el mercado nacional.
Citas
Adams, R. B., & Ferreira, D. (2007). A theory of friendly boards. The journal of finance, 62(1), 217-250. https://doi.org/10.1111/j.1540-6261.2007.01206.x
Alexandre, N. M. C., & Coluci, M. Z. O. (2011). Validade de conteúdo nos processos de construção e adaptação de instrumentos de medidas. Ciência & Saúde Coletiva, 16, 3061-3068. http://dx.doi.org/10.1590/S1413-81232011000800006
Balsam, S., Kwack, S. Y., & Lee, J. Y. (2017). Network connections, CEO compensation and involuntary turnover: The impact of a friend of a friend. Journal of Corporate Finance, 45, 220-244. https://doi.org/10.1016/j.jcorpfin.2017.05.001
Beiner, S., Drobetz, W., Schmid, M. M., & Zimmermann, H. (2006). An integrated framework of corporate governance and firm valuation. European Financial Management, 12(2), 249-283. https://doi.org/10.1111/j.1354-7798.2006.00318.x
Black, B., Carvalho, A. G., Khanna, V., Kim, W., & Yurtoglu, B. (2017). Corporate governance indices and construct validity. Corporate Governance: An International Review, 25(6), 397-410. https://doi.org/10.1111/corg.12215
Brasil, Bolsa, Balcão [B3]. (2018). Regulamento do novo mercado. Disponível em http://www.b3.com.br/pt_br/regulacao/estrutura-normativa/listagem/
Brookman, J., & Thistle, P. D. (2009). CEO tenure, the risk of termination and firm value. Journal of Corporate finance, 15(3), 331-344. https://doi.org/10.1016/j.jcorpfin.2009.01.002
Brown, L. D., & Caylor, M. L. (2004). Corporate governance and firm performance. Available at SSRN 586423. https://dx.doi.org/10.2139/ssrn.586423
Bushman, R., Dai, Z., & Wang, X. (2010). Risk and CEO turnover. Journal of Financial Economics, 96(3), 381-398. https://doi.org/10.1016/j.jfineco.2010.03.001
Cadbury, A. (1992). Report of the Committee on the financial aspects of Corporate Governance, Gee & Co. Ltd., London, United Kingdom
Campbell, S. M., Braspenning, J. A., Hutchinson, A., & Marshall, M. (2002). Research methods used in developing and applying quality indicators in primary care. Quality and Safety in Health Care, 11(4), 358-364. http://dx.doi.org/10.1136/qhc.11.4.358
Campbell, T. C., Gallmeyer, M., Johnson, S. A., Rutherford, J., & Stanley, B. W. (2011). CEO optimism and forced turnover. Journal of Financial Economics, 101(3), 695-712. https://doi.org/10.1016/j.jfineco.2011.03.004
Céspedes, J., González, M., & Molina, C. A. (2010). Ownership and capital structure in Latin America. Journal of business research, 63(3), 248-254. https://doi.org/10.1016/j.jbusres.2009.03.010
Chahine, S., & Goergen, M. (2013). The effects of management-board ties on IPO performance. Journal of Corporate Finance, 21, 153-179. https://doi.org/10.1016/j.jcorpfin.2013.02.001
Chahine, S., & Goergen, M. (2014). Top management ties with board members: How they affect pay–performance sensitivity and IPO performance. Journal of Corporate Finance, 27, 99-115. https://doi.org/10.1016/j.jcorpfin.2014.04.007
Cohen, L., Frazzini, A., & Malloy, C. (2010). Sell‐side school ties. The Journal of Finance, 65(4), 1409-1437. https://doi.org/10.1111/j.1540-6261.2010.01574.x
Coles, J. L., Daniel, N. D., & Naveen, L. (2014). Co-opted boards. The Review of Financial Studies, 27(6), 1751-1796. https://doi.org/10.1093/rfs/hhu011
Cooper, D. R., & Schindler, P. S. (2016). Métodos de Pesquisa em Administração-12ª edição. McGraw Hill Brasil.
Crisóstomo, V. L., de Freitas Brandão, I., & López-Iturriaga, F. J. (2020). Large shareholders’ power and the quality of corporate governance: An analysis of Brazilian firms. Research in International Business and Finance, 51, 101076. https://doi.org/10.1016/j.ribaf.2019.101076
Fracassi, C., & Tate, G. (2012). External networking and internal firm governance. The Journal of finance, 67(1), 153-194. https://doi.org/10.1111/j.1540-6261.2011.01706.x
Gao, H., Harford, J., & Li, K. (2017). CEO turnover–performance sensitivity in private firms. Journal of Financial and Quantitative Analysis, 52(2), 583-611. https://doi.org/10.1017/S0022109017000126
Grant, J. S., & Davis, L. L. (1997). Selection and use of content experts for instrument development. Research in nursing & health, 20(3), 269-274. https://doi.org/10.1002/(SICI)1098-240X(199706)20:3%3C269::AID-NUR9%3E3.0.CO;2-G
Gujarati, D. N., & Porter, D. C. (2011). Econometria básica-5. Amgh Editora.
Guo, L., & Masulis, R. W. (2015). Board structure and monitoring: New evidence from CEO turnovers. The Review of Financial Studies, 28(10), 2770-2811. https://doi.org/10.1093/rfs/hhv038
Harris, M., & Raviv, A. (2008). A theory of board control and size. The Review of Financial Studies, 21(4), 1797-1832. https://doi.org/10.1093/rfs/hhl030
Hermalin, B. E., & Weisbach, M. S. (1998). Endogenously chosen boards of directors and their monitoring of the CEO. American Economic Review, 96-118.
Hoitash, U. (2011). Should independent board members with social ties to management disqualify themselves from serving on the board?. Journal of Business Ethics, 99(3), 399-423. https://doi.org/10.1007/s10551-010-0660-5
Hoitash, U., & Mkrtchyan, A. (2019). Directors’ ties to non-CEO executives: Information advantage or entrenchment?. Available at SSRN 3372471. https://doi.org/10.2139/ssrn.3372471
Hsu, C. C., & Sandford, B. A. (2007). The Delphi technique: making sense of consensus. Practical Assessment, Research, and Evaluation, 12(1), 10. https://doi.org/10.7275/pdz9-th90
Hu, J., & Kim, J. B. (2019). The relative usefulness of cash flows versus accrual earnings for CEO turnover decisions across countries: The role of investor protection. Journal of International Accounting, Auditing and Taxation, 34, 91-107. https://doi.org/10.1016/j.intaccaudtax.2019.02.005
Hwang, B. H., & Kim, S. (2009). It pays to have friends. Journal of financial economics, 93(1), 138-158. https://doi.org/10.1016/j.jfineco.2008.07.005
IBGC - Instituto Brasileiro de Governança Corporativa. (2015). Código das melhores práticas de governança corporativa.
Interagentes, G. (2016). Código brasileiro de governança corporativa. Instituto Brasileiro de Governança Corporativa–IBGC.
Ishii, J., & Xuan, Y. (2014). Acquirer-target social ties and merger outcomes. Journal of Financial Economics, 112(3), 344-363. https://doi.org/10.1016/j.jfineco.2014.02.007
Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3), 831-880. https://doi.org/10.1111/j.1540-6261.1993.tb04022.x
Jones, J., & Hunter, D. (1995). Qualitative research: consensus methods for medical and health services research. Bmj, 311(7001), 376-380. https://doi.org/10.1136/bmj.311.7001.376
Kang, J. K., Liu, W. L., Low, A., & Zhang, L. (2018). Friendly boards and innovation. Journal of Empirical Finance, 45, 1-25. https://doi.org/10.1016/j.jempfin.2017.09.007
Kaplan, S. N., & Minton, B. A. (2012). How has CEO turnover changed? International Review of Finance, 12(1), 57-87. https://doi.org/10.1111/j.1468-2443.2011.01135.x
Khedmati, M., Sualihu, M. A., & Yawson, A. (2020). CEO-director ties and labor investment efficiency. Journal of Corporate Finance, 65, 101492. https://doi.org/10.1016/j.jcorpfin.2019.101492
Knyazeva, A., Knyazeva, D., & Masulis, R. W. (2013). The supply of corporate directors and board independence. The Review of Financial Studies, 26(6), 1561-1605. https://doi.org/10.1093/rfs/hht020
Krishnan, G. V., Raman, K. K., Yang, K., & Yu, W. (2011). CFO/CEO-board social ties, Sarbanes-Oxley, and earnings management. Accounting horizons, 25(3), 537-557. https://doi.org/10.2308/acch-50028
La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The journal of finance, 54(2), 471-517. https://doi.org/10.1111/0022-1082.00115
Silva, A. L. P. D., Lana, J., & Marcon, R. (2018). Agreeing and impacting: The effect of the shareholders' agreement on firms' market value. BBR. Brazilian Business Review, 15(1), 88-104. https://doi.org/10.15728/bbr.2018.15.1.6
Liu, Y. (2014). Outside options and CEO turnover: The network effect. Journal of Corporate Finance, 28, 201-217. https://doi.org/10.1016/j.jcorpfin.2014.03.004
Lynn, M. R. (1986). Determination and quantification of content validity. Nursing Research, 35(6), 382–385. https://doi.org/10.1097/00006199-198611000-00017
Martins, G. (2006). Sobre confiabillidade e validade. Revista Brasileira de Gestão de Negócios-RBGN, 8(20), 1-12. https://doi.org/10.7819/rbgn.v8i20.51
McGuinness, P. B. (2018). IPO firm performance and its link with board officer gender, family-ties and other demographics. Journal of Business Ethics, 152(2), 499-521. https://doi.org/10.1007/s10551-016-3295-3
McPherson, M., Smith-Lovin, L., & Cook, J. M. (2001). Birds of a feather: Homophily in social networks. Annual review of sociology, 27(1), 415-444. https://doi.org/10.1146/annurev.soc.27.1.415
Nguyen, B. D. (2012). Does the Rolodex matter? Corporate elite's small world and the effectiveness of boards of directors. Management science, 58(2), 236-252. https://doi.org/10.1287/mnsc.1110.1457
OECD - Organización para la Cooperación y el Desarrollo. (2016). Directrices de la OCDE sobre el Gobierno Corporativo de las Empresas Públicas.
Parrino, R. (1997). CEO turnover and outside succession a cross-sectional analysis. Journal of financial Economics, 46(2), 165-197.
Perlin, M., Kirch, G., & Vancin, D. (2018). Accessing financial reports and corporate events with GetDFPData. Available at SSRN 3128252. https://dx.doi.org/10.2139/ssrn.3128252
Polit, D. F., & Beck, C. T. (2006). The content validity index: are you sure you know what's being reported? Critique and recommendations. Research in nursing & health, 29(5), 489-497. https://doi.org/10.1002/nur.20147
Renneboog, L., & Zhao, Y. (2020). Director networks, turnover, and appointments. European Financial Management, 26(1), 44-76. https://doi.org/10.1111/eufm.12213
Schmidt, B. (2015). Costs and benefits of friendly boards during mergers and acquisitions. Journal of Financial Economics, 117(2), 424-447. https://doi.org/10.1016/j.jfineco.2015.02.007
Sutton, C., Veliyath, R., Pieper, T. M., Hair Jr, J. F., & Caylor, M. (2018). Secondary agency conflicts: A synthesis and proposed measurement model. Long Range Planning, 51(5), 720-735. https://doi.org/10.1016/j.lrp.2017.12.004
Tung, F. (2011). The Puzzle of Independent Directors: New Learning. Boston University Law Review, 91(3), 1175-1190.
Vieira, C. A., & Martins, O. (2018). Influência da estrutura do conselho de administração e do controle corporativo no turnover do CEO das empresas abertas no Brasil. Revista Contemporânea de Contabilidade, 15(34), 181-201. https://doi.org/10.5007/2175-8069.2018v15n34p181
Westphal, J. D. (1999). Collaboration in the boardroom: Behavioral and performance consequences of CEO-board social ties. Academy of management Journal, 42(1), 7-24. https://doi.org/10.5465/256871
Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D., & Jiang, Y. (2008). Corporate governance in emerging economies: A review of the principal–principal perspective. Journal of management studies, 45(1), 196-220. https://doi.org/10.1111/j.1467-6486.2007.00752.x
Publicado
Cómo citar
Número
Sección
Licencia
Os Direitos Autorais para artigos publicados neste periódico são do autor, com direitos de primeira publicação para a Revista. Em virtude de aparecerem nesta Revista de acesso público, os artigos são de uso gratuito, com atribuições próprias, em aplicações educacionais, de exercício profissional e para gestão pública. A Revista adotou a licença Creative Commons Atribuição 4.0 Internacional - CC BY NC ND. Esta licença permite acessar, baixar (download), copiar, imprimir, compartilhar, reutilizar e distribuir os artigos desde que com a citação da fonte, atribuindo os devidos créditos de autoria. Nesses casos, nenhuma permissão é necessária por parte dos autores ou dos editores. Autores têm autorização para assumir contratos adicionais separadamente, para distribuição não-exclusiva da versão do trabalho publicada nesta revista (ex.: publicar em repositório institucional ou um capítulo de livro).
Esta obra está licenciada sob uma Licença Creative Commons.