Dualidade do CEO e desempenho em companhias de capital aberto no Brasil

Abstract

The study on corporate governance has gained strength in recent decades, encouraging market participants and academics. In Brazil, the main body of disseminating good governance practices is the IBGC - Brazilian Institute of Corporate Governance, is responsible for the Code of Best Practice for Corporate Governance and also to stimulate research on the subject. This work is dedicated to the study of mechanisms and practices related to the functioning of boards of directors. Specifically, we intend to scale the incidence of CEO duality in Brazilian public companies and investigate whether there is a relationship between CEO duality and performance in the capital market. The results may suggest potential new indications of desirable structures and associated practices boards of directors, specifically considering the reality of Brazil. The results show significant negative relationship between CEO duality and firm performance in Brazil. These results come against seminal US work, against recent Brazilian empirical studies but is in line with not so recent Brazilian works, and IBGC and BM&FBovespa guidelines.