Coleção de Artigos Acadêmicos
URI permanente para esta coleçãohttps://repositorio.insper.edu.br/handle/11224/3227
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Resultados da Pesquisa
- What is women’s position in Brazil’s board interlocking network? An analysis covering the period from 1997 to 2015(2023) CHARLES KIRSCHBAUM; Barros, Thiago de SousaUntil very recently, the companies’ boards of directors have shown a strong male predominance, while controversial results regarding the insertion of women in these bodies have prevailed. Given this, this research aimed to investigate the evolution of women’s participation in the boards of directors of Brazilian companies listed on B3 and the position of these directors in the corporate board interlock network, between 1997 and 2015. To understand this phenomenon, the Social Network Analysis (SNA) methodology was adopted and several indicators were. The results indicate that women’s participations has increased top management positions of the Brazilian corporate environment and women have begun n to integrate the boards of directors, a scenario still far from the reality observed in developed countries. Nonetheless, by analyzing the corporate network connector , we have concluded that women reach high proximity, since they have a high degree of centrality in the network, but they also lack the potential for intermediation. Such results signal the need to increase gender diversity at the top level of companies, which could raise the quality of debate on boards of directors and improve levels of corporate governance.
Artigo Científico Performances of Brazilian IPOs backed by private equity(2013) ANDREA MARIA ACCIOLY FONSECA MINARDI; Ferrari, Guilherme Lopes; Tavares, Pedro Carvalho AraújoPrivate equity funds invest actively. According to the literature, their portfolio companies maintain superior transparency standards and corporate governance practices, such as keeping independent board members and hiring international auditing firms. Private equity funds require either a controlling interest or restrictive clauses to limit managerial action and usually appoint the executives of their portfolio companies. Brazil faced an IPO wave that started in 2004 and peaked in 2007. Many private equity deals went public. The aim of this paper is to investigate whether private equity backed IPOs performed better in the long run (1 year) than non-private equity backed IPOs. We examine the one-year cumulative abnormal returns (CAR) of 108 Brazilian IPOs from January 2004 to June 2008, including 42 PE backed IPOs. We split the sample into two calendar periods: 2004–2006 and 2007–2008, and we find that PE backed IPOs have higher average CAR than non-PE backed IPOs in both periods. However, PE backed IPOs issued during 2007–2008 were not immune to the 2008 world economic crisis and investments in the smallest companies are the ones most severely affected. Regression analysis confirms that PE investment has a positive relation to CAR, but only for IPOs issued in 2004–2006.