Independência do Conselho de Administração Reduz o Custo de Financiamento da Dívida?

Geovanne Dias de Moura; Angela Paula Muchinski Bonetti; Sady Mazzioni; Silvio Aparecido Teixeira; Cristian Baú Dal Magro

doi:10.51341/1984-3925_2020v23n1a1

Authors

Geovanne Dias de Moura Universidade Comunitária da Região de Chapecó – UNOCHAPECÓ http://orcid.org/0000-0003-0900-5249
Angela Paula Muchinski Bonetti Universidade Comunitária da Região de Chapecó – UNOCHAPECÓ http://orcid.org/0000-0003-4698-4167
Sady Mazzioni Universidade Comunitária da Região de Chapecó – UNOCHAPECÓ http://orcid.org/0000-0002-8976-6699
Silvio Aparecido Teixeira Universidade Estadual de Londrina (UEL) http://orcid.org/0000-0003-3123-0979
Cristian Baú Dal Magro Universidade Comunitária da Região de Chapecó – UNOCHAPECÓ http://orcid.org/0000-0002-7609-5806

DOI:

https://doi.org/10.51341/1984-3925_2020v23n1a1

Keywords:

Board of directors independence. Debt cost. Publicly traded companies. Debt to equity. Indebtedness.

Abstract

Objective: Check the influence of board of directors independence on the cost of debt financing of companies listed in B3.

Method: The cost of the debt was analyzed by calculating the ratio between the financial expenses and costly liability. For board independence, three variables were used: 1) percentage of independent members; 2) dummy who received 1 value when most board members were independent; and, 3) dummy that captured the existence of duality in the position of CEO and chairman of the board.

Originality/relevance: In the literature, the results of previous studies are still divergent. Thus, this issue still presents shortcomings which require investigation. Furthermore, the investigations occurred, mainly, in North American companies, so the matter deserves attention in countries such as the Brazil.

Results: The average cost of debt increased from 2012 to 2016. The average percentage of independent members did not exceed 25%, in less than 17% of the companies, independent members were the majority, and there was a reduction in the number of companies with duality in CEO and chairman positions. It was also found that only the percentage of independent members influenced to reduce the cost of debt. It is believed that the pressure exerted by the controlling shareholder and other internal directors may be reducing the positive impact of the independent directors.

Theoretical/methodological contributions: The research contributes to strengthen the understanding of the theme in Brazilian scenario and broadens the existing discussion in the literature by addressing a factor influencing the cost of debt financing still little explored in Brazil.

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Author Biographies

Geovanne Dias de Moura, Universidade Comunitária da Região de Chapecó – UNOCHAPECÓ

Doutor em Ciências Contábeis e Administração pelo Programa de Pós-Graduação em Ciências Contábeis da Universidade Regional de Blumenau (FURB). Professor do Programa de Pós-Graduação em Ciências Contábeis e Administração da Universidade Comunitária da Região de Chapecó – UNOCHAPECÓ

Angela Paula Muchinski Bonetti, Universidade Comunitária da Região de Chapecó – UNOCHAPECÓ

Mestre em Ciências Contábeis e Administração pela Universidade Comunitária da Região de Chapecó – UNOCHAPECÓ

Sady Mazzioni, Universidade Comunitária da Região de Chapecó – UNOCHAPECÓ

Doutor em Ciências Contábeis e Administração pela Universidade Regional de Blumenau – FURB. Professor do Programa de Pós-Graduação em Ciências Contábeis e Administração da Universidade Comunitária da Região de Chapecó – UNOCHAPECÓ

Silvio Aparecido Teixeira, Universidade Estadual de Londrina (UEL)

Doutor em Ciências Contábeis e Administração pela Universidade Regional de Blumenau – FURB. Professor da Universidade Estadual de Londrina (UEL).

Cristian Baú Dal Magro, Universidade Comunitária da Região de Chapecó – UNOCHAPECÓ

Doutor em Ciências Contábeis e Administração pela Universidade Regional de Blumenau – FURB. Professor do Programa de Pós-Graduação em Ciências Contábeis e Administração da Universidade Comunitária da Região de Chapecó – UNOCHAPECÓ

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