摘要：Este estudo objetiva verificar a influência de características do Conselho de Administração no desempenho das empresas do Novo Mercado da BM&FBovespa que praticam Board Interlocking . A partir de testes econométricos, avaliou-se o impacto das características destes membros sobre o valor e desempenho corporativos. Das 128 empresas listadas no segmento, 111 se apresentaram interligadas indiretamente pelo fenômeno, o que representa um percentual de 87% da população pesquisada, das quais realizou-se a coleta de 410 observações sobre os dados das caracerísticas dos membros. A análise dos dados foi realizada com aplicação de estatística descritiva, teste Mann-Whitney, correlação e regressão linear múltipla - Mínimos Quadrados Ordinários (MQO). Os resultados mostraram que ao nível de 1% no caso do ROA, e de 5% do Q de Tobin e do Market-to-value , as médias de desempenho são diferentes para as empresas que possuem membros do Conselho de Administração com idades superiores e inferiores à média. Observou-se ainda que a variável de controle Ativo Total exerceu influência positiva significativa sobre as três variáveis independentes, e que as variáveis independentes analisadas explicam em 36% as variações do indicador de desempenho Q de Tobin. Assim, conclui-se que as características do Conselho de Administração investigadas influenciaram no desempenho destas empresas.
其他摘要：A question about the Board of Directors that has been the subject of research is a situation in which two or more companies share one or more administrators, a phenomenon known in the literature as Board Interlocking. In considering this event, the study aims to verify the influence of characteristics of the Board of Directors without the performance of the BM&FBovespa Novo Mercado companies practicing Board Interlocking. From econometric tests, the impact of the characteristics of these members on the value and corporate performance was evaluated. Of the 128 companies listed in the segment, 111 were found indirectly linked by the phenomenon, which represents 87% of the population surveyed, from which the 410 observations on the data of the characteristics of the members were collected. Data analysis was performed with the application of descriptive statistics, Mann-Whitney test, correlation and multiple linear regression – Ordinary Least Squares (OLS). The results showed that at the level of 1% for ROA, and of 5% for Tobin's Q and Market-to-value, performance averages are different for companies that have members of the Board of Directors with ages above and below the average. It was also observed that the Total Assets control variable exerted a significant positive influence on the three independent variables, and that the independent variables analyzed explain 36% of the variations in the performance indicator Q Tobin. Thus, it is concluded that the investigated characteristics of the Board of Directors influenced the performance of these companies.
关键词：Ethics;Ethics Committee;Code of Conduct;ARH Serrana.
