Determinantes da Estrutura de Liderança do Conselho das Empresas Brasileiras

Fernando Oliveira and Elisa Moser

No 397, Working Papers Series from Central Bank of Brazil, Research Department

Abstract: In this article, we analyze the determinants of type of leadership structure duality of CEO, when the company's CEO and the Chairman of the board are the same, of Brazilian public companies. Our sample has 517 publicly traded firms with economic and financial data from 2010 to 2012. Our empirical results show that the CEO duality in Brazil is positively related to the age of the CEO and negatively related to the presence of the firm in special segments of BMF&BOVESPA. Our results are robust to different econometric techniques, specifications and sample periods. They indicate the factors that determine the duality in Brazil are linked to ability, experience and bargain power of the CEO and to those of reducing agency costs by firms.

Date: 2015-08
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