BOARD OF DIRECTORS, GENDER DIVERSITY AND MONITORING

Fernandes, Camila de Araújo; Machado, Márcio André Veras

doi:10.1590/S0034-759020230303x

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Revista de Administração de Empresas

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ARTICLES • Rev. adm. empres. 63 (3) • 2023 • https://doi.org/10.1590/S0034-759020230303x copy

BOARD OF DIRECTORS, GENDER DIVERSITY AND MONITORING

Authorship SCIMAGO INSTITUTIONS RANKINGS

ABSTRACT

This paper aimed to investigate whether gender diversity in the board affects the effectiveness of monitoring in order to reduce the total and variable remuneration of executives, the practice of earnings management, and the sensitivity of CEO turnover to the performance of Brazilian companies. We analyzed 199 companies listed on B3 between 2011 and 2018. The results indicate that gender diversity on the board has a negative effect on the total and variable remuneration of executives, and the participation of 11% to 20% of women on the board has a negative effect on earnings management. Although it has no direct effect on the probability of CEO turnover, gender diversity takes away the explanatory power of the ROA. We understand that gender diversity on the board of directors improves the effectiveness of the monitoring functions investigated, although this is an overdue effect when other governance proxies are considered.

Keywords:
gender diversity; board of directors; remuneration of executives; CEO turnover

Variable	Mean	Median	Stand. Deviation	Minimum	Maximum
TC	15.6385	15.7806	1.2537	13.2358	17.7290
VC	15.0193	15.2437	1.6287	6.9976	17.1629
EM	-3.8850	-3.6860	1.1988	-10.3080	-1.2740
TCEO	0.2028	0.0000	0.4022	0.0000	1.0000
PW	0.0884	0.0000	0.1129	0.0000	0.3333
BS	8.6045	7.0000	4.9257	1.0000	30.0000
DUAL	0.1414	0.0000	0.3486	0.0000	1.0000
IB	0.2086	0.1818	0.2035	0.0000	0.6000
IWB	0.1018	0.0000	0.3025	0.0000	1.0000
OC	0.6443	0.6450	0.1825	0.3237	0.9725
ROA	6.1301	6.2558	7.1609	-9.4545	19.4483
RET	-0.0017	0.0083	0.1827	-0.3842	0.3251
SIZ	22.2151	22.8987	1.0345	20.6008	23.0134
MB	15.3800	11.0000	14.1358	1.6678	56.2195
LEV	0.3291	0.3199	0.2216	0.0007	0.8043

	TC_t	VC_t	EM_t	TCEO_t+1
	Eq.1	Eq.1	Eq.2	Eq.3
TC_t-1	0.798***	-	-	-
	(0.041)	-	-	-
VC_t-1	-	0.643***	-	-
	-	(0.092)	-	-
EM_t-1	-	-	0.069	-
	-	-	(0.078)	-
PW_t	-0.302*	-1.042**	-0.280	-0.351
	(0.162)	(0.488)	(0.493)	(0.867)
PWxROA_t	-	-	-	0.048
	-	-	-	(0.090)
IB_t	-	-	-0.724**	0.312
	-	-	(0.300)	(0.389)
OC_t	-	-	-0.145	-0.440
	-	-	(0.324)	(0.450)
RET_t	0.157	-0.130	-0.475*	-
	(0.136)	(0.248)	(0.243)	-
ROA_t	0.023***	0.036***	-0.015*	-0.030**
	(0.006)	(0.011)	(0.008)	(0.013)
LEV_t	0.128	0.481	0.020	-
	(0.220)	(0.360)	(0.303)	-
SIZ_t	-0.090	-0.130	-0.142***	0.051
	(0.058)	(0.082)	(0.018)	(0.072)
MB_t	0003	0.010*	-0.001	0.011**
	(0,.004)	(0.006)	(0.004)	(0.005)
IWB_t	0.175***	0.330**	0.094	-
	(0.064)	(0.143)	(0.157)	-
Intercept	4.984***	7.538**	-	-1.549
	(1.658)	(2.521)	-	(1.739)
Sector/Year Dummy	No/Yes	No/Yes	No/No	Yes/Yes
No. of Observations	1,287	962	870	1,287
No. of Groups	199	163	144	199
No. of Instruments	148	148	45	-
Stat. Wald	1888.576***	246.358***	5010.376***	39.1 ***
Hansen's test	136.081	137.430	37.158	-
AR(1)	-5.072***	-4.409**	-3.657***	-
AR(2)	1.729*	-0.437	1.156	-
Mean VIF	-	-	-	2.102
Pseudo-R²	-	-	-	0.041

	TC_t	VC_t	EMt	TCEO_t+1
	Eq.1	Eq.1	Eq.2	Eq.3
TC_t-1	0.791***	-	-	-
	(0.044)	-	-	-
VC_t-1	-	0.652***	-	-
	-	(0.094)	-	-
EM_t-1	-	-	0.064	-
	-	-	(0.078)	-
PW_10_t	0.068	0.056	-0.337**	0.270
	(0.055)	(0.107)	(0.158)	(0.269)
PW_20_t	0.028	-0.079	0.026	-0.442
	(0.066)	(0.140)	(0.176)	(0.500)
PW_30_t	-0.138*	-0.407	0.072	-0.393
	(0.073)	(0.258)	(0.155)	(0.387)
PW_10xROA_t	-	-	-	-0.048
	-	-	-	(0.031)
PW_20xROA_t	-	-	-	0.030
	-	-	-	(0.050)
PW_30xROA_t	-	-	-	0.042
	-	-	-	(0.038)
IB_t	-	-	-0.586**	0.262
	-	-	(0.291)	(0.392)
OC_t	-	-	-0.259	-0.544
	-	-	(0313)	(0.456)
RET_t	0.173	-0.147	-0,.485*	-
	(0.139)	(0.261)	(0.250)	-
ROA_t	0.022***	0.034***	-0.015*	-0.024**
	(0.006)	(0.011)	(0.008)	(0.012)
LEV_t	0.167	0.501	0.150	-
	(0.223)	(0.337)	(0.295)	-
SIZ_t	-0.101*	-0.126	-0.143***	-0.050
	(0.060)	(0.084)	(0.017)	(0.073)
MB_t	0.003	0.008	-0.0004	0.011**
	(0.004)	(0.005)	(0.004)	(0.005)
IWB_t	0.126**	0.216*	0.114	-
	(0.063)	(0.126)	(0.171)	-
Intercept	5.330***	7.302	-	0.576
	(1.728)	(2.578)	-	(1.654)
Sector/Year Dummy	No/Yes	No/Yes	No/No	Yes/Yes
No. of Observations	1,287	962	870	-
No. of Groups	199	163	144	-
No. of Instruments	152	152	49	-
Stat. Wald	2124.942***	265.476***	5376.17***	53.90***
Hansen's test	139.535	135.953	39.767	-
AR(1)	-5.222***	-5.893***	-3.634***	-
AR(2)	1.854*	-0.196	1.139	-
Mean VIF	-	-	-	2.176
Pseudo-R²	-	-	-	0.045

	TC_t	VC_t	EMt	TCEO_t+1
	Eq.1	Eq.1	Eq.2	Eq.3
TC_t-1	0.755***	-	-	-
	(0.046)	-	-	-
VC_t-1	-	0.601***	-	-
	-	(0.082)	-	-
EM_t-1	-	-	0.055	-
	-	-	(0.077)	-
PW_t	-0.150	-0.726	-0.123	-0.722
	(0.165)	(0.520)	(0.470)	(0.899)
PWxROA_t	-	-	-	0.043
	-	-	-	(0.094)
TC_t	0.015**	0.006	-0.028**	0.060***
	(0.007)	(0.011)	(0.012)	(0.016)
DUAL_t	-0.067	-0.173	-0.116	0.152
	(0.058)	(0.187)	(0.175)	(0.243)
IB_t	0.475***	0.468	-0.773**	0.595
	(0.157)	(0.293)	(0.307)	(0.409)
OC_t	-0.135	-0.445	-0.210	-0.055
	(0.143)	(0.302)	(0.315)	(0.465)
RET_t	0.176	-0.168	-0.424*	-
	(0.138)	(0.243)	(0.246)	-
ROA_t	0.022***	0.036***	-0.011	-0.037***
	(0.005)	(0.012)	(0.008)	(0.013)
LEV_t	0.033	0.466	0.257	-
	(0.187)	(0.403)	(0.297)	-
SIZ_t	-0.092*	-0.161*	-0.137***	0.009
	(0.053)	(0.089)	(0.017)	(0.074)
MB_t	0.003	0.010*	-0.001	0.009*
	(0.003)	(0.006)	(0.004)	(0.005)
IWB_t	0.049	0.134	0.089	-
	(0.070)	(0.157)	(0.146)	-
Intercept	5.624***	8.999***	-	-1.549
	(1,659)	(2,504)	-	(1,739)
Sector/Year Dummy	No/Yes	No/Yes	No/No	Yes/Yes
No. of Observations	1,287	962	870	1,287
No. of Groups	199	163	144	199
No. of Instruments	156	156	47	-
Stat. Wald	2380.288***	305.692***	5766.204***	51.3***
Hansen's test	137.234	136.482	39.525	-
AR(1)	-5.261***	-4.325***	-3.651***	-
AR(2)	1.621	-0.522	1.150	-
Mean VIF	-	-	-	2.079
Pseudo-R²	-	-	-	0.051

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