Mediating
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Gender (GD) |
GDB |
Gender Diversity on the Board |
Percentage of Women in the Board Corporate |
Shrader et al. (1997)Shrader, C.B., Blackburn, V.B. and Iles, P. (1997), “Women in management and firm financial performance: An exploratory study”, Journal of Managerial Issues, Vol. 9 No. 3, pp. 355-372., Carter et al. (2003)Carter, D.A., Simkins, B.J. and Simpson, W.G. (2003), “Corporate governance, board diversity, and firm value”, The Financial Review, Vol. 38 No. 1, pp. 33-53., Erhardt et al. (2003)Erhardt, N.L., Werbel, J.D. and Shrader, C.B. (2003), “Board of director diversity and firm financial performance”, Corporate Governance: An International Review, Vol. 11 No. 2, pp. 102-111., Rose (2007)Rose, C. (2007), “Does female board representation influence firm performance? The Danish evidence”, Corporate Governance: An International Review, Vol. 15 No. 2, pp. 404-413., Almeida-Santos et al. (2013)Almeida-Santos, P.S., Dani, A.C., Krespi, N.T. and Lavarda, C.E.F. (2013), “Desempenho econômico e a responsabilidade social corporativa: uma contribuição Para a análise da relação destas variáveis no caso das maiores companhias abertas Brasileiras”, Enfoque: Reflexão Contábil, Vol. 32 No. 1, pp. 15-27., Oba and Fodio (2013)Oba, V.C. and Fodio, M.I. (2013) “Boards’ gender mix as a predictor of financial performance in Nigeria: an empirical study”, International Journal of Economics and Finance, Vol. 5 No. 2, p. 170.
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PFD |
Presence of Female Director |
Dummy – 1 is attributed if there are women occupying a position of board of directors and 0 otherwise |
Oba e Fodio (2013)Oba, V.C. and Fodio, M.I. (2013) “Boards’ gender mix as a predictor of financial performance in Nigeria: an empirical study”, International Journal of Economics and Finance, Vol. 5 No. 2, p. 170., Margem (2013)Margem, H.E. (2013), “Participação das mulheres no conselho de administração e diretoria, valor e desempenho das companhias brasileiras de Capital aberto, 24 f”, Dissertação (Mestrado em Economia), Programa de Pós-Graduação em Economia da FGV, Fundação Getúlio Vargas, Rio de Janeiro.
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Independent
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CG |
IB |
Independence of the Board |
Number of independent members on the total number of board members |
Klapper and Love (2004)Klapper, L.F. and Love, I. (2004), “Corporate governance, investor protection, and performance in emerging markets”, Journal of Corporate Finance, Vol. 10 No. 5, pp. 703-728., Mehdi (2007), Ehikioya (2009)Ehikioya, B.I. (2009), “Corporate governance structure and firm performance in developing economies: evidence from Nigeria”, Corporate Governance, Vol. 9 No. 3, pp. 231-243., Shan and Mclver (2011)Shan, Y.G. and McIver, R.P. (2011), “Corporate governance mechanisms and financial performance in China: Panel data evidence on listed non financial companies”, Asia Pacific Business Review, Vol. 17 No. 3, pp. 301-324., Azim (2012), Iatridis (2013)Iatridis, G.E. (2013), “Environmental disclosure quality: evidence on environmental performance, corporate governance and value relevance”, Emerging Markets Review, Vol. 14, pp. 55-75.
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SB |
Size of the Board |
Dummy – 1 is attributed the company that owns board of administration with 3 to 9 members and 0 in the other situations |
Abor e Biekpe (2007), Christensen and Kent e Stewart (2010), Hsu and Petchsakulwong (2010)Hsu, W.Y. and Petchsakulwong, P. (2010), “The impact of corporate governance on the efficiency performance of the Thai non-life insurance industry”, The Geneva Papers on Risk and Insurance-Issues and Practice, Vol. 35 No. 1, pp. S28-S49., Ibrahim et al. (2010), Grove et al. (2011), Love (2011)Love, I. (2010), “Corporate governance and performance around the world: what we know and what we don’t”, The World Bank Research Observer, Vol. 26 No. 1, pp. 42-70.
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BM |
Board Meetings |
Number of meetings of the board of directors in the year |
Klapper and Love (2004)Klapper, L.F. and Love, I. (2004), “Corporate governance, investor protection, and performance in emerging markets”, Journal of Corporate Finance, Vol. 10 No. 5, pp. 703-728., Larcker et al. (2007)Larcker, D.F., Richardson, S.A. and Tuna, I. (2007), “Corporate governance, accounting outcomes, and organizational performance”, The Accounting Review, Vol. 82 No. 4, pp. 963-1008., Mehdi (2007), Bokpin (2011)Bokpin, G.A. (2011), “Ownership structure, corporate governance and dividend performance on the Ghana Stock Exchange”, Journal of Applied Accounting Research, Vol. 12 No. 1, pp. 61-73., Grove et al. (2011) |
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RB |
Board Remuneration |
Remuneration of the board/total of board members |
Brown e Caylor (2009), Christensen, Kent e Stewart (2010), Grove et al. (2011), Love (2011)Love, I. (2010), “Corporate governance and performance around the world: what we know and what we don’t”, The World Bank Research Observer, Vol. 26 No. 1, pp. 42-70., Azim (2012) |
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RC |
Remuneration Committee |
Dummy – 1 is attributed to the company that has a compensation committee and 0 the case does not have |
Klapper e Love (2004), Giovannini (2010), Grove et al. (2011), Love (2011)Love, I. (2010), “Corporate governance and performance around the world: what we know and what we don’t”, The World Bank Research Observer, Vol. 26 No. 1, pp. 42-70., Azim (2012) |
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AC |
Audit Committee |
Dummy – 1 is attributed to the company that has a audit committee and 0 the case does not have |
Klapper and Love (2004)Klapper, L.F. and Love, I. (2004), “Corporate governance, investor protection, and performance in emerging markets”, Journal of Corporate Finance, Vol. 10 No. 5, pp. 703-728., Larcker et al. (2007), Cheung et al. (2011), Love (2011)Love, I. (2010), “Corporate governance and performance around the world: what we know and what we don’t”, The World Bank Research Observer, Vol. 26 No. 1, pp. 42-70., Iatridis (2013) |
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SC |
Size Committee |
Number of members of the audit committee |
Klapper and Love (2004), Cheung et al. (2011), Grove et al. (2011), Love (2011)Love, I. (2010), “Corporate governance and performance around the world: what we know and what we don’t”, The World Bank Research Observer, Vol. 26 No. 1, pp. 42-70.
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CSR |
ISE |
Company listing on the CSI - ISE |
Dummy – 1 for the company that is listed on the CSI and 0 otherwise |
Rezende et al. (2008)Rezende, I.D. Á. L.I.A., Nunes, J.G. and Portela, S.S. (2008) “Um estudo sobre o desempenho financeiro do Índice BOVESPA de Sustentabilidade Empresarial”, Revista de Educação e Pesquisa em Contabilidade, Vol. 2 No. 1., Almeida-Santos et al. (2013)Almeida-Santos, P.S., Dani, A.C., Krespi, N.T. and Lavarda, C.E.F. (2013), “Desempenho econômico e a responsabilidade social corporativa: uma contribuição Para a análise da relação destas variáveis no caso das maiores companhias abertas Brasileiras”, Enfoque: Reflexão Contábil, Vol. 32 No. 1, pp. 15-27.
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Dependent
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Economic performance (ECO) |
ROA |
Return On Assets |
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Filatotchev et al. (2005)Filatotchev, I., Lien, Y.C. and Piesse, J. (2005) “Corporate governance and performance in publicly listed, family-controlled firms: evidence from Taiwan”, Asia Pacific Journal of Management, Vol. 22 No. 3, pp. 257-283., Abor e Biekpe (2007), Nicholson e Kiel (2007), Ehikioya (2009)Ehikioya, B.I. (2009), “Corporate governance structure and firm performance in developing economies: evidence from Nigeria”, Corporate Governance, Vol. 9 No. 3, pp. 231-243., Grove et al. (2011), Azim (2012) |
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ROE |
Return On Equity |
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Filatotchev et al. (2005)Filatotchev, I., Lien, Y.C. and Piesse, J. (2005) “Corporate governance and performance in publicly listed, family-controlled firms: evidence from Taiwan”, Asia Pacific Journal of Management, Vol. 22 No. 3, pp. 257-283., Brown e Caylor (2009), Vieira et al. (2011)Vieira, K.M., Velasquez, M.D., Losekann, V.L. and Ceretta, P.S. (2011), “A influência da governança corporativa no desempenho e na estrutura de capital das empresas listadas na Bovespa”, Revista Universo Contábil, Vol. 7 No. 1, pp. 46-67., Azim (2012) |
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ROS |
Return on Sales |
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Fan et al. (2007)Fan, J.P., Wong, T.J. and Zhang, T. (2007), “Politically connected CEOs, corporate governance, and Post-IPO performance of China’s newly partially privatized firms”, Journal of financial economics, Vol. 84 No. 2, pp. 330-357., Kajola (2008), Azam et al. (2011), Nheri (2013)Nheri, O. (2014), “Economic reforms, corporate governance and privatization method as determinants in performance changes of new privatized firms: the case of MENA countries”, Journal of Management & Governance, Vol. 18 No. 1, pp. 95-127.
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DL |
Debt Levels |
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All Al Farooque et al. (2007)Al Farooque, O., Van Zijl, T., Dunstan, K. and Karim, A.W. (2007), “Corporate governance in Bangladesh: Link between ownership and financial performance”, Corporate governance: An International Review, Vol. 15 No. 6, pp. 1453-1468., Chen and Lin (2007)Chen, L., Li, S. and Lin, W. (2007), “Corporate governance and corporate performance: some evidence from newly listed firms on Chinese stock markets”, International Journal of Accounting, Auditing and Performance Evaluation, Vol. 4 No. 2, pp. 183-197., Campbell et al. (2011)Campbell, R.D., Ghosh, C., Petrova, M. and Sirmans, C.F. (2011), “Corporate governance and performance in the market for corporate control: the case of REITs”, The Journal of Real Estate Finance and Economics, Vol. 42 No. 4, pp. 451-480., Vieira et al. (2011)Vieira, K.M., Velasquez, M.D., Losekann, V.L. and Ceretta, P.S. (2011), “A influência da governança corporativa no desempenho e na estrutura de capital das empresas listadas na Bovespa”, Revista Universo Contábil, Vol. 7 No. 1, pp. 46-67., Iatridis (2013) |
Financial performance (FIN) |
RD |
Return of Dividends |
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Maury (2006), Basu et al. (2007)Basu, S., Hwang, L.S., Mitsudome, T. and Weintrop, J. (2007), “Corporate governance, top executive compensation and firm performance in Japan”, Pacific-Basin Finance Journal, Vol. 15 No. 1, pp. 56-79., Chen and Li (2010)Chen, T.J. and Li, S.H. (2010), “Directors’ & officers’ insurance, corporate governance and firm performance”, International Journal of Disclosure and Governance, Vol. 7 No. 3, pp. 244-261., Correia, Amaral e Louvet (2011), Vieira et al. (2011)Vieira, K.M., Velasquez, M.D., Losekann, V.L. and Ceretta, P.S. (2011), “A influência da governança corporativa no desempenho e na estrutura de capital das empresas listadas na Bovespa”, Revista Universo Contábil, Vol. 7 No. 1, pp. 46-67.
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MB |
Market to Book |
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Filatotchev et al. (2005)Filatotchev, I., Lien, Y.C. and Piesse, J. (2005) “Corporate governance and performance in publicly listed, family-controlled firms: evidence from Taiwan”, Asia Pacific Journal of Management, Vol. 22 No. 3, pp. 257-283., All Al Farooque et al. (2007)Al Farooque, O., Van Zijl, T., Dunstan, K. and Karim, A.W. (2007), “Corporate governance in Bangladesh: Link between ownership and financial performance”, Corporate governance: An International Review, Vol. 15 No. 6, pp. 1453-1468., Renders et al. (2010)Renders, A., Gaeremynck, A. and Sercu, P. (2010), “Corporate‐governance ratings and company performance: a cross‐European study”, Corporate Governance: An International Review, Vol. 18 No. 2, pp. 87-106., Azim (2012) |
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Q |
Q de Tobin |
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Kent et al. (2010), Ibrahim and Samad (2011), Love (2011)Love, I. (2010), “Corporate governance and performance around the world: what we know and what we don’t”, The World Bank Research Observer, Vol. 26 No. 1, pp. 42-70., San Martin-Reyna and Duran-Encalada (2010)San Martin-Reyna, J.M. and Duran-Encalada, J.A. (2012), “The relationship among family business, corporate governance and firm performance: evidence from the Mexican stock exchange”, Journal of Family Business Strategy, Vol. 3 No. 2, pp. 106-117.
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