Características do conselho de administração e desempenho ambiental e social no mercado de capitais brasileiro

Abstract

The objective of this study is to examine the relationship between the characteristics of the board of directors (size, independence, and women's participation) and the environmental and social performance of Brazilian publicly traded companies. Additionally, the combination of environmental and social performance was employed as a measure of socio-environmental performance. The research is descriptive and documentary in nature, with a quantitative approach. The LSEG Workspace database (formerly Refinitiv) was used to collect and measure the variables. To achieve the proposed objectives, the following instruments were used: descriptive statistics, non-parametric mean comparison tests, correlation analysis, and regression analysis. The research covers the period from 2013 to 2023. The sample consists of 63 companies listed on the B3 S.A. – Brasil, Bolsa, Balcão, totaling 532 annual observations. The study advances the literature by individually analyzing the effects of board size, independence, and women's participation on the board on environmental and social performance, considering these dimensions separately and in aggregate. In light of Agency Theory, the results indicate that the board can be shaped by shareholders as a mechanism for aligning ownership and management. Larger structures with greater female participation favor long-term environmental and social performance, while independence acts primarily in the social dimension. The descriptive results indicate that (i) companies exhibit moderate levels of environmental, social, and socio-environmental performance, with medium-sized boards, moderate independence, and low female participation; (ii) in mean tests, larger boards are associated with better environmental and socio-environmental performance, independence is related only to social performance, and greater female participation is positively associated with environmental and socio-environmental performance. These findings reveal that the contribution of corporate governance to promoting sustainability is more associated with board size and female participation than with the independence of board members in these firms. The study offers relevant insights for investors and other stakeholders by indicating that the size and composition of the board of directors is not only a governance requirement but a factor capable of impacting the environmental and social outcomes of companies.