Comitê de auditoria: influência de suas características sobre o desempenho econômico-financeiro das empresas listadas na B3

Abstract

This work has the general objective of verifying the influence of the audit committee's characteristics (financial expertise, size and independence) on the economicfinancial performance of Brazilian companies listed on B3 Brasil, Bolsa and Balcão in the period from 2010 to 2019. The theory that supported this study was the Agency Theory in which it deals with the issue of the separation between ownership and control, the agency conflict resulting from this separation, the agency costs, as well as the con ception of the relationship between principal and agent according to a contractual view. Data collection took place through the CVM database, Economática ® , Reference Form (FRE) and, in some cases, accessing the Investor Relations website of each company. T he sample consisted of 753 observations from companies listed on B3 with an audit committee. For data treatment and analysis, descriptive statistics and inference were used. The econometric approach employed was the GMM Generalized Method of Moments. Descriptive statistics showed that there was an overlap in the performance of companies that have an audit committee in relation to the performance of companies that do not have it. Likewise, it can be seen that companies that have an audit committee tend to be more leveraged, show greater size and are younger compared to those that do not have an audit committee. It became evident that ROA and ROE are not good proxies to explain the influence of the audit committee's characteristics and the economic and finan cial performance of Brazilian companies listed on B3 between 2010 and 2019. When the performance variable, measured by Q, is used of Tobin, found a positive and statistically significant relationship with the variable’s independence and financial expertise . Confirming, when using the PVPA proxy, the positive influence was found with the independence of the participating members of the audit committee. For the other variable of interest, the size of the audit committee, was not statistically significant for any of the performance proxies studied. In a complementary way, with regard to the participation of women in the audit committee, descriptive statistics were carried out and found that the sectors of basic materials and noncyclical consumption are the one s that show greater female representation in the audit committees. However, when trying to verify the influence of the female presence on the committee with the performance proxies, none of them found evidence of this influence. Similarly, when the influen ce of participation in B3's differentiated levels of corporate governance on economic and financial performance was verified, no statistical performance was observed in any performance proxy .