A relação entre a composição do conselho de administração e a retenção de caixa em empresas de capital aberto.

Abstract

A Cash management efficiently is a necessary condition for the maintenance of organizational financial sustainability and factors that influence cash holding decisions in the firms have been the subject of recent research. The objective of this study was to investigate the relationship between the composition of the Board of Directors and the cash holding. For this purpose, a quantitative survey was conducted on a sample in 234 publicly traded companies listed on Brazil, Bolsa, Balcão (B3) from 2010 to 2019. The Tobit Random Effects was the econometric model chosen to estimate the variables in an unrestricted and restricted way and test six (6) hypotheses raised about the relationship between the Board composition (independence, duality, board gender, size, expertise, and director compensation) and cash holding. The results showed statistical significance at the ten percent (10%) level between the dependent variable cash holding (REC1) and the independent variables: Expertise (EX) and CEO Duality (DU). Among the control variables, the ones that presented statistical significance were Cash Flow Volatility (VFC) and Working Capital (CG). Additionally, robustness analysis tests were carried out with an alternative proxy for cash holding (REC2) in order to verify the maintenance, or not, of the empirical evidence found. In view of this, it is concluded that Corporate Governance, through the composition of the Board, Expertise and Duality of the CEO, is able to influence the cash holding policy in companies.