Atributos de diversidade do conselho e assunção de risco
estrutura de contingência da cota de gênero adotada antecipadamente
DOI:
https://doi.org/10.23925/2179-3565.2025v16i3p172-185Palavras-chave:
Diversidade de gênero no conselho, Tamanho do conselho, Desvio padrão, Risco corporativo, Cota obrigatóriaResumo
Embora os países que adotaram cotas obrigatórias precocemente apresentem uma aceleração acentuada na representação feminina nos conselhos, observa-se que os conselhos também foram ampliados alternativamente pela abordagem aditiva. A diversidade de gênero e o tamanho do conselho foram analisados conjuntamente neste estudo, uma vez que sua interação é sugerida pela literatura como gatilhos para a igualdade de gênero durante a implementação de cotas em estágios iniciais. Esta pesquisa investiga a relação entre os dois atributos de diversidade dos conselhos e o risco corporativo em setores e países selecionados, ao longo de 4 anos entre 2020-2023. O desvio padrão com janelas sobrepostas de 5 anos é um dos principais proxies para risco em finanças, uma vez que captura o grau de tomada de risco da empresa por meio da volatilidade de indicadores como dívida/patrimônio líquido (DP), retorno sobre ativos (ROA) e eficiência operacional (OPR), fundamentando a suposição de que operações corporativas mais arriscadas levam a maior volatilidade. Utilizando estimativas de regressão linear, constatamos que a diversidade de gênero no conselho de administração influencia positivamente a volatilidade dos retornos (DP(ROA), enquanto o tamanho do conselho influencia positivamente a volatilidade do índice operacional (DP(OpR)) na estrutura de contingência da cota obrigatória. Nossos resultados corroboram a teoria do contato intergrupal, sugerindo que as mulheres adotam a atitude de risco de seus colegas homens no conselho em suas funções profissionais.
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