Relação entre as práticas do board interlocking e características de empresas de estrutura de propriedade familiar com ações mais negociadas na BM&FBOVESPA [doi: 10.5329/RECADM.2014022]

O estudo objetiva verificar a relacao entre as praticas do Board Interlocking e caracteristicas de empresas de estrutura de propriedade familiar com acoes mais negociadas na BM&FBovespa. Estudo descritivo foi realizado por meio de pesquisa documental, com abordagem quantitativa. Coletaram-se informacoes nos relatorios financeiros das 23 empresas brasileiras de capital aberto com estrutura e propriedade familiar, classificadas pela Revista Capital Aberto. Os resultados apontam que a pratica do Board Interlocking ocorreu em 57% das empresas da amostra, indicando ser uma pratica comum. Evidenciam tambem uma relacao significativa entre as variaveis pratica do Board Interlocking e caracteristicas de propriedade e controle familiar. Conclui-se que a pratica do Board Interlocking pelos membros do conselho de administracao, diretoria e conselho fiscal e adotada nas empresas pesquisadas, apesar da tendencia da estrutura de propriedade familiar ser mais concentrada. Palavras-Chave Board Interlocking . Estrutura de propriedade. Empresas familiares. RELATIONSHIP BETWEEN BOARD INTERLOCKING PRACTICES AND BUSINESS CHARACTERISTICS OF FAMILY OWNERSHIP STRUCTURE WITH MORE STOCKS TRADED IN BM&FBOVESPA ABSTRACT The goal of this study is to investigate the relationship between the Board Interlocking practices and business characteristics of family ownership structure which have more stocks traded in BM&FBovespa. Study descriptive being conducted through desk research, with a quantitative approach. The information was collected from the financial reports of 23 Brazilian open capital companies of family ownership structure, classified by the Open Capital Magazine. The results show that the Board Interlocking practice occurred in 57% of the companies in the sample, indicating that it is a common practice. Show also a significant relationship between the variables Board Interlocking practices and characteristics of family ownership structure and control, with a canonical correlation of 83% and a canonical R of 69%. It is concluded that the Interlocking Board practices by members of the board of directors, directors and supervisory board is adopted in the surveyed companies, despite the tendency of family ownership structure be more concentrated. Keywords Board Interlocking. Ownership structure. Family businesses.