Características observáveis de CFO brasileiros e a rentabilidade: uma análise à luz da Teoria dos Altos Escalões
DOI:
https://doi.org/10.21680/2176-9036.2026v18n2ID39033Palavras-chave:
CFO, Teoria dos Altos Escalões, RentabilidadeResumo
Objetivo: Analisar a associação entre características observáveis dos CFO das empresas brasileiras não financeiras detentoras das ações mais negociadas na B3 e o desempenho organizacional delas.
Metodologia: Realizou-se a análise de 79 empresas não financeiras com as ações mais negociadas na B3, verificando, por meio de estatística descritiva, correlação e regressão de dados em painel, a existência de associação entre a rentabilidade e as características observáveis de seus CFO.
Resultados: Os resultados encontrados apontam que as características que se mostraram estatisticamente significativas em relação à rentabilidade (ROA) foi o nível educacional, apresentando relação positiva. Já o endividamento da entidade mostrou ter uma relação inversa, ou seja, quanto maior o nível de endividamento da entidade, menor a rentabilidade observada.
Contribuições do Estudo: Esta pesquisa contribui de forma teórica, expandindo o escopo de aplicação da Teoria dos Altos Escalões, testando seus pressupostos em um país emergente e em um período marcado por choques econômicos relevantes. Do ponto de vista prático, os resultados oferecem subsídios para que empresas, conselhos de administração e stakeholders compreendam de que forma o perfil dos diretores financeiros pode estar associado ao desempenho organizacional.
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