Corporate governance, dynamic capabilities and business performance in companies listed in Brasil, Bolsa, Balcão S/A (B3 S/A)

Abstract

Purpose- The main objective is to analyze the direct effect of Corporate Governance (CG) on Dynamic Capabilities (DCs) and on Business Performance (BP), and the moderating and/or mediating impact of DCs on the CG-BP relationship.Methodology- The quantitative analysis was performed through PLS-SEM. Data were collected through a survey involving companies listed in B3 S/A from 2014 to 2016, except for companies from the financial sector. The final sample encompassed 195 companies per assessed year, thus totaling 585 observations concerning 2014, 2015 and 2016.Findings- Confirmed the direct and positive effect of CG on DC development, as well as DC’s influence on BP and the mediating effect of DC on the CG - BP relationship. The main conclusion was that DCs are a powerful mediating influence on the CG-BP relationship. Hence, even with efficient corporate governance mechanisms, the companies must make decisions in line with their dynamic capabilities as a way to reach better business performance.Limitations- Research cross-section method of data collection; and universe of companies listed in the Brazilian stock market.Practical implications- For example, the rejected hypothesis about the direct effect of CG on BP and the confirmation of the indirect effect via DCs suggests the analysis of aspects related to costs with monitoring procedures applied to agency conflicts and to complementary factors that must be achieved in order to boost performance. On practical terms, the results contribute to companies that look for the best and most satisfactory performance in the markets they work in.

Influence of intellectual capital and individual absorptive capacity on innovation performance

“…With regard to relational capital, Engelman, et al (2017) report that it refers to the interaction between individuals and seeks to improve the exchange of information and the sharing of ideas, enhancing existing knowledge, besides allowing new knowledge to spread in the organization. The companies must make decisions in line with their dynamic capabilities as a way to reach better business performance (Barbosa, et al, 2021) and the dynamic capabilities help to develop innovation capability (Froehlich & Bitencourt, 2019).…”

Relações entre governança corporativa, desempenho financeiro e valor de mercado

“…Silva e Câmara (2015), a partir da técnica de regressão linear simples, no método de máxima verossimilhança, aplicada a uma amostra de 72 empresas, concluíram que os níveis de gc influenciam o desempenho de mercado, sendo um determinante da valorização de mercado das organizações analisadas. Mais recentemente, Barbosa et al (2021) analisaram o efeito direto da gc nas capacidades dinâmicas (cds) e no desempenho empresarial (de), e o impacto moderador e/ou mediador das cds na relação gc-de. Utilizando-se da análise quantitativa por meio da pls-sem, os resultados indicam a existência de efeito direto e positivo da gc no desenvolvimento da cd, bem como a influência desta no de e o efeito mediador da cd na relação gc-de.…”