Determinants of Board Size: A Longitudinal Analysis with 194 Firms Listed on the B3 S/A

Abstract

The research aims to analyze determinants of board size (BD) of companies listed on B3 S/A, from 2014 to 2019, with data collected by the Com.dinheiro.com platform. The hypotheses “firm size is positively related to board size” (H1); “firm ownership structure is negatively related to board size” (H2); and, “firm performance is positively related to board size” (H3), were quantitatively analyzed by multiple linear regression, heteroscedasticity and multicollinearity tests and F-statistics, based on the variables: company size (TAMA); ownership structure; type of control; performance (EBITDA), and control variable, gender of the board of directors and the year. The results indicate that board size was explained by company size, ownership structure, and performance, confirming the three proposed hypotheses. For future research we suggest the use of other dependent variables that portray the board structure.