Governança Corporativa, TMT E Book-Tax Differences (Btd) Anormais Em Empresas De Capital Aberto Listadas No Brasil

Abstract

The contribution of this paper was to show that corporate governance practices are attenuating abnormal BTD, and TMT's heterogeneous characteristics have significant relationships with these types of BTD in Brazilian public companies. To this end, we considered the assumptions of practices of informational asymmetry and behavioral, psychological and social aspects of the members of top management. These associations are justified by the high-level idiosyncrasies of firms in the country, as well as tax reforms, accounting changes, a bureaucratic business environment, Code Law structure, and the magnitudes of abnormal BTD. Abnormal BTD are considered to be limiting for earnings quality and transparency, but TMT's corporate governance and heterogeneities can be mechanisms to encourage control and monitoring of corporate operations. Based on this, the objective of this study was to evaluate the relationships between abnormal BTD, corporate governance practices, audit and board size, and the characteristics of TMT, gender, age, CEO duality, and academic background in open public companies in Brazil. In methodological aspects, we used a sample of 364 companies listed in B3, from 2010 to 2017. For the data, the panel data technique was applied, where the governance, TMT and control variables were regressed according to of abnormal BTD. In the results, it was indicated that the agency costs resulting from the Big4 audit are effective for abnormal BTD, inhibiting them as consequences of manipulating the results. In addition, it was evidenced that personal characteristics, such as gender and vocational training, have relationships with abnormal BTD. It was noted that there is a cycle between BTD that are due to high-level preferences (TMT) with corporate governance, which is a future consequence of these acts of information asymmetry and more aggressive tax practices in firms.

Effect of Diversity in the Board of Directors and Top Management Team on Corporate Social Responsibility

“…The composition of the board of directors has historically been characterized by a huge presence of men with an average age of over 50 years. Sant'anna and Bruzoni Júnior (2019), when analyzing the average age of the board of directors of Brazilian firms from 2010 to 2017, documented an average age of 54 years. The Brazilian Institute of Corporate Governance [IBGC] (2016), when analyzing 2,244 board seats of 339 companies listed on B3 in 2015, found that 70.05% of the directors were between 50 and 70 years old.…”