Identificação e análise dos factores que influenciam o governo das empresas

Abstract

The goal of this paper is to study the factors that can influence the corporate governance, in particular, the impact of the chief executive office, CEO, in the performance of the firm. Firstly, we present the contributions of two schools, some studies concerning the concept of firms, their ownership and control as well as studies related with the impact of the CEO in the performance of corporate. Secondly, we analyse, from a statistical point of view, a sample of 5283 Portuguese firms belonging at 24 industries (3 digit, sic codes) and use the Wasserman, Nohria and Anand (2001) methodology for the statistic treatment of data to test the hypothese of the CEO effect and the regression model to analyse the factors that influence that effect. The research found evidence supporting the hypotheses that the CEO is a factor that has an impact on the performance. He has an higher impact when the industry’s level of growth, debts and slack are more important.