Characteristics of Senior Executives and the Influence on Performance: A Study in Companies Listed on the Brazilian Stock Exchange

Abstract

The aim of this research is to verify the influence of the demographic characteristics of the upper echelons on the economic performance of companies in the non-cyclical sector of Brazilian Stock Exchange – Brazil, Bolsa, Balcão (B3). Demographic characteristics - gender, duality, familiarity, academic degree (I and II) and age - were collected in the Reference Form, from 2010 to 2016. Regarding the economic performance, the Return on Asset (ROA) was collected. The data were analyzed through descriptive statistics and multiple regression with panel data by the estimated fixed effects model. The descriptive results, of the 966 observations, show that the number of female directors is low, as well as young directors. Both accounted for less than 10% of total observations. The results also show a positive relationship between gender and academic degree with performance organizational, while age and familiarity showed an negative relationship. It was concluded that the findings of the study raise questions about the organizational environments of Brazilian companies, the characteristics of the upper echelons and the capital structure of organizations.