Diversidade nos conselhos de administração e seu impacto na performance financeira das empresas

Abstract

This study aimed to investigate the impact of gender and racial diversity on boards of directors on the financial performance and risk of Brazilian companies listed on B3 in 2023 and 2024, based on corporate disclosures reported in the Reference Form published annually by the Brazilian Securities and Exchange Commission, CVM. The analysis examined diversity in relation to financial performance, capital structure, and risk, as measured by the following indicators: ROA, ROE, Tobin’s Q, leverage, liquidity, and risk. The diversity index was assessed across three dimensions: gender diversity, racial diversity, and Critical Mass Theory applied to gender diversity. The methodological approach included descriptive statistical analysis, the Shapiro Wilk normality test, and the Mann Whitney mean comparison test, complemented by boxplots for graphical analysis. The results indicate that board diversity affects market performance as measured by Tobin’s Q, while no statistically significant effects were identified for the other indicators. A positive and significant relationship was observed when gender diversity was measured using a dummy variable based on Critical Mass Theory and its impact on the financial variables analyzed in this study. Critical Mass Theory examines gender influence when the board includes three or more women, and the findings contribute evidence that the effect of diversity on corporate financial outcomes tends to intensify as female representation on boards of directors increases.