A influência da oportunidade de investimento e de outros mecanismos de governança corporativa na formação voluntária do comitê de auditoria nas empresas da B3.

Abstract

The present study analyzed the influence of the investment opportunities and other corporate governance mechanisms on the formation of the audit committee of companies listed in [B]3. The monitoring and control mechanisms used in the analysis include the board of directors, the ownership structure and the external audit. To achieve this objective, a quantitative research was carried out on a sample of 103 public companies listed on Brasil, Bolsa, Balcão [B]3 in the period from 2017 to 2021. The econometric model chosen to test the seven (7) research hypotheses, considering the variables in an unrestricted and restricted way, was the logit for panel data with random effects. The results indicated that companies with more investment opportunities influence the corporate governance structure, favoring the adoption of more monitoring and control mechanisms, specifically voluntary adoption of the audit committee. There is statistical significance between the dependent variable Audit committee (CA) and the independent variables: Board Independence (ICADM), Board Size (SCADM) and Entrenchment effect (V). These results corroborate with other correlated studies. Among the control variables, only the variable Firm Size (TAM) showed statistical significance. This research contributes to the national literature in the area of Corporate Governance, by highlighting the effect of investment opportunities on the voluntary constitution of the audit committee, expanding the evidence on corporate governance mechanisms in emerging markets. From a practical point of view, the findings can help investors and creditors to mitigate capital supply risks, since mapping the presence of greater investment opportunities and some internal corporate governance mechanisms suggests better structured governance, which culminates in the voluntary institutionalization of an audit committee.