Assimetria informacional, conselho de administração e desempenho empresarial: evidências do mercado brasileiro e implicações regionais

Abstract

Contextualization: The Brazilian capital market stands out as one of the largest emerging markets worldwide, concentrating the highest stock market activity among developing economies (Mbanyele & Wang, 2021). In this setting, information plays a central role in investors’ decision-making within capital market transactions (Naqvi et al., 2021). Thus, information asymmetry, defined as the unequal distribution of knowledge among transaction participants, may give rise to market inefficiencies (Naqvi et al., 2021; Alduais et al., 2022). Despite its importance, the literature on emerging markets remains limited (Mbanyele, 2023), underscoring the need for research into mechanisms that can mitigate information asymmetry and enhance market efficiency. Objective: To analyze the relationship between the board of directors and information asymmetry, as well as to investigate the relationship among board characteristics, information asymmetry, and firm performance in publicly traded companies listed on B3, considering moderating factors that may influence these relationships. Additionally, the study seeks to examine the implications of these dynamics for the mesoregions of Triângulo Mineiro and Alto Paranaíba. Method: The study adopts a quantitative, descriptive, and documentary approach, using a sample of 75 companies included in the IBrX-100 index over the period from 2015 to 2024. Data were obtained from the Refinitiv Eikon database, and the equations were estimated using the Generalized Method of Moments in Differences (Difference GMM), with robustness tests conducted to assess the stability of the results. Results: The findings indicate that information disclosure and board characteristics are associated with lower levels of information asymmetry, reinforcing the relevance of internal governance mechanisms and the informational environment to the quality of market disclosures. Evidence also points to a substitution effect between these mechanisms, whereby the board’s effectiveness in mitigating information asymmetry tends to weaken in highly transparent environments. Regarding firm performance, the results reveal that information asymmetry, high leverage, and certain board characteristics are negatively associated with performance, highlighting the importance of capital structure and corporate governance in value creation dynamics. Finally, robustness tests confirm the consistency of the results using an alternative proxy for information asymmetry and the inclusion of a regional control, attesting to the stability of the estimated parameters across model specifications. Alignment with the PPGAdm area of concentration (Regionality and Management) and research line: The study examines corporate governance and information asymmetry dynamics in Brazilian publicly traded firms and demonstrates how these relationships affect corporate performance. The results also allow for an assessment of the potential effects of these dynamics on the mesoregions of Triângulo Mineiro and Alto Paranaíba, among other regions in the state of Minas Gerais. Furthermore, the research investigates whether board characteristics and information asymmetry influence firm performance, providing an integrated analysis of management and finance within a national context with regional implications. Impact and innovative character in intellectual production: The study’s impact and innovative contribution lie in the integration of corporate governance, information asymmetry, and firm performance, incorporating moderating factors such as financial leverage and information disclosure, as well as linking national-level analysis of Brazilian firms to regional implications for Triângulo Mineiro and Alto Paranaíba. Moreover, the research is conducted in the Brazilian context, characterized as an emerging market with growing academic interest in capital markets and information asymmetry, generating relevant insights for the fields of management, finance, and regional studies. Economic, social, and regional impact: The research highlights how board characteristics and information asymmetry influence the performance of Brazilian publicly traded firms. From an economic perspective, it contributes to enhanced efficiency, profitability, and confidence in capital markets, benefiting both investors and organizations. From a social standpoint, it promotes informational equity, transparency, corporate accountability, and the protection of minority shareholders. In regional terms, the study discusses the implications of these dynamics for the mesoregions of Triângulo Mineiro and Alto Paranaíba, considering the state of Minas Gerais in comparison with other Brazilian states, thereby reinforcing the practical and academic relevance of corporate governance in Brazil. Regional implications: The study demonstrates that firms located in the Triângulo Mineiro and Alto Paranaíba regions, within the broader context of Minas Gerais, may benefit from the adoption of sound corporate governance practices and greater transparency in information disclosure. Additionally, the findings underscore the importance of governance practices in enhancing investor confidence, reducing capital costs, and improving market efficiency. Overall, the results provide guidance for local managers and investors by emphasizing transparency initiatives and appropriate board composition. Sustainable Development Goals addressed in the research: The study contributes to SDG 8 by analyzing mechanisms that may foster sustainable economic growth and higher firm productivity; SDG 9 by emphasizing the importance of efficient and innovative corporate practices; SDG 16 by encouraging transparency and responsible governance within organizations; and SDG 10 by reducing information access inequalities among investors, thereby promoting greater equity in financial markets.