O tempo de mandato do CEO e o desempenho das empresas: Um estudo comparativo de empresas familiares e não-familiares brasileiras

Guilherme Tres, Fernando Serra, Manuel Portugal Ferreira


A maioria das empresas brasileiras são empresas familiares (EF). Mas EF é ainda um campo jovem de estudo, especialmente em relação ao impacto dos CEOs no desempenho das empresas. Se espera que a governança corporativa tenha um impacto positivo no desempenho das empresas, pela sua influência nas ações do CEO. No entanto, as empresas familiares são distintas das não-familiares, e um grande número de trabalhos sobre as características do CEO e desempenho, as considera indistintas. De forma a compreender esta diferença e compreender os efeitos diferenciados, usamos dados secundários de desempenho de 73 empresas brasileiras, entre 1997 e 2012, listadas na BM&F BOVESPA e dados primários coletados em questionário sobre seus CEOs. Testamos três hipóteses sobre a influência do tempo de mandato do CEO no desempenho das empresas, para empresas de controle familiar e não-familiar. Os resultados indicam que, para empresas familiares, o tempo de mandato do CEO tem relação em forma de U com o desempenho da empresa. Para empresas não-familiares, foi observado que o tempo de mandato do CEO tem influência positiva no desempenho da empresa. A governança corporativa possui efeito distinto em empresas familiares e não familiares, indicando que, para empresas não-familiares, a governança corporativa modera positivamente a relação entre o tempo de mandato do CEO e o desempenho nas empresas não-familiares.  Este artigo contribui para melhor compreender os aspectos de governança em empresas brasileiras a sua influência sobre o desempenho e o tempo de mandato dos CEOs brasileiros. Também contribui para a prática a partir de conselhos relacionados à sucessão, ao papel da governança e às atuações de curto de longo prazo de desempenho.


Tempo de mandato; Empresas familiares; CEO; Estratégia.

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DOI: https://doi.org/10.20397/2177-6652/2014.v14i3.732

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