Os efeitos do board interlocking sobre os honorários de auditoria nas empresas listadas na B3

Abstract

Previous studies point to centrality as one of the most important tools in the research field regarding the phenomenon of board interlocking – the connection of companies through their directors. Faced with this scenario, it becomes crucial to analyze the impact of this formation on business dynamics, with a special focus on the relationship between board interlocking and audit fees in publicly traded companies listed on the Brazilian stock exchange [B3]. Although research on this topic is widely disseminated in the literature, there has been a noticeable absence of specific studies linking these two points in the Brazilian context. Thus, the objective of this study is to contribute to the literature by filling this gap. To address the research objective, data from all listed companies [B3] from 2010 to 2022 that disclosed information were collected. A descriptive statistical study of the variables was conducted, including the transformation of the variable of interest (Audit Fee) through the logarithmic function. Subsequently, a Generalized Linear Model (GLM) was applied. The Akaike Information Criterion (AIC) was chosen for model selection and to test the research hypotheses. Variables were individually tested to arrive at an independent value for each and subsequently tested within the model. A single equation was created that encompassed all study variables. The findings indicate that the more centralized the connection between directors, the companies tend to pay lower fees to audit firms. These results change when companies have a well-established audit committee supporting the board of directors. It is expected that the results, derived from the examination of a relationship not yet explored in the Brazilian national scenario, will contribute to the academic field and national literature, adding theoretical knowledge about board interlocking theories and audit fees.