Composition of the board of directors and its relationship with the dividend policy of companies listed on B3

Authors

DOI:

https://doi.org/10.12662/2359-618xregea.v15i1.6124.pe6124.2026

Keywords:

Board of Directors, dividend policy, investors

Abstract

This research aims to analyze the influence of the composition of the Board of Directors on the dividend policy of companies listed on the Brazilian Stock Exchange (B3). Being a descriptive, quantitative, and documentary study, descriptive statistics, logit regression, and multiple linear regression methods were used. The results showed that the size, independence, gender, CEO duality, Audit Committee, and corporate governance listing level are determinants in explaining the decision to distribute dividends. However, it was found that only CEO duality, the Audit Committee, and the listing level exert a statistically significant influence, demonstrating that the relevance of strengthening governance practices for organizations contributes to the strategy of investors, who should pay attention to the composition of the boards of directors of the companies in which they plan to invest, since the supervision of management varies according to the different directors who compose these bodies.

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Author Biographies

Mauro Mateus de Sousa Monteiro , Universidade Federal do Ceará

Possui graduação em Ciências Contábeis pela Universidade Federal do Ceará (2023). Bolsista do Programa Institucional de Bolsas de Iniciação Científica da Universidade Federal do Ceará no período de agosto/2018 até fevereiro/2019 (PIBIC-Contábeis/UFC). Experiência acadêmica na área de Administração, com ênfase em Ciências Contábeis, atuando nos temas de Governança Corporativa e Responsabilidade Social Corporativa. Experiência profissional atuando na área Orçamentária e Controladoria. Fortaleza - CE - BR. 

Naiara Leite dos Santos Sant´Ana , Universidade Federal do Ceará

Professora Adjunta da Universidade Federal do Ceará. Doutora pela Universidade Federal de Minas Gerais - UFMG em Administração, linha Finanças. Mestre em Administração - UFLA. Bacharel em Ciências Contábeis pela Universidade Federal de São João Del-Rei UFSJ. Principais áreas de atuação:Auditoria Contábil, Perícia Contábil, Governança Corporativa, Qualidade da Informação Contábil, Mercado Financeiro, Psicologia Financeira, Finanças Comportamentais e Contabilidade Mental. Fortaleza - CE - BR. 

Adriana Vasconcelos Carneiro dos Santos, Universidade Federal do Ceará

Atuação consolidada há seis anos na área contábil, pessoal, fiscal, auditoria e controladoria com atividades de lançamentos, conciliação, análise e auditoria em empresas do lucro real, presumido, simples e em diversos segmentos com CRC ativo e ministrando aulas pelo conselho regional de contabilidade crcce nas áreas contábil, fiscal e setor de pessoal e coordenação da conaje na área de planejamento tributário e feirão do imposto. Há quatro anos estudante na área de educação como professora e com materiais pedagogicos. Fortaleza - CE - BR. 

Nélida Astezia Castro Cervantes, Universidade Federal do Ceará

Professora da Universidade Federal do Ceará desde 1999. Foi diretora da divisão de processos e projetos de inovação, atuando como pró-reitora adjunta e assessora de legislação e normas da Universidade Federal do Ceará (UFC), da Pró-Reitoria de Gestão de Pessoas, atuando principalmente na área de direito administrativo e direito internacional. Mestre em Direito pela Universidade Federal do Ceará e Doutora em Ciência Política pelo Instituto de Ciências Sociais e Políticas (ISCSP) da Universidade de Lisboa. Fortaleza - CE - BR. 

Gilvanira Lima de Sousa, Universidade Federal do Ceará

Graduanda em Ciências Contábeis pela Universidade Federal do Ceará. Fortaleza - CE - BR.

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Published

2026-04-10

How to Cite

MONTEIRO , Mauro Mateus de Sousa; SANT´ANA , Naiara Leite dos Santos; SANTOS, Adriana Vasconcelos Carneiro dos; CERVANTES, Nélida Astezia Castro; SOUSA, Gilvanira Lima de. Composition of the board of directors and its relationship with the dividend policy of companies listed on B3. Journal Of Management Analysis, Fortaleza, v. 15, n. 1, p. e6124, 2026. DOI: 10.12662/2359-618xregea.v15i1.6124.pe6124.2026. Disponível em: https://unichristus.emnuvens.com.br/gestao/article/view/6124. Acesso em: 23 apr. 2026.

Issue

Vol. 15 No. 1 (2026): EM ABERTO

Section

ARTICLES

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Copyright (c) 2026 Mauro Mateus de Sousa Monteiro , Naiara Leite dos Santos Sant´Ana , Adriana Vasconcelos Carneiro dos Santos, Nélida Astezia Castro Cervantes, Gilvanira Lima de Sousa

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