O voto à distância e a instalação dos conselhos fiscais nas empresas listadas na B3

Abstract

This study observed the effect of the institution in remote voting on the probability of installing the fiscal council (FC) in companies listed on B3. The study analyzed a sample composed of 207 companies in the period between 2015 and 2020, totaling 1242 company-year observations. It was noticed that the impacts of the legislation, making remote voting mandatory at shareholders' meetings, has not yet been explored by the literature. Thus, the variable of interest was remote voting, VD, a dummy variable to represent the presence of the remote voting instrument in the company, or not. For this, all voting maps and minutes of ordinary and extraordinary general meetings were analyzed throughout the analyzed period. For econometric analysis, descriptive statistics, correlation matrix, differences in means and proportions and Logit and diff-in-diff regression models were used. The results show that the remote voting mechanism positively affected the installation of FC in companies. Through the differences in averages and proportions, it is possible to affirm that the average of the installed FCs is 81.19% higher after the adoption of remote voting. Size was a variable that positively impacted the chances of installing the FC. The results also showed that the relationship between being audited by a Big Four and the installation of the FC is positive, suggesting that a good quality audit is complementary with the installation of the FC. The results obtained by the diff-in-diff models helped to reinforce the results found in the previous models and confirming H1: Remote voting positively affected the probability of installing the FC in companies listed on B3.