The impact of governance structures on the financial performance of Brazilian financial cooperatives

• Autores: Arthur Frederico Lerner, Leonardo Flach
• Localización: Contaduría y administración, ISSN 0186-1042, ISSN-e 2448-8410, Vol. 71, Nº. 3, 2026, págs. 1-28
• Idioma: inglés
• Títulos paralelos:
  • El impacto de las estructuras de gobernanza en el desempeño financiero de las cooperativas de crédito brasileñas
• Enlaces
  • Texto completo (pdf)
• Resumen
  • español

    Las cooperativas de crédito desempeñan un papel importante en la promoción de la inclusión financiera y el desarrollo comunitario. Este estudio investiga cómo las características del consejo, incluyendo el tamaño, la diversidad de género y la antigüedad, influyen en el desempeño financiero de 930 cooperativas financieras brasileñas entre 2008 y 2022. Utilizando datos de panel y el Método Generalizado de Momentos en Sistema (SYS-GMM), los resultados revelan que los consejos más grandes afectan negativamente el desempeño debido a ineficiencias de coordinación, mientras que una mayor antigüedad en los consejos de supervisión mejora la estabilidad y la supervisión. La representación femenina en el consejo de administración muestra una asociación negativa significativa con el desempeño financiero, lo que refleja posibles desafíos culturales e institucionales en la gobernanza. El tamaño de la cooperativa afecta positivamente el desempeño, reflejando economías de escala, mientras que el apalancamiento y las afiliaciones a redes plantean desafíos financieros. Los hallazgos subrayan la importancia de diseñar estructuras de gobernanza que equilibren la inclusión, la representación y la sostenibilidad financiera, aportando ideas para mejorar la gobernanza en cooperativas que operan en mercados emergentes

  • English

    Financial cooperatives play an important role in promoting financial inclusion and community development. This study investigates how board characteristics, including size, gender diversity, and tenure, influence the financial performance of 930 Brazilian financial cooperatives between 2008 and 2022. Using panel data and the System Generalized Method of Moments (SYS-GMM), the results reveal that larger boards negatively affect performance due to coordination inefficiencies, while longer tenure on supervisory boards enhances stability and oversight. Female representation on the board of directors shows a significant negative association with financial performance, reflecting potential cultural and institutional challenges in governance. Cooperative size positively affects performance, reflecting economies of scale, while leverage and network affiliations pose financial challenges. The findings highlight the importance of designing governance structures that balance inclusivity, representation, and financial sustainability, providing insights for improving governance in cooperatives operating in emerging markets

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