Estrutura de propriedade e desempenho corporativo no Brasil Other Languages

ID:
31027
Journal:
Abstract:
This study investigates the relationship between control and ownership structure, value and performance of Brazilian public companies listed in the São Paulo Stock Exchange during the period of 1998-2002. The aim of this study is to investigate the agency conflicts that arise from the separation of ownership from control in the meaning of corporate governance. The ownership structure variables used are voting concentration, property concentration and excess votes of controlling shareholders. The main hypothesis is that ownership variables are determinant of value and performance, testing for endogenous problems concerning the Brazilian context where the separation of control rights from cash-flow rights are widely used by the issuing of non-voting shares. The empirical evidence comes from Ordinary Least-Square, Random Effects and Fixed Effects models, suggesting a quadratic relation between voting concentration and value and a negative linear relation between excess-votes and value. Property concentration has a weak influence on value and performance variables and endogenous effects do not appear to be influential in the models.
ABNT Citation:
OKIMURA, R. T.; SILVEIRA, A. M.; ROCHA, K. C. Estrutura de propriedade e desempenho corporativo no Brasil. RAC-Eletrônica, v. 1, n. 1, p. 119-135, 2007.
APA Citation:
Okimura, R. T., Silveira, A. M., & Rocha, K. C. (2007). Estrutura de propriedade e desempenho corporativo no Brasil. RAC-Eletrônica, 1(1), 119-135.
Permalink:
http://www.spell.org.br/documentos/ver/31027/estrutura-de-propriedade-e-desempenho-corporativo-no-brasil/i/en
Document type:
Artigo
Language:
Português