Concentração de propriedade e a relação com desempenho financeiro e valor de mercado de empresas brasileiras

• Ano de defesa: 2016
• Autor(a) principal: Dallacqua, Rafael
• Orientador(a): Lora, Mayra Ivanoff
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: Concentração de propriedade; Estrutura acionária; Desempenho financeiro; Valor de mercado
• Palavras-chave em Inglês: Concentration of ownership; Ownership strucutre; Financial performance; Market value
• Link de acesso: http://hdl.handle.net/10438/17674

The Brazilian corporate governance model is characterized by a high concentration of ownership structure and control in the majority of the publicly traded companies, which makes the conflict between minorities and controlling shareholders the main agency problem in Brazilian companies. Several national and international papers have studied the theme and the impact of concentration of ownership on financial performance, market value and risk of the companies, using different econometric approaches having reached divergent results, despite the lack of consensus regarding the influence of concentration of ownership on the value and performance of companies. This paper aims to analyze the relation between concentration of ownership and financial performance and the market value of Brazilian companies, using a sample with balanced panel data composed by 83 non-financial publicly traded Brazilian companies in the period from 2009 to 2014. The results show that there is a statistically significant relationship between concentration of ownership and the market value of firms, given by Tobin's q and the firm value of the company. However, no statistically significant relationship was found between concentration of ownership and financial performance.