Estrutura de Controle das Companhias Brasileiras de Capital Aberto

This paper analyzes the control structure of Brazilian public companies at the end of 1998. We show a high degree of ownership concentration. Even when there is no majority shareholder, the largest one owns a significant portion of the voting capital, and the company is, on average, controlled by it...

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Bibliographic Details
Published in:	Revista de administração contemporânea Vol. 6; no. 1; pp. 7 - 18
Main Authors:	Leal, Ricardo Pereira Câmera, da Silva, André Luiz Carvalhal, Valadares, Silvia Mourthé
Format:	Journal Article
Language:	Portuguese
Published:	Rio de Janeiro Associação Nacional de Pós-Graduação e Pesquisa em Administração 01-04-2002
Subjects:	Business ownership Corporate governance MANAGEMENT Shareholder voting Stockholders Studies Brazil acionista controlador governança corporativa ownership controlling shareholder corporate governance control propriedade controle
Online Access:	Get full text
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Summary:	This paper analyzes the control structure of Brazilian public companies at the end of 1998. We show a high degree of ownership concentration. Even when there is no majority shareholder, the largest one owns a significant portion of the voting capital, and the company is, on average, controlled by its three largest shareholders. We also conclude that the utilization of pyramid structures does not appear to be an effort to avoid the one share-one vote rule in Brazilian companies. [PUBLICATION ABSTRACT]
ISSN:	1415-6555 1982-7849 1982-7849
DOI:	10.1590/S1415-65552002000100002