OWNERSHIP STRUCTURE AND INTERNATIONALIZATION: AGENCY PROBLEMS AND DELISTING IN BRAZIL

• Published in: Revista de administração Mackenzie Vol. 18; no. 4; pp. 164 - 189
• Main Authors: Moreira, Kleverson Daliton Silva, Oliveira, Juliana Rodrigues, Peixoto, Fernanda Maciel, Pereira, Vinicius Silva
• Format: Journal Article
• Language: English; Spanish
• Published: São Paulo Universidade Presbiteriana Mackenzie 01-07-2017; Mackenzie Presbyterian University
• Subjects: Agency theory; Boards of directors; Corporate governance; Corporate growth; Costs; Econometrics; Equity; Foreign investment; Globalization; Initial public offerings; Institutional investments; Multinational corporations; Organizational structure; Registration; Securities markets; Stock exchanges; Stock market delistings; Stockholders; Studies; Brazil
• ISSN: 1518-6776; 1678-6971
• DOI: 10.1590/1678-69712017/administracao.v18n4p164-189

Purpose: This study aimed to analyze determinants related with the delisting of Brazilian companies, through the analysis of the problems of agencies coming from structures of property/control and the internationalization of organizations. Originality/value: The present work seeks to fill the existing gap of more detailed studies related to the delisting of companies in the Brazilian capital market. In addition, it presents a contribution to the literature through the analysis of the relationship between Corporate Governance, Corporate Internationalization and Deslisting from the perspective of Agency Theory. Design/methodological/approach: Four econometric models based on existing literature were elaborated and then analysis of logit regressions with panel data. For data of all organizations listed in BM&FBOVESPA in the period between 2006 and 2015, period in which it was found that 205 businesses closed down their capital. Findings: As a result, it was observed that when considering the year before the delisting, organizations which have greater concentration of property had higher probability of closing their capital, which does not occur when analyzing the control structures. As to the entrance mode into international market, it was noted that there is a negative relationship between entrance mode non- patrimonial and volunteer delisting. KEYWORDS Volunteer Delisting; Agency Problems; Ownership and Control Structure; Internationalization; Entrance mode.