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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| Published in: | Revista de administração contemporânea Vol. 6; no. 1; pp. 7 - 18 |
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| Main Authors: | , , |
| Format: | Journal Article |
| Language: | Portuguese |
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Rio de Janeiro
Associação Nacional de Pós-Graduação e Pesquisa em Administração
01-04-2002
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| Abstract | 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] |
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| AbstractList | 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] O presente trabalho analisa a estrutura de controle direta e indireta de empresas brasileiras no final de 1998. Nossos resultados revelam um elevado grau de concentração de capital votante no Brasil. Mesmo nos casos em que não há um acionista controlador, o maior acionista detém uma participação significativa dos direitos sobre voto e a companhia é, geralmente, controlada por seus três maiores acionistas. Concluímos também que a utilização de pirâmides como um mecanismo para manutenção de controle a um custo menor, isto é, com investimento menor no capital total, não é muito comum. Os acionistas controladores brasileiros investem em média muito mais do que o mínimo necessário para manter o controle nas suas companhias. |
| Author | Valadares, Silvia Mourthé da Silva, André Luiz Carvalhal Leal, Ricardo Pereira Câmera |
| AuthorAffiliation | Opportunity Asset Management Ministério do Planejamento, Orçamento e Gestão Universidade Federal do Rio de Janeiro |
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| Copyright | Copyright Associação Nacional de Pós-Graduação e Pesquisa em Administração Jan-Apr 2002 This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. |
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| DOI | 10.1590/S1415-65552002000100002 |
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| Keywords | acionista controlador governança corporativa ownership controlling shareholder corporate governance control propriedade controle |
| Language | Portuguese |
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| References | VALADARES, S; LEAL, R 2000; 3 HALLQVIST, B 2000; 35 SAITO, R 2000 VALADARES, S 1998 SIFFERT FILHO, N 1998 LA PORTA, R 1998; 106 PROCIANOY, J; COMERLATO, G 1994 LA PORTA, R 1999; 54 PROCIANOY, J. L 1994; 34 SIQUEIRA, T 1998; 10 BERLE, A; MEANS, G 1932 |
| References_xml | – year: 1932 publication-title: The modern corporation and private property contributor: fullname: BERLE, A; MEANS, G – volume: 35 start-page: 72 issue: 2 year: 2000 end-page: 76 article-title: Código das melhores práticas de governança corporativa: o conselho de administração publication-title: Revista de Administração contributor: fullname: HALLQVIST, B – volume: 54 start-page: 471 year: 1999 end-page: 518 article-title: Corporate ownership around the world publication-title: Journal of Finance contributor: fullname: LA PORTA, R – volume: 3 start-page: 29 issue: 1 year: 2000 end-page: 56 article-title: Ownership and control structure of Brazilian companies publication-title: Revista Abante contributor: fullname: VALADARES, S; LEAL, R – issue: 9 year: 1998 article-title: Governança corporativa: padrões internacionais e evidências empíricas no Brasil nos anos 90 publication-title: Revista do BNDES contributor: fullname: SIFFERT FILHO, N – volume: 10 year: 1998 article-title: Concentração da propriedade nas empresas brasileiras de capital aberto publication-title: Revista do BNDES contributor: fullname: SIQUEIRA, T – start-page: 249 year: 1994 end-page: 264 publication-title: Anais... contributor: fullname: PROCIANOY, J; COMERLATO, G – volume: 34 start-page: 74 issue: 4 year: 1994 end-page: 84 article-title: O processo sucessório e a abertura de capital nas empresas brasileiras: objetivos conflitantes publication-title: Revista de Administração de Empresas contributor: fullname: PROCIANOY, J. L – year: 2000 publication-title: Anais... contributor: fullname: SAITO, R – volume: 106 start-page: 1113 year: 1998 end-page: 1155 article-title: Law and finance publication-title: Journal of Political Economy contributor: fullname: LA PORTA, R – year: 1998 publication-title: Três ensaios sobre mercado por controle no Brasil contributor: fullname: VALADARES, S |
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| Snippet | 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... O presente trabalho analisa a estrutura de controle direta e indireta de empresas brasileiras no final de 1998. Nossos resultados revelam um elevado grau de... |
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| SubjectTerms | Business ownership Corporate governance MANAGEMENT Shareholder voting Stockholders Studies |
| Title | Estrutura de Controle das Companhias Brasileiras de Capital Aberto |
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