Ownership structure; Corporate Governance; Agency Theory / Governança corporativa : estrutura de propriedade, desempenho e valor uma análise de empresas brasileiras




The literature indicates that, mainly in countries with high stock concentration, the property structure is an important internal mechanism of control of the corporate governance, with effects in the valorization and acting of the companies. In Brazil, the existent relationship among governance property-acting corporate-structure is still shown not conclusive . The present study investigates if there is relationship among property structure, financial acting and value in the non-financial Brazilian companies of capital open with actions negotiated in the Stock Exchange of São Paulo (BOVESPA), between the period of the years: 1997 to 2001 (consequences of the property structure), as well as the determinant of the concentration degree of the referred companies property (causes of the property structure). In the empiric investigation the following statistical methods were used: 1) Analysis of Parametric Variance (ANAVA); 2) Analysis of No-parametric Variance (Test of Kruskal-Wallis); and 3) Analysis of Multiple Regression through the estimators of Ordinary Least- Square (MQO) with solid mistake-patterns of the heterocedasticidade according to White (1980). Concerning the used methodology, the results indicate that the variables of property structure as defined don t exercise influence on the financial acting and value of the companies. Remain to the determinant of the property structure of capital open non-financial Brazilian companies, the results indicate that the property structure can be explained by the size of the firm, instability and regulation of the market, showing to be the last variable the main determinant of the property structure.


governança corporativa ownership structure teoria da agência administração de empresas corporate governance estrutura de propriedade administracao agency theory

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