Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues
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Data de Publicação: | 2015 |
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Tipo de documento: | Artigo |
Idioma: | eng por |
Título da fonte: | BBR. Brazilian Business Review (English edition. Online) |
Texto Completo: | http://www.bbronline.com.br/index.php/bbr/article/view/109 |
Resumo: | This paper proposes to analyse the relationship between corporate governance and delisting process of public companies listed on the Brazilian Securities, Commodities and Futures Exchange (Bolsa de Valores, Mercadorias e Futuros de São Paulo – BM&FBovespa). The sample comprises 86 voluntary delisting operations in 2008-2012 period and a matching sample with companies that remained public, identified here as “comparable”. A corporate governance index comprising four dimensions (ownership structure, ethics and conflicts of interest, disclosure and board of directors) and a set of 16 questions was used to analyse the two groups. As expected, delisted companies score lower than their comparable ones is the broad index. However, board of directors, disclosure and ethics and conflicts of interest dimensions didn’t show statistical significant differences between the two groups. In the ownership structure dimension the issues related to concentration of control differentiate the groups. Despite the mean differences, corporate governance doesn’t seem to impact significantly the chances to delist in a model with ownership structure and financial variables. |
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Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance IssuesDeslistagem de Companhias Brasileiras Listadas na Bolsa de Valores: Evidências Empíricas sobre a Governança CorporativaCorporate governanceCorporate governance indexDelisting (going private)Governança corporativaÍndice de governança corporativaDeslistagemThis paper proposes to analyse the relationship between corporate governance and delisting process of public companies listed on the Brazilian Securities, Commodities and Futures Exchange (Bolsa de Valores, Mercadorias e Futuros de São Paulo – BM&FBovespa). The sample comprises 86 voluntary delisting operations in 2008-2012 period and a matching sample with companies that remained public, identified here as “comparable”. A corporate governance index comprising four dimensions (ownership structure, ethics and conflicts of interest, disclosure and board of directors) and a set of 16 questions was used to analyse the two groups. As expected, delisted companies score lower than their comparable ones is the broad index. However, board of directors, disclosure and ethics and conflicts of interest dimensions didn’t show statistical significant differences between the two groups. In the ownership structure dimension the issues related to concentration of control differentiate the groups. Despite the mean differences, corporate governance doesn’t seem to impact significantly the chances to delist in a model with ownership structure and financial variables.Este artigo se propõe a analisar o relacionamento entre governança corporativa e o processo de deslistagem de companhias de capital aberto listadas na Bolsa de Valores, Mercadorias e Futuros de São Paulo (BM&FBovespa). A amostra compreende 86 operações de deslistagens voluntárias, no período de 2008-2012, e uma amostra de correspondência com companhias que se mantiveram com o capital aberto (listadas em bolsa), identificadas aqui como “comparáveis”. Um índice de governança corporativa que compreende quatro dimensões (estrutura de propriedade, ética e conflitos de interesse, disclosure e conselho de administração) e um conjunto de 16 perguntas foi usado para analisar esses dois grupos. Como esperado, ao se analisar o índice de forma mais ampla, constatou-se que as companhias que se deslistaram tiveram uma pontuação mais baixa do que as “comparáveis”. No entanto as dimensões conselho de administração, disclosure e ética e conflitos de interesse não mostraram diferenças estatísticas significativas entre os dois grupos. Na dimensão estrutura de propriedade, as questões relacionadas com a concentração de controle diferenciam os grupos. Apesar das diferenças de médias, a governança corporativa parece não impactar significativamente as chances de deslistagem da bolsa em um modelo com variáveis relacionadas à estrutura de propriedade e variáveis financeiras.FUCAPE Business Shool2015-01-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPeer-reviewed ArticleArtigo revisado pelos paresapplication/pdfapplication/pdfhttp://www.bbronline.com.br/index.php/bbr/article/view/10910.15728/bbrconf.2015.5Brazilian Business Review; Vol. 12 No. Special Ed (2015): BBR Conference - 2015; 97-124Brazilian Business Review; v. 12 n. Special Ed (2015): BBR Conference - 2015; 97-1241808-23861807-734Xreponame:BBR. Brazilian Business Review (English edition. Online)instname:Fucape Business School (FBS)instacron:FBSengporhttp://www.bbronline.com.br/index.php/bbr/article/view/109/158http://www.bbronline.com.br/index.php/bbr/article/view/109/571Bortolon, Patricia MariaSilva Junior, Annor dainfo:eu-repo/semantics/openAccess2018-10-31T19:06:42Zoai:ojs.pkp.sfu.ca:article/109Revistahttps://www.bbronline.com.br/index.php/bbr/indexONGhttp://www.bbronline.com.br/index.php/bbr/oai|| bbronline@bbronline.com.br1808-23861808-2386opendoar:2018-10-31T19:06:42BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)false |
dc.title.none.fl_str_mv |
Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues Deslistagem de Companhias Brasileiras Listadas na Bolsa de Valores: Evidências Empíricas sobre a Governança Corporativa |
title |
Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues |
spellingShingle |
Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues Bortolon, Patricia Maria Corporate governance Corporate governance index Delisting (going private) Governança corporativa Índice de governança corporativa Deslistagem |
title_short |
Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues |
title_full |
Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues |
title_fullStr |
Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues |
title_full_unstemmed |
Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues |
title_sort |
Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues |
author |
Bortolon, Patricia Maria |
author_facet |
Bortolon, Patricia Maria Silva Junior, Annor da |
author_role |
author |
author2 |
Silva Junior, Annor da |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Bortolon, Patricia Maria Silva Junior, Annor da |
dc.subject.por.fl_str_mv |
Corporate governance Corporate governance index Delisting (going private) Governança corporativa Índice de governança corporativa Deslistagem |
topic |
Corporate governance Corporate governance index Delisting (going private) Governança corporativa Índice de governança corporativa Deslistagem |
description |
This paper proposes to analyse the relationship between corporate governance and delisting process of public companies listed on the Brazilian Securities, Commodities and Futures Exchange (Bolsa de Valores, Mercadorias e Futuros de São Paulo – BM&FBovespa). The sample comprises 86 voluntary delisting operations in 2008-2012 period and a matching sample with companies that remained public, identified here as “comparable”. A corporate governance index comprising four dimensions (ownership structure, ethics and conflicts of interest, disclosure and board of directors) and a set of 16 questions was used to analyse the two groups. As expected, delisted companies score lower than their comparable ones is the broad index. However, board of directors, disclosure and ethics and conflicts of interest dimensions didn’t show statistical significant differences between the two groups. In the ownership structure dimension the issues related to concentration of control differentiate the groups. Despite the mean differences, corporate governance doesn’t seem to impact significantly the chances to delist in a model with ownership structure and financial variables. |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015-01-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Peer-reviewed Article Artigo revisado pelos pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://www.bbronline.com.br/index.php/bbr/article/view/109 10.15728/bbrconf.2015.5 |
url |
http://www.bbronline.com.br/index.php/bbr/article/view/109 |
identifier_str_mv |
10.15728/bbrconf.2015.5 |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
http://www.bbronline.com.br/index.php/bbr/article/view/109/158 http://www.bbronline.com.br/index.php/bbr/article/view/109/571 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
FUCAPE Business Shool |
publisher.none.fl_str_mv |
FUCAPE Business Shool |
dc.source.none.fl_str_mv |
Brazilian Business Review; Vol. 12 No. Special Ed (2015): BBR Conference - 2015; 97-124 Brazilian Business Review; v. 12 n. Special Ed (2015): BBR Conference - 2015; 97-124 1808-2386 1807-734X reponame:BBR. Brazilian Business Review (English edition. Online) instname:Fucape Business School (FBS) instacron:FBS |
instname_str |
Fucape Business School (FBS) |
instacron_str |
FBS |
institution |
FBS |
reponame_str |
BBR. Brazilian Business Review (English edition. Online) |
collection |
BBR. Brazilian Business Review (English edition. Online) |
repository.name.fl_str_mv |
BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS) |
repository.mail.fl_str_mv |
|| bbronline@bbronline.com.br |
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