Evidence on the Ownership and Voting Structures of Limited Liability Firms in Brazil

Detalhes bibliográficos
Autor(a) principal: Aldrighi, Dante Mendes
Data de Publicação: 2007
Outros Autores: Neto, Roberto Mazzer
Tipo de documento: Artigo
Idioma: eng
por
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: https://periodicos.fgv.br/rbe/article/view/1049
Resumo: This paper focuses on the ownership and voting structures of limited liability companies in Brazil over the period 1997-2002. Its main contribution lies in measuring the magnitude of deviations between control rights and cash-flow rights for the ultimate shareholder with the largest voting rights. Furthermore, it pinpoints how these discrepancies are generated, evaluating the relative importance of the issuance of preferred stocks with no voting rights, voting agreements, pyramidal arrangements of ownership, and cross-shareholdings. The data set embraces 4,478 reports that companies, complying with a mandatory requirement, filed to the CVM over that period.
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spelling Evidence on the Ownership and Voting Structures of Limited Liability Firms in BrazilEvidências sobre as Estruturas de Propriedade de Capital e de Voto das Empresas de Capital Aberto no BrasilThis paper focuses on the ownership and voting structures of limited liability companies in Brazil over the period 1997-2002. Its main contribution lies in measuring the magnitude of deviations between control rights and cash-flow rights for the ultimate shareholder with the largest voting rights. Furthermore, it pinpoints how these discrepancies are generated, evaluating the relative importance of the issuance of preferred stocks with no voting rights, voting agreements, pyramidal arrangements of ownership, and cross-shareholdings. The data set embraces 4,478 reports that companies, complying with a mandatory requirement, filed to the CVM over that period.Este artigo analisa a evolução da estrutura de propriedade de capital e de votos das empresas de capital aberto no Brasil no período 1997-2002. Sua principal contribuição reside em estimar a magnitude dos direitos de voto e de fluxo de caixa do acionista último com a maior parcela do capital votante de cada empresa. Examinam-se, também, as fontes da discrepância entre direitos de votos e de fluxo de caixa, avaliando-se a importância relativa da emissão de ações preferenciais sem direito a voto, acordos de votos, estruturas piramidais de propriedade, e posse cruzada de ações. A base de dados compreende 4478 relatórios que as empresas, cumprindo uma exigência legal, submeteram à CVM nesse período.EGV EPGE2007-11-29info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArticlesArtigosapplication/pdfapplication/pdfhttps://periodicos.fgv.br/rbe/article/view/1049Revista Brasileira de Economia; Vol. 61 No. 2 (2007); 129-152Revista Brasileira de Economia; v. 61 n. 2 (2007); 129-1521806-91340034-7140reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGVengporhttps://periodicos.fgv.br/rbe/article/view/1049/214https://periodicos.fgv.br/rbe/article/view/1049/483Aldrighi, Dante MendesNeto, Roberto Mazzerinfo:eu-repo/semantics/openAccess2007-11-29T02:49:23Zoai:ojs.periodicos.fgv.br:article/1049Revistahttps://periodicos.fgv.br/rbe/https://periodicos.fgv.br/rbe/oai||rbe@fgv.br1806-91340034-7140opendoar:2024-03-06T13:03:00.225390Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)true
dc.title.none.fl_str_mv Evidence on the Ownership and Voting Structures of Limited Liability Firms in Brazil
Evidências sobre as Estruturas de Propriedade de Capital e de Voto das Empresas de Capital Aberto no Brasil
title Evidence on the Ownership and Voting Structures of Limited Liability Firms in Brazil
spellingShingle Evidence on the Ownership and Voting Structures of Limited Liability Firms in Brazil
Aldrighi, Dante Mendes
title_short Evidence on the Ownership and Voting Structures of Limited Liability Firms in Brazil
title_full Evidence on the Ownership and Voting Structures of Limited Liability Firms in Brazil
title_fullStr Evidence on the Ownership and Voting Structures of Limited Liability Firms in Brazil
title_full_unstemmed Evidence on the Ownership and Voting Structures of Limited Liability Firms in Brazil
title_sort Evidence on the Ownership and Voting Structures of Limited Liability Firms in Brazil
author Aldrighi, Dante Mendes
author_facet Aldrighi, Dante Mendes
Neto, Roberto Mazzer
author_role author
author2 Neto, Roberto Mazzer
author2_role author
dc.contributor.author.fl_str_mv Aldrighi, Dante Mendes
Neto, Roberto Mazzer
description This paper focuses on the ownership and voting structures of limited liability companies in Brazil over the period 1997-2002. Its main contribution lies in measuring the magnitude of deviations between control rights and cash-flow rights for the ultimate shareholder with the largest voting rights. Furthermore, it pinpoints how these discrepancies are generated, evaluating the relative importance of the issuance of preferred stocks with no voting rights, voting agreements, pyramidal arrangements of ownership, and cross-shareholdings. The data set embraces 4,478 reports that companies, complying with a mandatory requirement, filed to the CVM over that period.
publishDate 2007
dc.date.none.fl_str_mv 2007-11-29
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Articles
Artigos
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://periodicos.fgv.br/rbe/article/view/1049
url https://periodicos.fgv.br/rbe/article/view/1049
dc.language.iso.fl_str_mv eng
por
language eng
por
dc.relation.none.fl_str_mv https://periodicos.fgv.br/rbe/article/view/1049/214
https://periodicos.fgv.br/rbe/article/view/1049/483
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 EGV EPGE
publisher.none.fl_str_mv EGV EPGE
dc.source.none.fl_str_mv Revista Brasileira de Economia; Vol. 61 No. 2 (2007); 129-152
Revista Brasileira de Economia; v. 61 n. 2 (2007); 129-152
1806-9134
0034-7140
reponame:Revista Brasileira de Economia (Online)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Revista Brasileira de Economia (Online)
collection Revista Brasileira de Economia (Online)
repository.name.fl_str_mv Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)
repository.mail.fl_str_mv ||rbe@fgv.br
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