Institutional investor ownership and the firm value effect: evidence from Brazil
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/28886 |
Resumo: | We analyze the influence of institutional investor ownership on Brazilian firm value using a database of equity holdings from 156 Brazilian listed companies, held by 2,019 institutional investors from 47 countries, during the period of 2009 to 2018. We find that firms with higher foreign and independent institutions (investment advisors and hedge funds) ownership are more likely to have lower firm valuation. While, firms with higher domestic institutional investor ownership are more likely to have higher firm valuation. Finally, firms with higher ownership by dependent institutions (bank and trusts, pension funds, sovereign wealth funds) have no statistical relation with the firm value variation. Our results can be attributed to the evidences that, in Brazil, foreign and independent institutions encounter higher information costs, which can influence the firm value decrease. The opposite happens with domestic institutions. |
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Pavan, Pedro Cesar PestanaEscolas::EAESPMaganini, Natália DinizAldrighi, Dante MendesSheng, Hsia Hua2020-03-12T15:21:13Z2020-03-12T15:21:13Z2020-03-11Pavan, Pedro C. P. (2020) Institutional investor ownership and the firm value effect: evidence from Brazilhttps://hdl.handle.net/10438/28886We analyze the influence of institutional investor ownership on Brazilian firm value using a database of equity holdings from 156 Brazilian listed companies, held by 2,019 institutional investors from 47 countries, during the period of 2009 to 2018. We find that firms with higher foreign and independent institutions (investment advisors and hedge funds) ownership are more likely to have lower firm valuation. While, firms with higher domestic institutional investor ownership are more likely to have higher firm valuation. Finally, firms with higher ownership by dependent institutions (bank and trusts, pension funds, sovereign wealth funds) have no statistical relation with the firm value variation. Our results can be attributed to the evidences that, in Brazil, foreign and independent institutions encounter higher information costs, which can influence the firm value decrease. The opposite happens with domestic institutions.Nós analisamos a influência da participação dos investidores institucionais no valor da firma no Brasil, usando uma base de dados com a composição acionária de 156 companhias Brasileiras listadas, nas mãos de 2.019 investidores institucionais de 47 países durante os anos de 2009-2018. Encontramos que empresas com maiores participações acionárias de instituições estrangeiras ou independentes (gestoras de recursos e fundos de investimentos) tendem a ter menores valores de firma. Enquanto, empresas com maiores níveis de participação acionária de investidores institucionais domésticos tendem a ter maiores valores de firma. Por fim, empresas com maiores participações de instituições dependentes (bancos, fundos de pensão e fundos soberanos) não relação estatística com a variação do valor da empresa. Os resultados podem ter ocorrido devido às evidências que, no Brasil, os estrangeiros e os independentes têm um alto custo para obter informações, portanto, podendo influenciar na diminuição do valor da empresa. O oposto ocorre com as instituições domésticas.engInstitutional investors ownershipFirm valueMonitoringInformation asymmetriesBrazilian financial marketsInvestidor institucionalValor da empresaMonitoramentoAssimetria de informaçõesMercado financeiro brasileiroAdministração de empresasFinançasEmpresas - FinançasEmpresas - Avaliação - BrasilInvestimentos institucionaisInformação assimétricaMercado financeiro - BrasilInstitutional investor ownership and the firm value effect: evidence from Brazilinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVLICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/bfc824c6-5ed5-4475-94bd-be5e12cd0431/downloaddfb340242cced38a6cca06c627998fa1MD52TEXT20200311_Pedro_Cesar_Pestana_Pavan_versao_final 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dc.title.eng.fl_str_mv |
Institutional investor ownership and the firm value effect: evidence from Brazil |
title |
Institutional investor ownership and the firm value effect: evidence from Brazil |
spellingShingle |
Institutional investor ownership and the firm value effect: evidence from Brazil Pavan, Pedro Cesar Pestana Institutional investors ownership Firm value Monitoring Information asymmetries Brazilian financial markets Investidor institucional Valor da empresa Monitoramento Assimetria de informações Mercado financeiro brasileiro Administração de empresas Finanças Empresas - Finanças Empresas - Avaliação - Brasil Investimentos institucionais Informação assimétrica Mercado financeiro - Brasil |
title_short |
Institutional investor ownership and the firm value effect: evidence from Brazil |
title_full |
Institutional investor ownership and the firm value effect: evidence from Brazil |
title_fullStr |
Institutional investor ownership and the firm value effect: evidence from Brazil |
title_full_unstemmed |
Institutional investor ownership and the firm value effect: evidence from Brazil |
title_sort |
Institutional investor ownership and the firm value effect: evidence from Brazil |
author |
Pavan, Pedro Cesar Pestana |
author_facet |
Pavan, Pedro Cesar Pestana |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EAESP |
dc.contributor.member.none.fl_str_mv |
Maganini, Natália Diniz Aldrighi, Dante Mendes |
dc.contributor.author.fl_str_mv |
Pavan, Pedro Cesar Pestana |
dc.contributor.advisor1.fl_str_mv |
Sheng, Hsia Hua |
contributor_str_mv |
Sheng, Hsia Hua |
dc.subject.eng.fl_str_mv |
Institutional investors ownership Firm value Monitoring Information asymmetries Brazilian financial markets |
topic |
Institutional investors ownership Firm value Monitoring Information asymmetries Brazilian financial markets Investidor institucional Valor da empresa Monitoramento Assimetria de informações Mercado financeiro brasileiro Administração de empresas Finanças Empresas - Finanças Empresas - Avaliação - Brasil Investimentos institucionais Informação assimétrica Mercado financeiro - Brasil |
dc.subject.por.fl_str_mv |
Investidor institucional Valor da empresa Monitoramento Assimetria de informações Mercado financeiro brasileiro |
dc.subject.area.por.fl_str_mv |
Administração de empresas Finanças |
dc.subject.bibliodata.por.fl_str_mv |
Empresas - Finanças Empresas - Avaliação - Brasil Investimentos institucionais Informação assimétrica Mercado financeiro - Brasil |
description |
We analyze the influence of institutional investor ownership on Brazilian firm value using a database of equity holdings from 156 Brazilian listed companies, held by 2,019 institutional investors from 47 countries, during the period of 2009 to 2018. We find that firms with higher foreign and independent institutions (investment advisors and hedge funds) ownership are more likely to have lower firm valuation. While, firms with higher domestic institutional investor ownership are more likely to have higher firm valuation. Finally, firms with higher ownership by dependent institutions (bank and trusts, pension funds, sovereign wealth funds) have no statistical relation with the firm value variation. Our results can be attributed to the evidences that, in Brazil, foreign and independent institutions encounter higher information costs, which can influence the firm value decrease. The opposite happens with domestic institutions. |
publishDate |
2020 |
dc.date.accessioned.fl_str_mv |
2020-03-12T15:21:13Z |
dc.date.available.fl_str_mv |
2020-03-12T15:21:13Z |
dc.date.issued.fl_str_mv |
2020-03-11 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
Pavan, Pedro C. P. (2020) Institutional investor ownership and the firm value effect: evidence from Brazil |
dc.identifier.uri.fl_str_mv |
https://hdl.handle.net/10438/28886 |
identifier_str_mv |
Pavan, Pedro C. P. (2020) Institutional investor ownership and the firm value effect: evidence from Brazil |
url |
https://hdl.handle.net/10438/28886 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
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