The government as a large shareholder: impact on corporate governance

Detalhes bibliográficos
Autor(a) principal: Fernandes, Marcelo
Data de Publicação: 2017
Outros Autores: Novaes, Walter
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/18389
Resumo: What is the role that governments play as large shareholders of mixed-owned firms? By solving a bargaining model over investment decisions, we unveil two corporate governance effects of the government's activism as a large shareholder: a voting effect that always lowers the value of minority votes and an interventionism effect that, depending on the government's political interests, either raises or lowers diversion of firm value by controlling shareholders. We apply our model to Brazilian data on voting premia and find that the activism of the Brazilian government from 2008 to 2012 harmed minority shareholders by making their votes less important for business decisions.
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spelling Fernandes, MarceloNovaes, WalterEscolas::EESP2017-06-28T19:39:53Z2017-06-28T19:39:53Z2017TD 458http://hdl.handle.net/10438/18389What is the role that governments play as large shareholders of mixed-owned firms? By solving a bargaining model over investment decisions, we unveil two corporate governance effects of the government's activism as a large shareholder: a voting effect that always lowers the value of minority votes and an interventionism effect that, depending on the government's political interests, either raises or lowers diversion of firm value by controlling shareholders. We apply our model to Brazilian data on voting premia and find that the activism of the Brazilian government from 2008 to 2012 harmed minority shareholders by making their votes less important for business decisions.engEESP - Texto para Discussão;TD 458Corporate governanceEconomiaGovernança corporativaAcionistasThe government as a large shareholder: impact on corporate governanceinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessTEXTTD 458_CEQEF 40_1.pdf.txtTD 458_CEQEF 40_1.pdf.txtExtracted texttext/plain101161https://repositorio.fgv.br/bitstreams/7284d249-76c9-4e81-b28a-6891b5b1603c/download066bede8748153b58b65aabb76e729d8MD55ORIGINALTD 458_CEQEF 40_1.pdfTD 458_CEQEF 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dc.title.eng.fl_str_mv The government as a large shareholder: impact on corporate governance
title The government as a large shareholder: impact on corporate governance
spellingShingle The government as a large shareholder: impact on corporate governance
Fernandes, Marcelo
Corporate governance
Economia
Governança corporativa
Acionistas
title_short The government as a large shareholder: impact on corporate governance
title_full The government as a large shareholder: impact on corporate governance
title_fullStr The government as a large shareholder: impact on corporate governance
title_full_unstemmed The government as a large shareholder: impact on corporate governance
title_sort The government as a large shareholder: impact on corporate governance
author Fernandes, Marcelo
author_facet Fernandes, Marcelo
Novaes, Walter
author_role author
author2 Novaes, Walter
author2_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EESP
dc.contributor.author.fl_str_mv Fernandes, Marcelo
Novaes, Walter
dc.subject.eng.fl_str_mv Corporate governance
topic Corporate governance
Economia
Governança corporativa
Acionistas
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Governança corporativa
Acionistas
description What is the role that governments play as large shareholders of mixed-owned firms? By solving a bargaining model over investment decisions, we unveil two corporate governance effects of the government's activism as a large shareholder: a voting effect that always lowers the value of minority votes and an interventionism effect that, depending on the government's political interests, either raises or lowers diversion of firm value by controlling shareholders. We apply our model to Brazilian data on voting premia and find that the activism of the Brazilian government from 2008 to 2012 harmed minority shareholders by making their votes less important for business decisions.
publishDate 2017
dc.date.accessioned.fl_str_mv 2017-06-28T19:39:53Z
dc.date.available.fl_str_mv 2017-06-28T19:39:53Z
dc.date.issued.fl_str_mv 2017
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/18389
dc.identifier.sici.none.fl_str_mv TD 458
identifier_str_mv TD 458
url http://hdl.handle.net/10438/18389
dc.language.iso.fl_str_mv eng
language eng
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dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
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