Ownership, control and corporate valuation of Brazilian companies
Autor(a) principal: | |
---|---|
Data de Publicação: | 2000 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/12240 |
Resumo: | We study the direct and indirect ownership structure of Brazilian corporations and their market value and risk by the end of 1996 and 1998. Ownership is quite concentrated with most companies being controlled by a single direct shareholder. We find evidence that indirect control structures may be used to concentrate control even more rather than to keep control of the company with a smaller share of total capital. The greater the concentration of voting rights then less the value of the fmn should be due to potential expropriation ofrninority shareholders. We fmd evidence that when there is a majority shareholder and when indirect ownership structures are used without the loss of control, corporate valuations are greater when control is dilluted through the indirect ownership structure. This evidence is consistent with the existence of private benefits of control that can be translated as potential minority shareholder expropriation. |
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Leal, Ricardo Pereira CâmaraEscolas::EPGEFGV2014-10-27T13:23:31Z2014-10-27T13:23:31Z2000-05-18http://hdl.handle.net/10438/12240We study the direct and indirect ownership structure of Brazilian corporations and their market value and risk by the end of 1996 and 1998. Ownership is quite concentrated with most companies being controlled by a single direct shareholder. We find evidence that indirect control structures may be used to concentrate control even more rather than to keep control of the company with a smaller share of total capital. The greater the concentration of voting rights then less the value of the fmn should be due to potential expropriation ofrninority shareholders. We fmd evidence that when there is a majority shareholder and when indirect ownership structures are used without the loss of control, corporate valuations are greater when control is dilluted through the indirect ownership structure. This evidence is consistent with the existence of private benefits of control that can be translated as potential minority shareholder expropriation.engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisa econômica da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessOwnership, control and corporate valuation of Brazilian companiesinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaAções (Finanças) - BrasilMercado de capitais - Brasilreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000302957.pdf000302957.pdfapplication/pdf1159138https://repositorio.fgv.br/bitstreams/0be82744-af12-40af-8d36-ae8d48cf283d/download9003dec9c37e1d3fd3f998ca2c2eab39MD51LICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv |
Ownership, control and corporate valuation of Brazilian companies |
title |
Ownership, control and corporate valuation of Brazilian companies |
spellingShingle |
Ownership, control and corporate valuation of Brazilian companies Leal, Ricardo Pereira Câmara Economia Ações (Finanças) - Brasil Mercado de capitais - Brasil |
title_short |
Ownership, control and corporate valuation of Brazilian companies |
title_full |
Ownership, control and corporate valuation of Brazilian companies |
title_fullStr |
Ownership, control and corporate valuation of Brazilian companies |
title_full_unstemmed |
Ownership, control and corporate valuation of Brazilian companies |
title_sort |
Ownership, control and corporate valuation of Brazilian companies |
author |
Leal, Ricardo Pereira Câmara |
author_facet |
Leal, Ricardo Pereira Câmara |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Leal, Ricardo Pereira Câmara |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Ações (Finanças) - Brasil Mercado de capitais - Brasil |
dc.subject.bibliodata.por.fl_str_mv |
Ações (Finanças) - Brasil Mercado de capitais - Brasil |
description |
We study the direct and indirect ownership structure of Brazilian corporations and their market value and risk by the end of 1996 and 1998. Ownership is quite concentrated with most companies being controlled by a single direct shareholder. We find evidence that indirect control structures may be used to concentrate control even more rather than to keep control of the company with a smaller share of total capital. The greater the concentration of voting rights then less the value of the fmn should be due to potential expropriation ofrninority shareholders. We fmd evidence that when there is a majority shareholder and when indirect ownership structures are used without the loss of control, corporate valuations are greater when control is dilluted through the indirect ownership structure. This evidence is consistent with the existence of private benefits of control that can be translated as potential minority shareholder expropriation. |
publishDate |
2000 |
dc.date.issued.fl_str_mv |
2000-05-18 |
dc.date.accessioned.fl_str_mv |
2014-10-27T13:23:31Z |
dc.date.available.fl_str_mv |
2014-10-27T13:23:31Z |
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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article |
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dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/12240 |
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http://hdl.handle.net/10438/12240 |
dc.language.iso.fl_str_mv |
eng |
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eng |
dc.relation.ispartofseries.por.fl_str_mv |
Seminários de pesquisa econômica da EPGE |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
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reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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