O controle societário nas companhias com investimentos de fundos de private equity listadas na BM&FBVESPA

• Autor(a) principal: Silva, Thiago Mascarenhas de Souza e
• Data de Publicação: 2010
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
• Texto Completo: http://hdl.handle.net/10438/8385
• topic: Private equity; Venture capital; Control; Shareholders agreement; Corporation; Controle; Acordo de acionistas; Sociedades anônimas; BM&FBovespa; Direito; Capital de risco; Controle administrativo; Sociedades por ações; Bolsa de Mercadorias & Futuros (Brasil); Investimentos

This research analyzes the corporate control in private equity and venture capital fund (PE/VC) backed companies. Lerner and Schoar argue that PE/VC funds take control over the majority stake in civil law countries, such as Brazil, because of low rates protection for investors. This work investigates the applicability of this assumption in companies with PE/VC investment funds that made an IPO in BM&FBovespa between the years 2004 to 2008. During this period, 38 PE/VC backed companies in the Novo Mercado have a more dispersed ownership structure and the absence of a controlling shareholder. In these companies, investors bind their voting rights in shareholders agreements works as a substitute for a majority stake in some companies in Novo Mercado. This study analyses the assumption that shareholders’ agreement works as a substitute for majority ownership in PE/VC backed companies regulating a joint control.