PATTERNS OF EFFICIENCY IN DISPERSED, DOMINANT AND CONCENTRATED OWNERSHIP STRUCTURES IN BRAZIL

Detalhes bibliográficos
Autor(a) principal: SONZA1,IGOR BERNARDI
Data de Publicação: 2017
Tipo de documento: Artigo
Idioma: eng
Título da fonte: RAM. Revista de Administração Mackenzie
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S1678-69712017000300232
Resumo: ABSTRACT Purpose: The article aims to trace the behaviour of dispersed, dominant and concentrated ownership structures in Brazil and verify which of these structures is more efficient operationally and if there is a pattern to be followed. Originality/gap/relevance/implications: Static optimisation techniques are used by data envelopment analysis (DEA) to calculate the variable ‘efficiency', a differential in relation to previous studies that consider only outcome variables as a performance indicator. The article is one of the first in the area that traces the pattern of efficiency of ownership structures in Brazil. Key methodological aspects: The sample consists of 8,298 company years in the period between 1995 to 2012. To calculate the efficiency (dependent variable), static optimisation techniques were used by data envelopment analysis (DEA). After, the unbalanced panel data by GMM-Sys (system generalised method of moments) is applied to identify the influence of dispersed, dominant and concentrated ownership structures on efficiency. Summary of key results: The results showed that, although all the variables are positively related to efficiency, the graphic presented an inverted "U" format, i.e. dispersed and concentrated structures, mostly, are less efficient than dominant. Key considerations/conclusions: The study identifies that both agency problems and the expropriation of minority shareholders by the majority, stemming from weak legal protection in the country, significantly affect the efficiency of Brazilian companies, thus making dominant structures the most appropriated form of ownership structure in Brazil.
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spelling PATTERNS OF EFFICIENCY IN DISPERSED, DOMINANT AND CONCENTRATED OWNERSHIP STRUCTURES IN BRAZILGovernanceEfficiencyOwnership StructurePatternOptimisationABSTRACT Purpose: The article aims to trace the behaviour of dispersed, dominant and concentrated ownership structures in Brazil and verify which of these structures is more efficient operationally and if there is a pattern to be followed. Originality/gap/relevance/implications: Static optimisation techniques are used by data envelopment analysis (DEA) to calculate the variable ‘efficiency', a differential in relation to previous studies that consider only outcome variables as a performance indicator. The article is one of the first in the area that traces the pattern of efficiency of ownership structures in Brazil. Key methodological aspects: The sample consists of 8,298 company years in the period between 1995 to 2012. To calculate the efficiency (dependent variable), static optimisation techniques were used by data envelopment analysis (DEA). After, the unbalanced panel data by GMM-Sys (system generalised method of moments) is applied to identify the influence of dispersed, dominant and concentrated ownership structures on efficiency. Summary of key results: The results showed that, although all the variables are positively related to efficiency, the graphic presented an inverted "U" format, i.e. dispersed and concentrated structures, mostly, are less efficient than dominant. Key considerations/conclusions: The study identifies that both agency problems and the expropriation of minority shareholders by the majority, stemming from weak legal protection in the country, significantly affect the efficiency of Brazilian companies, thus making dominant structures the most appropriated form of ownership structure in Brazil.Editora MackenzieUniversidade Presbiteriana Mackenzie2017-06-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S1678-69712017000300232RAM. Revista de Administração Mackenzie v.18 n.3 2017reponame:RAM. Revista de Administração Mackenzieinstname:Universidade Presbiteriana Mackenzie (UPM)instacron:MACKENZIE10.1590/1678-69712017/administracao.v18n3p232-259.info:eu-repo/semantics/openAccessSONZA1,IGOR BERNARDIeng2017-07-04T00:00:00Zoai:scielo:S1678-69712017000300232Revistahttps://www.scielo.br/j/ram/https://old.scielo.br/oai/scielo-oai.phprevista.adm@mackenzie.br1678-69711518-6776opendoar:2017-07-04T00:00RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (UPM)false
dc.title.none.fl_str_mv PATTERNS OF EFFICIENCY IN DISPERSED, DOMINANT AND CONCENTRATED OWNERSHIP STRUCTURES IN BRAZIL
title PATTERNS OF EFFICIENCY IN DISPERSED, DOMINANT AND CONCENTRATED OWNERSHIP STRUCTURES IN BRAZIL
spellingShingle PATTERNS OF EFFICIENCY IN DISPERSED, DOMINANT AND CONCENTRATED OWNERSHIP STRUCTURES IN BRAZIL
SONZA1,IGOR BERNARDI
Governance
Efficiency
Ownership Structure
Pattern
Optimisation
title_short PATTERNS OF EFFICIENCY IN DISPERSED, DOMINANT AND CONCENTRATED OWNERSHIP STRUCTURES IN BRAZIL
title_full PATTERNS OF EFFICIENCY IN DISPERSED, DOMINANT AND CONCENTRATED OWNERSHIP STRUCTURES IN BRAZIL
title_fullStr PATTERNS OF EFFICIENCY IN DISPERSED, DOMINANT AND CONCENTRATED OWNERSHIP STRUCTURES IN BRAZIL
title_full_unstemmed PATTERNS OF EFFICIENCY IN DISPERSED, DOMINANT AND CONCENTRATED OWNERSHIP STRUCTURES IN BRAZIL
title_sort PATTERNS OF EFFICIENCY IN DISPERSED, DOMINANT AND CONCENTRATED OWNERSHIP STRUCTURES IN BRAZIL
author SONZA1,IGOR BERNARDI
author_facet SONZA1,IGOR BERNARDI
author_role author
dc.contributor.author.fl_str_mv SONZA1,IGOR BERNARDI
dc.subject.por.fl_str_mv Governance
Efficiency
Ownership Structure
Pattern
Optimisation
topic Governance
Efficiency
Ownership Structure
Pattern
Optimisation
description ABSTRACT Purpose: The article aims to trace the behaviour of dispersed, dominant and concentrated ownership structures in Brazil and verify which of these structures is more efficient operationally and if there is a pattern to be followed. Originality/gap/relevance/implications: Static optimisation techniques are used by data envelopment analysis (DEA) to calculate the variable ‘efficiency', a differential in relation to previous studies that consider only outcome variables as a performance indicator. The article is one of the first in the area that traces the pattern of efficiency of ownership structures in Brazil. Key methodological aspects: The sample consists of 8,298 company years in the period between 1995 to 2012. To calculate the efficiency (dependent variable), static optimisation techniques were used by data envelopment analysis (DEA). After, the unbalanced panel data by GMM-Sys (system generalised method of moments) is applied to identify the influence of dispersed, dominant and concentrated ownership structures on efficiency. Summary of key results: The results showed that, although all the variables are positively related to efficiency, the graphic presented an inverted "U" format, i.e. dispersed and concentrated structures, mostly, are less efficient than dominant. Key considerations/conclusions: The study identifies that both agency problems and the expropriation of minority shareholders by the majority, stemming from weak legal protection in the country, significantly affect the efficiency of Brazilian companies, thus making dominant structures the most appropriated form of ownership structure in Brazil.
publishDate 2017
dc.date.none.fl_str_mv 2017-06-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
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status_str publishedVersion
dc.identifier.uri.fl_str_mv http://old.scielo.br/scielo.php?script=sci_arttext&pid=S1678-69712017000300232
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dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1590/1678-69712017/administracao.v18n3p232-259.
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eu_rights_str_mv openAccess
dc.format.none.fl_str_mv text/html
dc.publisher.none.fl_str_mv Editora Mackenzie
Universidade Presbiteriana Mackenzie
publisher.none.fl_str_mv Editora Mackenzie
Universidade Presbiteriana Mackenzie
dc.source.none.fl_str_mv RAM. Revista de Administração Mackenzie v.18 n.3 2017
reponame:RAM. Revista de Administração Mackenzie
instname:Universidade Presbiteriana Mackenzie (UPM)
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instname_str Universidade Presbiteriana Mackenzie (UPM)
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institution MACKENZIE
reponame_str RAM. Revista de Administração Mackenzie
collection RAM. Revista de Administração Mackenzie
repository.name.fl_str_mv RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (UPM)
repository.mail.fl_str_mv revista.adm@mackenzie.br
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