Moderating effect of economic instability in the relationship between concentration of control and market value: empirical evidence in Latin America
Autor(a) principal: | |
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Data de Publicação: | 2014 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10071/18502 |
Resumo: | This paper investigates the moderating effect of economic instability in the relationship between the concentration of control and market value of firms. For this purpose, we built an unbalanced panel dataset composed of 341 Latin American companies from six countries: Argentina, Brazil, Chile, Colombia, Mexico, and Peru. The results of the dynamic models, estimated using the systemic generalized method of moments, indicate, in general, that concentration of control only reduces the market value of firms in environments with high economic instability. Thus, this study provides empirical evidence that times of economic instability encourage controlling shareholders to act even more strongly in their own interests, which may result in the expropriation of the wealth of smaller shareholders. |
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Moderating effect of economic instability in the relationship between concentration of control and market value: empirical evidence in Latin AmericaConcentration of controlMarket valueEconomic instabilityThis paper investigates the moderating effect of economic instability in the relationship between the concentration of control and market value of firms. For this purpose, we built an unbalanced panel dataset composed of 341 Latin American companies from six countries: Argentina, Brazil, Chile, Colombia, Mexico, and Peru. The results of the dynamic models, estimated using the systemic generalized method of moments, indicate, in general, that concentration of control only reduces the market value of firms in environments with high economic instability. Thus, this study provides empirical evidence that times of economic instability encourage controlling shareholders to act even more strongly in their own interests, which may result in the expropriation of the wealth of smaller shareholders.FUCAPE2019-07-19T11:22:39Z2014-01-01T00:00:00Z20142019-07-19T12:22:06Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10071/18502eng1808-238610.15728/bbr.2019.16.4.6Viana Junior, D. B. C.Caixe, D.Ponte, V.info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-09T18:01:03Zoai:repositorio.iscte-iul.pt:10071/18502Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:32:31.210568Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Moderating effect of economic instability in the relationship between concentration of control and market value: empirical evidence in Latin America |
title |
Moderating effect of economic instability in the relationship between concentration of control and market value: empirical evidence in Latin America |
spellingShingle |
Moderating effect of economic instability in the relationship between concentration of control and market value: empirical evidence in Latin America Viana Junior, D. B. C. Concentration of control Market value Economic instability |
title_short |
Moderating effect of economic instability in the relationship between concentration of control and market value: empirical evidence in Latin America |
title_full |
Moderating effect of economic instability in the relationship between concentration of control and market value: empirical evidence in Latin America |
title_fullStr |
Moderating effect of economic instability in the relationship between concentration of control and market value: empirical evidence in Latin America |
title_full_unstemmed |
Moderating effect of economic instability in the relationship between concentration of control and market value: empirical evidence in Latin America |
title_sort |
Moderating effect of economic instability in the relationship between concentration of control and market value: empirical evidence in Latin America |
author |
Viana Junior, D. B. C. |
author_facet |
Viana Junior, D. B. C. Caixe, D. Ponte, V. |
author_role |
author |
author2 |
Caixe, D. Ponte, V. |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Viana Junior, D. B. C. Caixe, D. Ponte, V. |
dc.subject.por.fl_str_mv |
Concentration of control Market value Economic instability |
topic |
Concentration of control Market value Economic instability |
description |
This paper investigates the moderating effect of economic instability in the relationship between the concentration of control and market value of firms. For this purpose, we built an unbalanced panel dataset composed of 341 Latin American companies from six countries: Argentina, Brazil, Chile, Colombia, Mexico, and Peru. The results of the dynamic models, estimated using the systemic generalized method of moments, indicate, in general, that concentration of control only reduces the market value of firms in environments with high economic instability. Thus, this study provides empirical evidence that times of economic instability encourage controlling shareholders to act even more strongly in their own interests, which may result in the expropriation of the wealth of smaller shareholders. |
publishDate |
2014 |
dc.date.none.fl_str_mv |
2014-01-01T00:00:00Z 2014 2019-07-19T11:22:39Z 2019-07-19T12:22:06Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10071/18502 |
url |
http://hdl.handle.net/10071/18502 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
1808-2386 10.15728/bbr.2019.16.4.6 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
FUCAPE |
publisher.none.fl_str_mv |
FUCAPE |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799134886854918144 |