Moderating effect of economic instability in the relationship between concentration of control and market value: empirical evidence in Latin America

Detalhes bibliográficos
Autor(a) principal: Viana Junior, D. B. C.
Data de Publicação: 2014
Outros Autores: Caixe, D., Ponte, V.
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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spelling 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
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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
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