The tag along concern for the shareholder and firm’s wealth - an empirical brazilian investigation of tobin’s q ratio and dividends
Autor(a) principal: | |
---|---|
Data de Publicação: | 2016 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Institucional da UFU |
Texto Completo: | https://repositorio.ufu.br/handle/123456789/17849 http://doi.org/10.14393/ufu.di.2016.471 |
Resumo: | The purpose of this research was to investigate how companies granting tag along rights to minority shareholders, affect the value generation of the company (measured by Tobin’s Q - Q) as well as wealth of minority shareholders (measured by payout - PAY). Tag along is the partial or full extension, to all other shareholders of the companies, the same conditions obtained by the controllers on the sale of control of a company. To study this, we collected and analyzed non-financial data of 613 Brazilian companies listed on the BM&F Bovespa during the years 1995-2014. For the analysis we used regression with panel data. The hypothesis for the research of the theory of corporate governance and considers the risks and the potential for conflicts that the ownership structure of Brazilian companies concentrated. The results showed a positive relationship between granting tag along and Q ratio and a negative relationship between the granting of tag along and payout - PAY. Thus, the implication of granting tag along as a corporate governance instrument is positively related to the firm assets in relation to its market value and negatively with the return to minority shareholders in the form of dividends and interest on net equity (JCP). For further studies, we suggest an analysis of other countries that use the corporate governance practice to grant tag along to its shareholders as well as the analysis of this tag along distribution ratio taking into account the influence of participation of companies in each level of corporate governance of BM&F Bovespa stock exchange. |
id |
UFU_e454aa78e208a1baac0a93786c7a5638 |
---|---|
oai_identifier_str |
oai:repositorio.ufu.br:123456789/17849 |
network_acronym_str |
UFU |
network_name_str |
Repositório Institucional da UFU |
repository_id_str |
|
spelling |
The tag along concern for the shareholder and firm’s wealth - an empirical brazilian investigation of tobin’s q ratio and dividendsAdministraçãoGovernança corporativa - BrasilDividendosValor (Economia)Tag alongGovernança corporativaDividendosValorCorporate governanceDividendsValueCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAOThe purpose of this research was to investigate how companies granting tag along rights to minority shareholders, affect the value generation of the company (measured by Tobin’s Q - Q) as well as wealth of minority shareholders (measured by payout - PAY). Tag along is the partial or full extension, to all other shareholders of the companies, the same conditions obtained by the controllers on the sale of control of a company. To study this, we collected and analyzed non-financial data of 613 Brazilian companies listed on the BM&F Bovespa during the years 1995-2014. For the analysis we used regression with panel data. The hypothesis for the research of the theory of corporate governance and considers the risks and the potential for conflicts that the ownership structure of Brazilian companies concentrated. The results showed a positive relationship between granting tag along and Q ratio and a negative relationship between the granting of tag along and payout - PAY. Thus, the implication of granting tag along as a corporate governance instrument is positively related to the firm assets in relation to its market value and negatively with the return to minority shareholders in the form of dividends and interest on net equity (JCP). For further studies, we suggest an analysis of other countries that use the corporate governance practice to grant tag along to its shareholders as well as the analysis of this tag along distribution ratio taking into account the influence of participation of companies in each level of corporate governance of BM&F Bovespa stock exchange.Dissertação (Mestrado)Esse estudo investiga se o fato de empresas concederem tag along para acionistas minoritários se relaciona com a geração de valor da empresa (medida pelo Q de Tobin - Q) e com a riqueza dos acionistas minoritários (medida pelos dividendos pagos e juros sobre capital próprio - PAY). Tag along é a extensão parcial ou total, a todos os demais sócios das empresas, das mesmas condições obtidas pelos controladores quando da venda do controle de uma sociedade. Para tanto foram coletados e analisados dados de companhias brasileiras não-financeiras listadas na BM&F Bovespa, no período de 1995 a 2014, incluindo 613 empresas. Para a análise utilizou-se de regressão com dados em painel. A hipótese levantada para a pesquisa parte da teoria de Governança Corporativa e considera os riscos e o potencial para conflitos que a estrutura de propriedade concentrada das empresas brasileiras evidencia. Os resultados encontrados indicaram uma relação positiva entre concessão de tag along e Q de Tobin e uma relação negativa entre a concessão de tag along e payout - PAY. Assim, a implicação da concessão de tag along como instrumento de governança corporativa se relaciona positivamente com os ativos da empresa em relação ao seu valor de mercado e negativamente com a distribuição de retorno ao acionista minoritário sob a forma de dividendos e juros sobre capital próprio (JCP). Para trabalhos futuros, sugere-se a análise em outros países que têm como prática de governança corporativa a concessão de tag along aos seus acionistas, bem como a análise dessa relação de distribuição de tag along levando em consideração a influência do pertencimento das firmas em cada nível de governança corporativa da BM&F Bovespa.Universidade Federal de UberlândiaBrasilPrograma de Pós-graduação em AdministraçãoForti, Cristiano Augusto Borgeshttp://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4745005D1Penedo, Antonio Sergio Torreshttp://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4764762Z6Pereira, Vinícius Silvahttp://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4218810Z3Castro, Luiz Ricardo Kabbach dehttp://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4204111H4Souza, Daniel Henrique de Oliveira2016-10-05T18:58:51Z2016-10-05T18:58:51Z2016-08-23info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfSOUZA, Daniel Henrique de Oliveira. The tag along concern for the shareholder and firm’s wealth - an empirical brazilian investigation of tobin’s q ratio and dividends. 2016. 74 f. Dissertação (Mestrado em Administração) - Universidade Federal de Uberlândia, Uberlândia, 2016. DOI http://doi.org/10.14393/ufu.di.2016.471https://repositorio.ufu.br/handle/123456789/17849http://doi.org/10.14393/ufu.di.2016.471enginfo:eu-repo/semantics/openAccessreponame:Repositório Institucional da UFUinstname:Universidade Federal de Uberlândia (UFU)instacron:UFU2021-09-27T15:24:21Zoai:repositorio.ufu.br:123456789/17849Repositório InstitucionalONGhttp://repositorio.ufu.br/oai/requestdiinf@dirbi.ufu.bropendoar:2021-09-27T15:24:21Repositório Institucional da UFU - Universidade Federal de Uberlândia (UFU)false |
dc.title.none.fl_str_mv |
The tag along concern for the shareholder and firm’s wealth - an empirical brazilian investigation of tobin’s q ratio and dividends |
title |
The tag along concern for the shareholder and firm’s wealth - an empirical brazilian investigation of tobin’s q ratio and dividends |
spellingShingle |
The tag along concern for the shareholder and firm’s wealth - an empirical brazilian investigation of tobin’s q ratio and dividends Souza, Daniel Henrique de Oliveira Administração Governança corporativa - Brasil Dividendos Valor (Economia) Tag along Governança corporativa Dividendos Valor Corporate governance Dividends Value CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
title_short |
The tag along concern for the shareholder and firm’s wealth - an empirical brazilian investigation of tobin’s q ratio and dividends |
title_full |
The tag along concern for the shareholder and firm’s wealth - an empirical brazilian investigation of tobin’s q ratio and dividends |
title_fullStr |
The tag along concern for the shareholder and firm’s wealth - an empirical brazilian investigation of tobin’s q ratio and dividends |
title_full_unstemmed |
The tag along concern for the shareholder and firm’s wealth - an empirical brazilian investigation of tobin’s q ratio and dividends |
title_sort |
The tag along concern for the shareholder and firm’s wealth - an empirical brazilian investigation of tobin’s q ratio and dividends |
author |
Souza, Daniel Henrique de Oliveira |
author_facet |
Souza, Daniel Henrique de Oliveira |
author_role |
author |
dc.contributor.none.fl_str_mv |
Forti, Cristiano Augusto Borges http://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4745005D1 Penedo, Antonio Sergio Torres http://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4764762Z6 Pereira, Vinícius Silva http://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4218810Z3 Castro, Luiz Ricardo Kabbach de http://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4204111H4 |
dc.contributor.author.fl_str_mv |
Souza, Daniel Henrique de Oliveira |
dc.subject.por.fl_str_mv |
Administração Governança corporativa - Brasil Dividendos Valor (Economia) Tag along Governança corporativa Dividendos Valor Corporate governance Dividends Value CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
topic |
Administração Governança corporativa - Brasil Dividendos Valor (Economia) Tag along Governança corporativa Dividendos Valor Corporate governance Dividends Value CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
description |
The purpose of this research was to investigate how companies granting tag along rights to minority shareholders, affect the value generation of the company (measured by Tobin’s Q - Q) as well as wealth of minority shareholders (measured by payout - PAY). Tag along is the partial or full extension, to all other shareholders of the companies, the same conditions obtained by the controllers on the sale of control of a company. To study this, we collected and analyzed non-financial data of 613 Brazilian companies listed on the BM&F Bovespa during the years 1995-2014. For the analysis we used regression with panel data. The hypothesis for the research of the theory of corporate governance and considers the risks and the potential for conflicts that the ownership structure of Brazilian companies concentrated. The results showed a positive relationship between granting tag along and Q ratio and a negative relationship between the granting of tag along and payout - PAY. Thus, the implication of granting tag along as a corporate governance instrument is positively related to the firm assets in relation to its market value and negatively with the return to minority shareholders in the form of dividends and interest on net equity (JCP). For further studies, we suggest an analysis of other countries that use the corporate governance practice to grant tag along to its shareholders as well as the analysis of this tag along distribution ratio taking into account the influence of participation of companies in each level of corporate governance of BM&F Bovespa stock exchange. |
publishDate |
2016 |
dc.date.none.fl_str_mv |
2016-10-05T18:58:51Z 2016-10-05T18:58:51Z 2016-08-23 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
SOUZA, Daniel Henrique de Oliveira. The tag along concern for the shareholder and firm’s wealth - an empirical brazilian investigation of tobin’s q ratio and dividends. 2016. 74 f. Dissertação (Mestrado em Administração) - Universidade Federal de Uberlândia, Uberlândia, 2016. DOI http://doi.org/10.14393/ufu.di.2016.471 https://repositorio.ufu.br/handle/123456789/17849 http://doi.org/10.14393/ufu.di.2016.471 |
identifier_str_mv |
SOUZA, Daniel Henrique de Oliveira. The tag along concern for the shareholder and firm’s wealth - an empirical brazilian investigation of tobin’s q ratio and dividends. 2016. 74 f. Dissertação (Mestrado em Administração) - Universidade Federal de Uberlândia, Uberlândia, 2016. DOI http://doi.org/10.14393/ufu.di.2016.471 |
url |
https://repositorio.ufu.br/handle/123456789/17849 http://doi.org/10.14393/ufu.di.2016.471 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
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 |
Universidade Federal de Uberlândia Brasil Programa de Pós-graduação em Administração |
publisher.none.fl_str_mv |
Universidade Federal de Uberlândia Brasil Programa de Pós-graduação em Administração |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional da UFU instname:Universidade Federal de Uberlândia (UFU) instacron:UFU |
instname_str |
Universidade Federal de Uberlândia (UFU) |
instacron_str |
UFU |
institution |
UFU |
reponame_str |
Repositório Institucional da UFU |
collection |
Repositório Institucional da UFU |
repository.name.fl_str_mv |
Repositório Institucional da UFU - Universidade Federal de Uberlândia (UFU) |
repository.mail.fl_str_mv |
diinf@dirbi.ufu.br |
_version_ |
1805569619459571712 |