Uso generalizado de stock options e o envolvimento de fundos de venture capital e private equity: análise dos efeitos sobre o desempenho dos IPOs no Brasil

• Autor(a) principal: Silva, Alexandre Rogério da
• Data de Publicação: 2014
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações do Mackenzie
• Texto Completo: http://dspace.mackenzie.br/handle/10899/23453
• topic: abertura de capital; capital de risco; incentivos aos funcionários; teoria da agência; opções de ações; IPO; venture capital; employee incentives; agency theory; incentive stock options; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS

This study examines the involvement of funds of Venture Capital and Private Equity and the widespread use of stock options in IPOs (Initial Public Offering) in Brazil. The Agency theory, developed by Jensen and Meckling (1976), argues that the tools of controlling and incentive can behave as a complement of one another. Several studies conducted abroad and in Brazil analyzed the impact of monitoring funds of PE / VC of the performance of IPOs, however the literature is still scarce aimed at analyzing the strategies of incentives through stock options (ISOs) as a strategy of reducing the agency conflict. This study seeks to fill the gap found in Brazilian literature, analyzing the involvement of funds of VC / PE and generalization of incentive plans via stock options (ISOs) interact to predict the performance of IPOs in Brazil. The results suggest that companies backed by venture capital funds and private equity are more likely to use the widespread use of stock options for all employees. The results also suggest that companies backed by funds from Venture Capital and Private Equity have a CAR (Cumulative Abnormal Return) higher than companies that aren´t backed for this type of fund.