Voting rights concentration and shareholders agreement: influences on conservatism
Autor(a) principal: | |
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Data de Publicação: | 2010 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Contabilidade & Finanças (Online) |
Texto Completo: | https://www.revistas.usp.br/rcf/article/view/34318 |
Resumo: | This study investigates how two features of the ownership structure of Brazilian companies, the voting rights concentration and the shareholders agreement, are associated with the conditional conservatism proposed by Basu (1997). This association was founded on the effects of entrenchment and enforcement. Considering that the degree of conservatism of a firm is tied to the incentives arising from mechanisms that reduce the informational risk to stakeholders, this study was developed on the following research question: What is the influence of both the voting rights concentration and shareholders agreement on the degree of conservatism in the companies listed on Bovespa? The main goal of this work is to deal with factors not yet considered in the (national and international) literature produced in this line of research, and provides evidence about the influence of ownership structure on conservatism in the Brazilian market, which is marked by a, agency conflict between controlling shareholders (controller) and minority shareholders. The sample of the paper comprises 617 observations of non-financial companies traded on Bovespa during the period from 2000 to 2008. Alternatively, another sample was selected, disregarding the observations for 2008, as a means to remove the effects of the financial crisis registered that year. The evidences indicate that the voting rights concentration contributes to decrease the degree of conservatism, while, on the other hand, the stockholders agreement contributes to an increase. Alternatively, the results considered in the global crisis year distort the Basu model (1997). The researchers hope this study contributes for investors, regulators, researchers and analysts to understand the function of accounting information in companies' governance process. |
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Voting rights concentration and shareholders agreement: influences on conservatism Concentração de votos e acordo de acionistas: influências sobre o conservadorismo Concentração de votosAcordo de acionistasEfeito entrincheiramentoEfeito enforcementConservadorismoVoting rights concentrationShareholders agreementEntrenchment effectEnforcement effectsConservatism This study investigates how two features of the ownership structure of Brazilian companies, the voting rights concentration and the shareholders agreement, are associated with the conditional conservatism proposed by Basu (1997). This association was founded on the effects of entrenchment and enforcement. Considering that the degree of conservatism of a firm is tied to the incentives arising from mechanisms that reduce the informational risk to stakeholders, this study was developed on the following research question: What is the influence of both the voting rights concentration and shareholders agreement on the degree of conservatism in the companies listed on Bovespa? The main goal of this work is to deal with factors not yet considered in the (national and international) literature produced in this line of research, and provides evidence about the influence of ownership structure on conservatism in the Brazilian market, which is marked by a, agency conflict between controlling shareholders (controller) and minority shareholders. The sample of the paper comprises 617 observations of non-financial companies traded on Bovespa during the period from 2000 to 2008. Alternatively, another sample was selected, disregarding the observations for 2008, as a means to remove the effects of the financial crisis registered that year. The evidences indicate that the voting rights concentration contributes to decrease the degree of conservatism, while, on the other hand, the stockholders agreement contributes to an increase. Alternatively, the results considered in the global crisis year distort the Basu model (1997). The researchers hope this study contributes for investors, regulators, researchers and analysts to understand the function of accounting information in companies' governance process. Este estudo investiga como duas características da estrutura de propriedade das empresas brasileiras, a concentração de votos e o acordo de acionistas, estão associados com o conservadorismo condicional proposto por Basu (1997). Essa associação foi fundamentada pelos efeitos entrincheiramento e enforcement. Considerando que o grau de conservadorismo de uma firma está atrelado aos incentivos advindos de mecanismos que reduzem o risco informacional aos stakeholders, este estudo foi desenvolvido sobre a seguinte questão de pesquisa: Qual a influência da concentração de votos e do acordo de acionistas sobre o grau de conservadorismo nas empresas listadas na Bovespa? Cabe ressaltar que o objetivo principal deste trabalho é tratar de fatores ainda não abordados na literatura (nacional e internacional) produzida por essa linha de pesquisa, fornecendo evidências acerca da influência da estrutura de propriedade sobre o conservadorismo no mercado brasileiro, que possui conflito de agência entre acionistas majoritários (controlador) e minoritários. A amostra do trabalho perfaz 617 observações composta por empresas não financeiras negociadas na Bovespa durante o período de 2000 a 2008. Alternativamente, foi selecionada outra amostra desconsiderando as observações do ano de 2008, de forma a expurgar os efeitos da crise financeira registrada nesse ano. As evidências indicam que a concentração de votos contribui para diminuir o grau de conservadorismo, enquanto, por outro lado, o acordo de acionistas contribui para aumentar. Alternativamente, os resultados considerando o ano da crise global distorcem o funcionamento do modelo de Basu (1997). Espera-se que este estudo contribua para investidores, reguladores, pesquisadores e analistas no entendimento da função da informação contábil no processo de governança das firmas. Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária2010-12-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/rcf/article/view/3431810.1590/S1519-70772010000300002Revista Contabilidade & Finanças; v. 21 n. 54 (2010); 6-22 Revista Contabilidade & Finanças; Vol. 21 No. 54 (2010); 6-22 Revista Contabilidade & Finanças; Vol. 21 Núm. 54 (2010); 6-22 1808-057X1519-7077reponame:Revista Contabilidade & Finanças (Online)instname:Universidade de São Paulo (USP)instacron:USPporhttps://www.revistas.usp.br/rcf/article/view/34318/37050Copyright (c) 2018 Revista Contabilidade & Finançasinfo:eu-repo/semantics/openAccessSarlo Neto, AlfredoRodrigues, AdrianoAlmeida, José Elias Feres de2012-07-21T18:30:42Zoai:revistas.usp.br:article/34318Revistahttp://www.revistas.usp.br/rcf/indexPUBhttps://old.scielo.br/oai/scielo-oai.phprecont@usp.br||recont@usp.br1808-057X1519-7077opendoar:2012-07-21T18:30:42Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
Voting rights concentration and shareholders agreement: influences on conservatism Concentração de votos e acordo de acionistas: influências sobre o conservadorismo |
title |
Voting rights concentration and shareholders agreement: influences on conservatism |
spellingShingle |
Voting rights concentration and shareholders agreement: influences on conservatism Sarlo Neto, Alfredo Concentração de votos Acordo de acionistas Efeito entrincheiramento Efeito enforcement Conservadorismo Voting rights concentration Shareholders agreement Entrenchment effect Enforcement effects Conservatism |
title_short |
Voting rights concentration and shareholders agreement: influences on conservatism |
title_full |
Voting rights concentration and shareholders agreement: influences on conservatism |
title_fullStr |
Voting rights concentration and shareholders agreement: influences on conservatism |
title_full_unstemmed |
Voting rights concentration and shareholders agreement: influences on conservatism |
title_sort |
Voting rights concentration and shareholders agreement: influences on conservatism |
author |
Sarlo Neto, Alfredo |
author_facet |
Sarlo Neto, Alfredo Rodrigues, Adriano Almeida, José Elias Feres de |
author_role |
author |
author2 |
Rodrigues, Adriano Almeida, José Elias Feres de |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Sarlo Neto, Alfredo Rodrigues, Adriano Almeida, José Elias Feres de |
dc.subject.por.fl_str_mv |
Concentração de votos Acordo de acionistas Efeito entrincheiramento Efeito enforcement Conservadorismo Voting rights concentration Shareholders agreement Entrenchment effect Enforcement effects Conservatism |
topic |
Concentração de votos Acordo de acionistas Efeito entrincheiramento Efeito enforcement Conservadorismo Voting rights concentration Shareholders agreement Entrenchment effect Enforcement effects Conservatism |
description |
This study investigates how two features of the ownership structure of Brazilian companies, the voting rights concentration and the shareholders agreement, are associated with the conditional conservatism proposed by Basu (1997). This association was founded on the effects of entrenchment and enforcement. Considering that the degree of conservatism of a firm is tied to the incentives arising from mechanisms that reduce the informational risk to stakeholders, this study was developed on the following research question: What is the influence of both the voting rights concentration and shareholders agreement on the degree of conservatism in the companies listed on Bovespa? The main goal of this work is to deal with factors not yet considered in the (national and international) literature produced in this line of research, and provides evidence about the influence of ownership structure on conservatism in the Brazilian market, which is marked by a, agency conflict between controlling shareholders (controller) and minority shareholders. The sample of the paper comprises 617 observations of non-financial companies traded on Bovespa during the period from 2000 to 2008. Alternatively, another sample was selected, disregarding the observations for 2008, as a means to remove the effects of the financial crisis registered that year. The evidences indicate that the voting rights concentration contributes to decrease the degree of conservatism, while, on the other hand, the stockholders agreement contributes to an increase. Alternatively, the results considered in the global crisis year distort the Basu model (1997). The researchers hope this study contributes for investors, regulators, researchers and analysts to understand the function of accounting information in companies' governance process. |
publishDate |
2010 |
dc.date.none.fl_str_mv |
2010-12-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/34318 10.1590/S1519-70772010000300002 |
url |
https://www.revistas.usp.br/rcf/article/view/34318 |
identifier_str_mv |
10.1590/S1519-70772010000300002 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/34318/37050 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2018 Revista Contabilidade & Finanças info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2018 Revista Contabilidade & Finanças |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
dc.source.none.fl_str_mv |
Revista Contabilidade & Finanças; v. 21 n. 54 (2010); 6-22 Revista Contabilidade & Finanças; Vol. 21 No. 54 (2010); 6-22 Revista Contabilidade & Finanças; Vol. 21 Núm. 54 (2010); 6-22 1808-057X 1519-7077 reponame:Revista Contabilidade & Finanças (Online) instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Revista Contabilidade & Finanças (Online) |
collection |
Revista Contabilidade & Finanças (Online) |
repository.name.fl_str_mv |
Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
recont@usp.br||recont@usp.br |
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