Poison pills in Brazil: an exploratory study

Detalhes bibliográficos
Autor(a) principal: Vieira, Jorge
Data de Publicação: 2009
Outros Autores: Martins, Eliseu, Fávero, Luiz Paulo Lopes
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista Contabilidade & Finanças (Online)
Texto Completo: https://www.revistas.usp.br/rcf/article/view/34288
Resumo: This paper aimed to study poison pills, investigate the conceptual aspects, as well as legal dispositions and other rules applicable. A research of publicly-held firms that use this anti-takeover instrument was done, sampled till June 2006, in order to discover peculiarities in the Brazilian environment. Moreover, as an objective of this paper, some theories that can explain the behavior of managers from poison pill firms were presented, focused on the classical agency problem: managers' interest against firms' interest. This exploratory study should support the development of a new empirical research area in Brazil. Theories here presented can and should be investigated in future research, in order to improve Brazilian literature focused on this matter. Nevertheless, it would be prudent to consider the idiosyncratic aspects of the Brazilian Stock Market and precocity of these poison pill firms in empirical studies, before coming to any conclusion about the figures and measures obtained.
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spelling Poison pills in Brazil: an exploratory study Poison pills no Brasil: um estudo exploratório Poison pillsControle pulverizadoTomada de controle hostilOferta públicaPoison pillsPublicly-held firmsHostile take overTender offer This paper aimed to study poison pills, investigate the conceptual aspects, as well as legal dispositions and other rules applicable. A research of publicly-held firms that use this anti-takeover instrument was done, sampled till June 2006, in order to discover peculiarities in the Brazilian environment. Moreover, as an objective of this paper, some theories that can explain the behavior of managers from poison pill firms were presented, focused on the classical agency problem: managers' interest against firms' interest. This exploratory study should support the development of a new empirical research area in Brazil. Theories here presented can and should be investigated in future research, in order to improve Brazilian literature focused on this matter. Nevertheless, it would be prudent to consider the idiosyncratic aspects of the Brazilian Stock Market and precocity of these poison pill firms in empirical studies, before coming to any conclusion about the figures and measures obtained. O objetivo precípuo deste trabalho foi fazer uma incursão sobre as poison pills. Quais são os aspectos conceituais, assim como as disposições legais e regulamentares aplicáveis às poison pills. Um levantamento das companhias abertas que se valem do referido instrumento defensivo, com corte até junho de 2006, foi procedido, de modo a saber que peculiaridades podem ser observadas em nosso ambiente. Ainda quanto ao objetivo do trabalho, foram apreciadas teorias que procuram explicar o comportamento de administradores de companhias com poison pills em termos de alinhamento de interesses pessoais com os da firma. Com este estudo exploratório, espera-se que uma nova área de pesquisa empírica possa ser desenvolvida no Brasil. Teorias aqui apresentadas podem e devem ser objeto de investigações futuras, de modo a secontribuir com a literatura sobre o tema no Brasil. É de todo prudente considerar nos trabalhos empíricos aspectos idiossincráticos do mercado de capitais brasileiro e a própria prematuridade dessas companhias, antes de qualquer conclusão friamente calcada nos números. Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária2009-08-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/rcf/article/view/3428810.1590/S1519-70772009000200002Revista Contabilidade & Finanças; v. 20 n. 50 (2009); 6-24 Revista Contabilidade & Finanças; Vol. 20 No. 50 (2009); 6-24 Revista Contabilidade & Finanças; Vol. 20 Núm. 50 (2009); 6-24 1808-057X1519-7077reponame:Revista Contabilidade & Finanças (Online)instname:Universidade de São Paulo (USP)instacron:USPporhttps://www.revistas.usp.br/rcf/article/view/34288/37020Copyright (c) 2018 Revista Contabilidade & Finançasinfo:eu-repo/semantics/openAccessVieira, JorgeMartins, EliseuFávero, Luiz Paulo Lopes2012-07-21T18:27:32Zoai:revistas.usp.br:article/34288Revistahttp://www.revistas.usp.br/rcf/indexPUBhttps://old.scielo.br/oai/scielo-oai.phprecont@usp.br||recont@usp.br1808-057X1519-7077opendoar:2012-07-21T18:27:32Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP)false
dc.title.none.fl_str_mv Poison pills in Brazil: an exploratory study
Poison pills no Brasil: um estudo exploratório
title Poison pills in Brazil: an exploratory study
spellingShingle Poison pills in Brazil: an exploratory study
Vieira, Jorge
Poison pills
Controle pulverizado
Tomada de controle hostil
Oferta pública
Poison pills
Publicly-held firms
Hostile take over
Tender offer
title_short Poison pills in Brazil: an exploratory study
title_full Poison pills in Brazil: an exploratory study
title_fullStr Poison pills in Brazil: an exploratory study
title_full_unstemmed Poison pills in Brazil: an exploratory study
title_sort Poison pills in Brazil: an exploratory study
author Vieira, Jorge
author_facet Vieira, Jorge
Martins, Eliseu
Fávero, Luiz Paulo Lopes
author_role author
author2 Martins, Eliseu
Fávero, Luiz Paulo Lopes
author2_role author
author
dc.contributor.author.fl_str_mv Vieira, Jorge
Martins, Eliseu
Fávero, Luiz Paulo Lopes
dc.subject.por.fl_str_mv Poison pills
Controle pulverizado
Tomada de controle hostil
Oferta pública
Poison pills
Publicly-held firms
Hostile take over
Tender offer
topic Poison pills
Controle pulverizado
Tomada de controle hostil
Oferta pública
Poison pills
Publicly-held firms
Hostile take over
Tender offer
description This paper aimed to study poison pills, investigate the conceptual aspects, as well as legal dispositions and other rules applicable. A research of publicly-held firms that use this anti-takeover instrument was done, sampled till June 2006, in order to discover peculiarities in the Brazilian environment. Moreover, as an objective of this paper, some theories that can explain the behavior of managers from poison pill firms were presented, focused on the classical agency problem: managers' interest against firms' interest. This exploratory study should support the development of a new empirical research area in Brazil. Theories here presented can and should be investigated in future research, in order to improve Brazilian literature focused on this matter. Nevertheless, it would be prudent to consider the idiosyncratic aspects of the Brazilian Stock Market and precocity of these poison pill firms in empirical studies, before coming to any conclusion about the figures and measures obtained.
publishDate 2009
dc.date.none.fl_str_mv 2009-08-01
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/34288
10.1590/S1519-70772009000200002
url https://www.revistas.usp.br/rcf/article/view/34288
identifier_str_mv 10.1590/S1519-70772009000200002
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://www.revistas.usp.br/rcf/article/view/34288/37020
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. 20 n. 50 (2009); 6-24
Revista Contabilidade & Finanças; Vol. 20 No. 50 (2009); 6-24
Revista Contabilidade & Finanças; Vol. 20 Núm. 50 (2009); 6-24
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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