Ownership, control, valuation and performance of Brazilian corporations

Autor:	André Luiz Carvalhal da Silva, Ricardo Pereira Câmara Leal
Rok vydání:	2006
Předmět:	business.industry Pre-money valuation Accounting Business General Business Management and Accounting Valuation (finance)
Zdroj:	Corporate Ownership and Control. 4:300-308
ISSN:	1810-3057 1727-9232
DOI:	10.22495/cocv4i1c2p6
Popis:	This paper analyzes the ownership and control structure of Brazilian companies and the effect of cash flow and voting rights on firm valuation and performance. Ownership is quite concentrated in Brazil with most companies being controlled by a single direct shareholder. We find evidence that non-voting shares and indirect control structures are largely used to concentrate control with reduced overall investment in the company. Our results support the hypothesis that firm valuation and performance are positively related to cash flow concentration, and negatively related to voting concentration and to the separation of voting from cash flow rights. Moreover, firm valuation and performance are relatively higher for firms with controlling shareholders when compared to firms without controlling shareholders.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::3eaa625e8b3c8a296e83b5563dc4d5f1 https://doi.org/10.22495/cocv4i1c2p6 Zobrazit plný text záznamu