Ownership structure and firm value in Brazil
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2010
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This paper examines the relationship between ownership structure and firm value, modeling the ownership structure as an endogenous and multi-dimensional variable. For this purpose, the model developed by Demsetz and Villalonga (2001) is applied to a sample of Brazilian firms listed in Bovespa between 2006 and 2008. The results show that firm value can affect the concentration of ownership structure, but not vice-versa. But an extended model, which added the deviation between the concentration of control and cash flow rights, indicates that ownership structure can affect firm value when there is potential for expropriation of minority shareholders by controlling shareholders.
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