A relação entre origem do controle acionário, valor e desempenho das empresas no Brasil
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2013-05-28
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Silva, André Luiz Carvalhal da
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This study aims to identify if the origin of the controlling shareholder has influences on firm value and performance. The literature is very extensive but, although the theory can indicates factors that would impact firm value and performance, the results observed in the literature vary significantly and, in some cases, are even inconclusive. This work analyzes a sample of 407 Brazilian companies from 2002 to 2009, and show statistical evidence that both family and government control decrease firm value. There is no significant relation between origin of control and firm performance.