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Master's Dissertation
DOI
10.11606/D.12.2016.tde-01062016-154000
Document
Author
Full name
Martha Regina Meira Bianchi
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2016
Supervisor
Committee
Castro Junior, Francisco Henrique Figueiredo de (President)
Barros, Lucas Ayres Barreira de Campos
Minardi, Andrea Maria Accioly Fonseca
Schiozer, Rafael Felipe
Title in Portuguese
Poder empresarial e cobertura de analistas financeiros
Keywords in Portuguese
Analistas de mercado
Assimetria de informação
Finanças
Governança corporativa
Mercado de capitais
Abstract in Portuguese
Este estudo buscou investigar duas relações de interesse: a relação entre poder e cobertura de analistas financeiros no mercado acionário brasileiro, e a relação entre poder e assimetria informacional neste mercado, nos períodos de 2000 a 2010. O objetivo desta pesquisa envolveu verificar se o poder empresarial aumenta a assimetria informacional decorrentes dos custos de agência envolvidos e possibilidade de expropriação de valor (Jensen & Meckling, 1976), ou diminui a assimetria, uma vez que administração da empresa não se sente vulnerável a demissões ou possíveis embaraços a sua atuação, e opta por não omitir informações aos stakeholders (Bertrand & Mullainathan, 2003). Ainda relacionado ao ambiente informacional impactado pelo poder empresarial, buscou-se verificar se os analistas financeiros acompanham empresas que apresentam uma maior assimetria informacional, e assim cumprindo sua função de monitoramento da gestão empresarial (Healy & Palepu, 2001), ou menor assimetria, em decorrência dos custos envolvidos em se obter informações privadas (Frankel, Kothari & Weber, 2006). Com o uso de proxies criadas pela análise fatorial para capturar as especificidades relacionadas a poder empresarial e assimetria informacional no ambiente empresarial brasileiro, foram observadas uma relação negativa entre cobertura de analistas financeiros e poder empresarial e uma relação positiva entre assimetria e poder empresarial. Pelas hipóteses esquematizadas por Jiraporn, Liu e Kim (2012), que abarcam todas as relações possíveis entre assimetria, poder empresarial e cobertura de analistas financeiros, os resultados se enquadram na Hipótese da Opacidade.
Title in English
Corporate power and financial analysts coverage
Keywords in English
Asymmetric information
Corporate governance
Finance
Financial analysts
Stock market
Abstract in English
This research aims to investigate two relationships: the relationship between corporate power and financial analysts coverage in Brazilian stock market, and the relationship between corporate power and asymmetric information during 2000 to 2010. This research's purpose involve to verify if corporate power increases the asymmetric information resulting from agency costs and potential expropriation value (Jensen & Meckling, 1976), or decreases this asymmetry since the firm's management does not feel vulnerable to layoffs or possible embarrassment to managerial performance, and chooses do not omit information to stakeholders (Bertrand & Mullainathan, 2003). Also related to the information environment impacted by corporate power, this research seek to investigate if financial analysts follow firms that have higher asymmetric information, and thus fulfill this monitoring role of business management (Healy & Palepu, 2001), or less asymmetry in due to the costs involved in obtaining private information (Frankel et al., 2006). With the use of proxies created by factor analysis to capture the specifics characteristics related to corporate power and information asymmetry in Brazilian business environment, it was observed a negative relationship between financial analysts coverage and corporate power and a positive relationship between asymmetry and corporate power. The assumptions outlined by Jiraporn et al. (2012) that cover all possible relationships between asymmetry, corporate power and financial analysts coverage, fit the Opacity Hypothesis.
 
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CorrigidaMartha.pdf (1.02 Mbytes)
Publishing Date
2016-06-07
 
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