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Master's Dissertation
DOI
Document
Author
Full name
Filipe Silva Ferreira
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2019
Supervisor
Committee
Martelanc, Roy (President)
Borges, Elaine Cristina
Noda, Rafael Falcão
Veiga, Rafael Paschoarelli
Title in Portuguese
Desafio aceito: o impacto do acionista minoritário forte
Keywords in Portuguese
Fundos de investimento
Fusões e aquisições
Governança corporativa
Abstract in Portuguese
A proposta deste texto, e nela mora sua maior contribuição, está em analisar o impacto dos indicadores de boas práticas de governança corporativa sobre a agressividade da empresa (mensurada pelos número de fusões e aquisições por ela propostos), a avaliação de mercado (mensurada através da relação entre valor de mercado e valor de livro) e o comportamento de investidores profissionais com relação aos papéis da empresa (mensurado pelo giro desses papéis nas carteiras dos fundos), mas oferecendo uma nova ótica a essas análises ao segregar as empresas as empresas que são objetos de pesquisa de acordo com sua estrutura societária em três categorias: sem controlador definido, com controlador definido (detentor de mais de 50% das ações ordinárias) e minoritário desafiante (detentor de mais de 20% do capital econômico) e com controlador, mas sem desafiante. Utilizamos dados de empresas brasileiras que tiveram suas ações listadas na B3 entre 2010 e 2017. A amostra contou com 360 empresas em 2.241 observações empresas-ano. Os resultados obtidos mostram que empresas com controlador e desafiante em sua estrutura societária e com elevado percentual de membros externos em seu conselho de administração realizam mais fusões e aquisições, e giram menos nas carteiras dos.
Title in English
Challenge accepted: the Impact of strong minoritary shareholder
Keywords in English
Corporate governance
Mergers and acquisitions
Mutual funds
Abstract in English
This study analyzes the impact of main corporate governance indicators on the aggressiveness of a company (measured by the number of mergers and acquisitions), the market valuation (the relationship between market value and book value) and on the behavior of professional investors in relation to the company's roles (measured by turning these stocks in the mutual fund portfolios), but offering a new perspective to these analyzes by segregating the companies into three groups: companies with a defined controller (holder of more than 50% of voting shares), with defined controller and challenger (holder of more than 20% of shares) and pulverized companies, segregating the companies that are objects of research according to its corporate structure separating, thus, companies with controller holding the majority of the voting capital or without this figure. We used data from Brazilian public companies traded in B3 between 2010 and 2017. The sample had 360 companies in 2,241 observations. The results show that companies with defined controller and challenger and with a high percentage of external members in their board of directors make more mergers and acquisitions and turn less in the funds' portfolios.
 
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OriginalFilipe.pdf (1.37 Mbytes)
Publishing Date
2019-10-22
 
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