Ownership Structure and Internationalization: Agency Problems and Delisting in Brazil

Abstract

Este artigo pode ser copiado, distribuído, exibido, transmitido ou adaptado desde que citados, de forma clara e explícita, o nome da revista, a edição, o ano e as páginas nas quais o artigo foi publicado originalmente, mas sem sugerir que a RAM endosse a reutilização do artigo. Esse termo de licenciamento deve ser explicitado para os casos de reutilização ou distribuição para terceiros. Não é permitido o uso para fins comerciais. This study aimed to analyze determinants related with the delisting of Brazilian companies, through the analysis of the problems of agencies coming from structures of property/control and the internationalization of organizations. Originality/value: The present work seeks to fill the existing gap of more detailed studies related to the delisting of companies in the Brazilian capital market. In addition, it presents a contribution to the literature through the analysis of the relationship between Corporate Governance, Corporate Internationalization and Deslisting from the perspective of Agency Theory. Design/methodological/approach: Four econometric models based on existing literature were elaborated and then analysis of logit regressions with panel data. For data of all organizations listed in BM&FBOVESPA in the period between 2006 and 2015, period in which it was found that 205 businesses closed down their capital. Findings: As a result, it was observed that when considering the year before the delisting, organizations which have greater concentration of property had higher probability of closing their capital, which does not occur when analyzing the control structures. As to the entrance mode into international market, it was noted that there is a negative relationship between entrance mode non-patrimonial and volunteer delisting.v18n4p164-189. Submission: December 30, 2016. Acceptance: March 24, 2017. Evaluation system: double blind review. Universidade Presbiteriana Mackenzie (UPM). Silvio Popadiuk (Editor-in-chief), Silvio Popadiuk (Associate Editor), p. 164-189.

Análise da Literatura Empírica Sobre Estrutura de Propriedade no Mercado de Capitais Brasileiro

“…O financiamento via mercado de capitais não afeta a estrutura de propriedade (Punsuvo et al, 2007), mas a maior concentração acionária está relacionada com a emissão privada de ações (Rego & Ness, 2007) e o processo de saída do mercado de bolsa valores (Bortolon & Silva, 2015a;2015b;Saito & Padilha, 2015;Moreira, Oliveira, Pexoto, & Pereira, 2017). Outro achado a ser destacado, em Hoffman, Bortoluzzo, & Machado (2011), é a relação positiva entre o ajuste de preços das ações da empresa após o IPO e a emissão de ações preferenciais.…”