Abertura de capital no Brasil: percepções de executivos financeiros

Steffen, Helen Cristina; Zanini, Francisco Antônio Mesquita

doi:10.1590/s1519-70772012000200003

Cited by 4 publications

(3 citation statements)

References 26 publications

(82 reference statements)

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“…Competitiveness and the need for growth lead firms to seek external financing. The capital market is an essential source of such financing and plays an essential role in the growth and economic advancement, especially in developing economies such as Brazil and other competitive markets (Brito and Gartner, 2015; Steffen and Zanini, 2012; Gaur et al , 2015). In this sense, the process of going public is a significant decision in the strategic context.…”

Section: Final Remarksmentioning

confidence: 99%

The evolution of corporate governance and agency control: the effectiveness of mechanisms in creating value for companies with IPO on the Brazilian stock exchange

Barros

Santos

Orso

et al. 2021

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Purpose From the agency theory’s point of view, this paper aims to analyze corporate governance mechanisms about the characteristics of the companies quoted in the segments Bovespa Mais and Bovespa Mais 2 and their influence on the creation of value in preparation for the opening of the initial public offering (IPO). Design/methodology/approach A quantitative approach was adopted to achieve the proposed objective using the panel data with fixed effects and secondary data collected on the Comissão de Valores Mobiliários website, using statistical software Stata® 13.0 for statistical tests. The population comprises non-financial companies belonging to the Bovespa Mais and Bovespa Mais Level 2 groups, as the survey sample took into account the period of adhesion of the companies, totaled in 15 companies, which cover the period from 2008 to 2019. The selected variables correspond to the ownership structure’s characteristics, then the board’s composition and the fiscal council as the body responsible for supervising the administrators’ acts. Findings The main results indicate that the number of independent members on the board of directors and the supervisory board’s participation positively influence market performance. However, it also reveals that the concentration of ownership brings fundraising for other companies’ acquisitions, risk reduction concerning information asymmetry between investing powers. Research limitations/implications The main results indicate that the number of independent members on the board of directors and the supervisory board’s participation positively influence market performance. Despite this, it also reveals that the concentration of ownership brings fundraising for other companies’ acquisitions, risk reduction concerning information asymmetry between investing powers. Practical implications This paper advances a comparative institutional perspective to explain capital market choice by firms making an IPO in a foreign market. This paper finds that internal governance characteristics (founder-chief executive officer, executive incentives and board independence) and external network characteristics (prestigious underwriters, degree of venture capitalist syndication and board interlocks) are significant predictors of foreign capital market choice by foreign IPO firms. Social implications While product market choices have been central to strategy formulation for firms in the past, financial markets’ integration makes capital markets an equally crucial strategic decision. This paper advances a comparative institutional perspective to explain capital market choice by firms making an IPO in a foreign market. Originality/value This situation generates value to shareholders and is perceived by the market and, ultimately, generates a direct relationship with the market performance of companies. While product market choices have been central to strategy formulation for firms in the past, financial markets’ integration makes capital markets an equally major strategic decision.

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Section: Final Remarksmentioning

confidence: 99%

The evolution of corporate governance and agency control: the effectiveness of mechanisms in creating value for companies with IPO on the Brazilian stock exchange

Barros

Santos

Orso

et al. 2021

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show abstract

“…Independentemente de a empresa estar situada em países desenvolvidos ou emergentes, a decisão de abrir o capital normalmente é motivada pelo crescimento da atividade, do mercado ou da produtividade (KÜHL et al, 2008;STEFFEN;ZANINI, 2012;SILVA et al, 2017). Outros incentivos são mudanças de tendências econômicas, manutenção da continuidade operacional, acesso a novas formas de crédito, poder de negociação com bancos, maior liquidez e redução do custo de capital (BOSSOLANI, 2009;SILVA et al, 2017;LAOKULRACH, 2019;KALIL;BENEDICTO, 2018).…”

Section: Introductionunclassified

Comportamento Dos Indicadores Econômico-Financeiros Justifica Uma Ipo?

Dagostini¹,

Orsato²,

Zeferino³

et al. 2022

Rev. UNEMAT Cont.

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Entre 2010 e 2017, o mercado de IPOs brasileiro registrou 39 ofertas, que movimentaram um total de 26,2 bilhões de reais. Mesmo com montante expressivo de valores envolvidos, grande parte dos estudos sobre desempenho econômico-financeiro de empresas que realizaram oferta pública inicial de ações apontam para redução nos indicadores de desempenho do período pós-IPO. Por outro lado, a abertura de capital pode levar a melhoras na alavancagem, além de crescimento das receitas líquidas. Esta pesquisa tem como objetivo avaliar o comportamento dos indicadores de desempenho econômico-financeiro antes e depois da IPO de empresas da B3, no período de 2010 a 2017. A amostra abrange 27 processos, compreendendo dois anos anteriores e dois anos posteriores à IPO. A metodologia abrangeu teste de Wilcoxon e dados em painel. Os resultados obtidos no painel apontaram que o aumento no capital social é acompanhado por aumentos na receita líquida e no indicador da margem líquida, além de reduções nos indicadores de giro do ativo e de endividamento de curto prazo. Os resultados obtidos com o teste de Wilcoxon e a comparação entre as medianas demonstraram tendências de desaceleração nos indicadores de margem líquida e ROA, bem como de piora nos indicadores de endividamento de curto e longo prazo.

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“…Competitiveness and the need for corporate growth lead many firms to procure external funding, a significant part of which from the capital market. The latter plays a crucial role in economic growth and development, especially in developing countries like Brazil (Brito & Gartner, 2015;Steffen & Zanini, 2012). Under such circumstances, going public becomes a highly strategic move for an organization.…”

Section: Introductionmentioning

confidence: 99%

Ownership Concentration and Corporate Performance of Brazilian Firms before and after Initial Public Offerings

Viana¹,

Morais²,

Luca³

et al. 2020

CGG

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Objective: To evaluate the influence of ownership concentration on variation in corporate performance before and after initial public offerings (IPO) in firms launched on B3. Methods: Economic and financial information was obtained from the reference forms of 55 firms. Variation in performance was proxied by ROA and ROE two years before vs. two years after IPO. Ownership concentration was proxied by the proportion of shares with voting rights belonging to the single-largest, two largest, three largest, four largest or five largest shareholders. Originality/relevance: In addition to contributing to the literature, this is the first Brazilian study on the topic to analyze variation in performance before and after IPO, in light of the potential impact of IPO on firms. Results: Our results suggest that performance proxied by mean ROA and ROE tends to decrease in the post-IPO period. However, in our sample, ownership concentration did not significantly influence variation in corporate performance before and after IPO. Theoretical/methodological contribution: Based on our sample and the control variables used in the proposed econometric model, the presence of large controlling shareholders at the time IPO does not seem to influence the level of corporate performance following IPO, suggesting other factors are responsible for the observed behavior.

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Abertura de capital no Brasil: percepções de executivos financeiros

Cited by 4 publications

References 26 publications

The evolution of corporate governance and agency control: the effectiveness of mechanisms in creating value for companies with IPO on the Brazilian stock exchange

The evolution of corporate governance and agency control: the effectiveness of mechanisms in creating value for companies with IPO on the Brazilian stock exchange

Comportamento Dos Indicadores Econômico-Financeiros Justifica Uma Ipo?

Ownership Concentration and Corporate Performance of Brazilian Firms before and after Initial Public Offerings

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