Financeirização e governança corporativa: um estudo sobre a estrutura de controle das empresas não-financeiras do novo mercado da BM&FBOVESPA

Abstract

The financialization process has affected the governance of non-financial corporations as it imposes the firms convergence to the Anglo-Saxon model of dispersed property which maximizes the shareholder value. To understand how financialization has affected the governance of non-financial corporations it is important to know their structure and control ownership. The objective of this paper is to present the non-financial companies control ownership in the New Market (NM) of BM&FBovespa in 2012. The sample is composed of 118 non-financial companies and the control structure was opened backwards until finding the last one and the last three shareholders. The results showed that families and individuals are the main shareholders, but there was an increase in the institutional investors participation, as well as a concentration reduction of the control structure ownership.