Reasons for and implications of the presence of institutional investors in the ownership structure of Brazilian companies

Página do item simplificado
dc.creatorLélis Pedrode Andrade
dc.creatorAureliano Angel Bressan
dc.creatorRobert Aldo Iquiapaza
dc.creatorWesley Mendes-da-Silva
dc.date.accessioned2022-06-27T14:41:47Z
dc.date.accessioned2025-09-09T01:29:19Z
dc.date.available2022-06-27T14:41:47Z
dc.date.issued2016
dc.identifier.doi10.22495/cocv13i4c4p9
dc.identifier.issn18103057
dc.identifier.urihttps://hdl.handle.net/1843/42698
dc.languageeng
dc.publisherUniversidade Federal de Minas Gerais
dc.relation.ispartofCorporate Ownership & Control
dc.rightsAcesso Aberto
dc.subjectGovernança corporativa
dc.subjectInvestimentos
dc.subjectBolsa de valores
dc.subject.otherCorporate Governance
dc.subject.otherInstitutional Investor
dc.subject.otherFirm Value
dc.subject.otherBrazilian Stock Market
dc.titleReasons for and implications of the presence of institutional investors in the ownership structure of Brazilian companies
dc.typeArtigo de periódico
local.citation.epage609
local.citation.issue4
local.citation.spage598
local.citation.volume13
local.description.resumoUsing 3,057 observations from 2000 to 2012, we found the risk of expropriation of minority shareholders by controlling shareholders is positively associated with participation of institutional investors in equity funding. There is no evidence that these investors increase the likelihood of substituting the chief executive officer or increase the company’s value or its financial performance. However, the presence of institutional investors is associated with higher company debt. This study suggests that institutional investors assume a function not fully explained by agency theory, such as enabling greater access to debt markets, but accentuate the agency conflict between controlling and minority shareholders. The main results show that the presence of institutional investors mitigates agency conflicts between shareholders and creditors, but increases the risk of expropriation of minority shareholders.
local.publisher.countryBrasil
local.publisher.departmentFCE - DEPARTAMENTO DE CIÊNCIAS ADMINISTRATIVAS
local.publisher.initialsUFMG
local.url.externahttp://www.virtusinterpress.org/REASONS-FOR-AND-IMPLICATIONS-OF.htmldoi:10.22495/cocv13i4c4p9

Arquivos

Pacote original

Agora exibindo 1 - 1 de 1
Imagem de Miniatura
Nome:
REASONS FOR AND IMPLICATIONS OF THE.pdf
Tamanho:
692.6 KB
Formato:
Adobe Portable Document Format
Baixar

Licença do pacote

Agora exibindo 1 - 1 de 1
Imagem de Miniatura
Nome:
License.txt
Tamanho:
1.99 KB
Formato:
Plain Text
Descrição:
Baixar

Coleções

Artigo de Periódico

Logo UFMG