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Type: Relatório
Title: Corporate governance, market valuation and dividend policy in Brazil
Author(s)/Inventor(s): Silva, André Luiz Carvalhal da
Leal, Ricardo Pereira Câmara
Abstract: Indisponível.
Abstract: This study investigates the effects of the corporate governance structure on market valuation and dividend payout of Brazilian companies. The empirical results indicate a high degree of ownership and control concentration. We can also note a significant difference between the voting and total capital owned by the largest shareholders, mainly through the existence of non-voting shares, pyramidal structures, and shareholding agreements. These mechanisms seem to be used by controlling shareholders to keep the firm’s control without having to own 50% of the total capital. The evidence also reveals that there is a relationship between governance structure, market valuation, and dividend policy in Brazil.
Keywords: Finanças
Governança corporativa
Working paper
Production unit: Instituto COPPEAD de Administração
Publisher: Universidade Federal do Rio de Janeiro
In: Relatórios COPPEAD
Issue: 358
Issue Date: 2003
Publisher country: Brasil
Language: eng
Right access: Acesso Aberto
ISBN: 8575080474
ISSN: 1518-3335
Citation: SILVA, André Carvalhal da Silva; LEAL, Ricardo Pereira Câmara. Corporate governance, market valuation and dividend policy in Brazil. Rio de Janeiro: UFRJ, 2003 (Relatórios COPPEAD, 358)
Appears in Collections:Relatórios

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