O impacto das golden shares no valor de mercado das companhias abertas
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Tipo
TCC
Data de publicação
2019-12
Periódico
Citações (Scopus)
Autores
Signorelli, Natalie Ywes
Orientador
Rovai, Armando Luiz
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ISSN da Revista
Título de Volume
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Resumo
As golden shares foram por muito tempo a forte garantia de que os entes estatais,
mesmo em um cenário de privatizações de empresas públicas, manteriam determinado nível de
gerência e governança que permitiria o controle estatal no tocante ao cumprimento da função
social de tais empresas privatizadas. A partir desse estudo, pretendemos contribuir com o debate
e as reflexões sobre o papel das golden shares no atual cenário brasileiro de privatizações, os
questionamentos acerca de sua licitude, a sua eficácia prática e a inevitável desvalorização das
empresas que a possuem. Para isso, adotamos como metodologia a análise de casos
emblemáticos de companhias abertas que possuem golden shares. As análises preliminares
revelaram, indubitavelmente, que as golden shares não apenas caíram em desuso como são um
mecanismo ineficaz de intervenção estatal.
The golden shares have been, for a long time, the relevant guarantee that the governmental agents, even in the scenario of privatization of public entities, would maintain a certain level of management and governance in such privatized companies regarding the compliance with their social role. Pursuant to this study, we intend to contribute with the debate and reflections related to the role of the golden shares in the current privatizations scenario of Brazil, the inquiries regarding its legality, its practical effectiveness and the inescapable depreciation of the companies that have it. For such purpose, we have adopted as methodology the analysis of case studies of iconic publicly-held companies that have golden shares. The preliminary analysis have revealed, beyond doubt, not only that the golden shares have fallen into disuse but the fact that they represent an ineffective mechanism of governmental intervention.
The golden shares have been, for a long time, the relevant guarantee that the governmental agents, even in the scenario of privatization of public entities, would maintain a certain level of management and governance in such privatized companies regarding the compliance with their social role. Pursuant to this study, we intend to contribute with the debate and reflections related to the role of the golden shares in the current privatizations scenario of Brazil, the inquiries regarding its legality, its practical effectiveness and the inescapable depreciation of the companies that have it. For such purpose, we have adopted as methodology the analysis of case studies of iconic publicly-held companies that have golden shares. The preliminary analysis have revealed, beyond doubt, not only that the golden shares have fallen into disuse but the fact that they represent an ineffective mechanism of governmental intervention.
Descrição
Palavras-chave
golden shares , governmental intervention , illegality , effectiveness and applicability , loss of market value , intervenção estatal , ilicitude , eficácia e aplicabilidade , perda de valor de mercado