A influência da estrutura de propriedade e controle sobre a estrutura de capital : um estudo empírico no mercado acionário brasileiro de 2010 a 2016

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dc.contributor.advisorNakamura, Wilson Toshiro
dc.contributor.advisor1Latteshttp://lattes.cnpq.br/1327686935533816por
dc.contributor.authorJardim, José Renato de Paula Souza
dc.creator.Latteshttp://lattes.cnpq.br/8135792801950318por
dc.date.accessioned2019-09-19T18:32:33Z
dc.date.accessioned2020-05-28T18:03:04Z
dc.date.available2020-05-28T18:03:04Z
dc.date.issued2018-05-25
dc.description.abstractOne of the main financial policies is related to the capital structure that companies define for themselves. Due to this reason, determinants of factors of capital structure is a high priority topic on the agenda of financial researchers. However, the main objective of this research is to determine if the capital structure of Brazilian public companies is influenced by their own ownership structure and by it‟s capital concentration. We utilize the major last shareholder (MAU1) and the three major last shareholders (MAU3) and their characteristics, be them a family company, foreign capital, government, BNDES or pension fund. Cut-offs between 10% to 50% are utilized based on the corporate finance theory. The sample studied comprises 128 Brazilian companies listed on the B3 stock exchange. The data comprises the period between 2010 and 2016, excluding financial companies from the sample. To verify the influence of capital structure fixed effects panel data with robust regressions are used. The results corroborate that which is expected by the theory. However, excess capital concentration hurts debt financing. Another important characteristic of the Brazilian stock market is the prevalence of companies with founding families as controlling members, this leads to a reduced use of debt financing due to worries related to loss of control. In the other hand the existence of foreign capital, government, BNDES and pension funds has a positive relationship with debt financing. We point to the effect of ownership structure on the capital structure of companies, the utilized methodology regarding reference forms which allows us to detect the last major shareholder in detail, and the more complex ownership structure (pyramidal) for companies as possible original and relevant contributions to the literature that result from this research. We also analyze the comprehensiveness and contemporaneous quality of the sample: The data used starts at the creation of the reference forms in January of 2010 until the end of2016 – published in December 2017 – and finally, the new explanatory variables in capital structure literature (capital concentration and nature of the ownership structure).eng
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dc.identifier.citationJARDIM, José Renato de Paula Souza. A influência da estrutura de propriedade e controle sobre a estrutura de capital - um estudo empírico no mercado acionário brasileiro de 2010 a 2016. 2018. 97 f. Tese (Administração de Empresas) - Universidade Presbiteriana Mackenzie, São Paulo.por
dc.identifier.urihttp://dspace.mackenzie.br/handle/10899/23320
dc.keywordsownership structureeng
dc.keywordsdegree of concentrationeng
dc.keywordscapital structureng
dc.languageporpor
dc.publisherUniversidade Presbiteriana Mackenziepor
dc.rightsAcesso Abertopor
dc.subjectestrutura de propriedadepor
dc.subjectgrau de concentraçãopor
dc.subjectestrutura de capitalpor
dc.subject.cnpqCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESASpor
dc.thumbnail.urlhttp://tede.mackenzie.br/jspui/retrieve/19630/JOSE%20RENATO%20DE%20PAULA%20SOUZA%20JARDIM.pdf.jpg*
dc.titleA influência da estrutura de propriedade e controle sobre a estrutura de capital : um estudo empírico no mercado acionário brasileiro de 2010 a 2016por
dc.typeTesepor
local.contributor.board1Savoia, José Roberto Ferreira
local.contributor.board1Latteshttp://lattes.cnpq.br/7123885218031546por
local.contributor.board2Forte, Denis
local.contributor.board2Latteshttp://lattes.cnpq.br/0075062531510292por
local.contributor.board3Santos, José Odálio dos
local.contributor.board3Latteshttp://lattes.cnpq.br/7018280423685826por
local.contributor.board4Basso, Leonardo Fernando Cruz
local.contributor.board4Latteshttp://lattes.cnpq.br/1866154361601651por
local.publisher.countryBrasilpor
local.publisher.departmentCentro de Ciências Sociais e Aplicadas (CCSA)por
local.publisher.initialsUPMpor
local.publisher.programAdministração de Empresaspor
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