Ownership structure and value creation in Brazilian companies

Elenice de Lourdes Corrêa, Wendel Alex Castro Silva, Juliano Lima Pinheiro, Alfredo Alves de Oliveira Melo

Abstract


The purpose of this investigation was to check if the ownership structure influenced the value creation, the economic performance and the risk of Brazilian companies between 2005 and 2011, considering the possible impacts of the global financial Crisis of 2008 on them. The research is descriptive-empirical, quantitative, and used the multiple regression method. An upward trend on the control and total ownership concentrations was verified. The ownership structure influenced the value creation, but did not reflect in the performance. Performance, capital structure and risk affected the value creation. The performance had a positive influence on value creation, noticed in Tobin's Q. Variations, trends and characteristics of performance measures, risk and value creation, observed in the periods near the occurrence of the Crisis of 2008 are evidence that these variables were affected by the Crisis

Keywords


Ownership structure, value creation, risk, agency theory, corporate governance

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