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Estrutura de controle das companhias brasileiras de capital aberto

Author

Listed:
  • Ricardo Pereira Câmera Leal
  • André Luiz Carvalhal da Silva
  • Silvia Mourthé Valadares

Abstract

This paper analyzes the control structure of Brazilian public companies at the end of 1998. We show a high degree of ownership concentration. Even when there is no majority shareholder, the largest one owns a significant portion of the voting capital, and the company is, on average, controlled by its three largest shareholders. We also conclude that the utilization of pyramid structures does not appear to be an effort to avoid the one share-one vote rule in Brazilian companies.

Suggested Citation

  • Ricardo Pereira Câmera Leal & André Luiz Carvalhal da Silva & Silvia Mourthé Valadares, 2002. "Estrutura de controle das companhias brasileiras de capital aberto," RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration), ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração, vol. 6(1), pages 7-18.
    • Handle: RePEc:abg:anprac:v:6:y:2002:i:1:156
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    Cited by:

    1. Marcos Barbosa Pinto & Ricardo Pereira Câmara Leal, 2013. "Ownership concentration, top management and board compensation," RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration), ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração, vol. 17(3), pages 304-324.
    2. André Luiz Carvalhal da Silva & Ricardo Pereira Câmara Leal, 2005. "Corporate Governance Index, Firm Valuation and Performance in Brazil," Brazilian Review of Finance, Brazilian Society of Finance, vol. 3(1), pages 1-18.
    3. Fernando Lefort, 2005. "Ownership Structure And Corporate Governance In Latin America," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 8(1), pages 55-84.

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