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Por que as empresas fecham o capital no Brasil?

Author

Listed:
  • Richard Saito
  • Marco Tulio Clivati Padilha

Abstract

Este artigo investiga os possíveis determinantes no fechamento de capital a partir de uma amostra de 119 empresas que deslistaram voluntariamente no período de 1999 a 2013. Encontramos que no ano do fechamento, fatores como a alta concentração de participação acionária dos controladores, baixa rentabilidade (ROA), menor nível de pagamento de dividendos associados ao maior fluxo de caixa livre associado estão possuem forte influência na deslistagem das ações. Quanto ao uso de mercado de capitais para acesso a follow on, bem como acesso a dívida, encontramos que as empresas que deslistam possuem menor necessidade de acesso ao mercado de dívida, controlando para empresas com mesmo perfil. Não encontramos evidência de que custo de se manter listada nem que a liquidez sejam determinantes.

Suggested Citation

  • Richard Saito & Marco Tulio Clivati Padilha, 2015. "Por que as empresas fecham o capital no Brasil?," Brazilian Review of Finance, Brazilian Society of Finance, vol. 13(2), pages 200-250.
    • Handle: RePEc:brf:journl:v:13:y:2015:i:2:p:200-250
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    More about this item

    Keywords

    Fechamento de capital; deslistagem; bolsa de valores; problemas de agência; problema de fluxo de caixa livre; custos para manter empresa listada; acesso a capital;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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