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Ownership and control structure of publicly traded companies in Brazil

Author

Listed:
  • Dante Mendes Aldrighi
  • Roberto Mazzer Neto

Abstract

This paper has as its main objective to measure the magnitude of deviations between control rights and cash-flow rights for the ultimate shareholder with the largest voting rights of limited liability companies in Brazil. Furthermore, it pinpoints how these discrepancies are generated, evaluating the relative importance of the issuance of preferred stocks with no voting rights, pyramidal arrangements of ownership, and cross-shareholdings. The data set embraces 602 companies that in 2001 complied with the mandatory requirement of filing to the CVM. JEL Classification: G32.

Suggested Citation

  • Dante Mendes Aldrighi & Roberto Mazzer Neto, 2005. "Ownership and control structure of publicly traded companies in Brazil," Brazilian Journal of Political Economy, Center of Political Economy, vol. 25(2), pages 115-137.
    • Handle: RePEc:ekm:repojs:v:25:y:2005:i:2:p:115-137:id:635
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/635/633
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    More about this item

    Keywords

    Cash-flow Rights; Control Rights; Controlling Shareholder; Pyramidal Arrangements; Minority Shareholders; No-voting-rights preferem shares; ownership structure; voting arrengments;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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