Determinantes das TPRs no mercado de ações brasileiros: análise do desvio entre controle-propriedade, valor da empresa, desempenho e governança corporativa
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https://doi.org/10.1590/1980-53575331sfisPalavras-chave:
Transações com partes relacionadas, Piramidal, Desempenho, Valor da firma, Governança corporativaResumo
Este estudo tem como objetivo analisar a influência do desvio de controle propriedade, valor da firma, desempenho e governança corporativa no valor das Transações com Partes Relacionadas (TPRs) de empresas com estrutura piramidal. A pesquisa é realizada no Brasil durante um período de oito anos, de 2010 a 2017, e utiliza uma amostra não balanceada de 153 empresas ou 929 observações empresa ano. O artigo usa um painel OLS e uma regressão quantílica como robustez. Os resultados mostram que o desvio de controle-propriedade, desempenho e governança corporativa são determinantes do valor total dos TPRs. O desvio tem influência positiva, mostrando que o excesso de direitos de controle aumenta o valor total das TPRs. Por outro lado, o desempenho tem efeito negativo, mostrando que empresas menos lucrativas possuem incentivos para participar de TPRs. Na governança corporativa, a relação é positiva, ao contrário do esperado na literatura. Sinaliza que o ambiente de governança corporativa no Brasil não reduziu o valor total das TPRs nas empresas piramidais. A pesquisa contribui com a literatura ao apresentar evidências de um mercado emergente e relacionar temas relevantes em finanças corporativas, caracterizando a utilização de TPRs por empresas com estrutura piramidal.
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