Governance in concentrated ownership structures: new evidences from Brazil

Abstract

The article aims to analyze the influence of ownership structure in the efficiency of publicly traded companies in Brazil, where is identified a higher concentration of stocks in the hands of a small group of people. The study combines static optimization techniques using Data Envelopment Analysis (DEA) to identify the efficiency of publicly traded companies, with panel data to identify the influence of ownership structure in the efficiency of the companies, seeking to add the corporate governance to the literature of productive efficiency in the context of institutional differences in the Brazilian environment, to complement previous studies that only consider outputs as efficiency measures. The results showed that the ownership structure negatively influences the efficiency, contrary to most studies based on the American model and showing that the peculiarities of the countries should be taken into consideration, particularly with respect to their legal origin.