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Registro Completo |
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Biblioteca(s): |
Embrapa Unidades Centrais. |
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Data corrente: |
16/02/2005 |
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Data da última atualização: |
25/05/2005 |
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Autoria: |
SCHIEHLL, E.; SANTOS, I. O. dos. |
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Título: |
Ownership structure and composition of boards of directors: evidence on Brazilian publicly-traded companies. |
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Ano de publicação: |
2004 |
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Fonte/Imprenta: |
Revista de Administração, São Paulo, v.39, n.4, p.373-384, out./dez. 2004. |
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Idioma: |
Inglês |
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Conteúdo: |
The purpose of this study is to provide preliminary evidence on the ownership structure and composition of the board of directors of Brazilian publicly traded companies. The ownership structure of the firms investigated, along with the attributes of the boards of directors, including board size, proportion of outside directors and CEO duality. This study
documents that voting privileges and the total capital of Brazilian publicly-traded companies remain strongly concentrated, suggesting that the separation of ownership and decision-making control is not the most relevant agency issue. The findings also suggest that majority shareholders in Brazilian public companies are most likely to be either executives and/or directors of the corporation. This leads to the argument that potential conflicts may exist, as well as potential expropriation of minority shareholders by the controlling shareholders. Accordingly, the evidence suggests that the proportion of outside directors on the board is lower among firms having a single controlling shareholder in the ownership structure, which is consistent with the argument that board independence is inversely related to the firm?s ownership concentration. In addition, the study documents that the number of directors on the board in this sample is smaller than comparable samples of publicly-traded companies from the United States and Canada. Surprisingly, the incidence of CEO duality in this sample is significantly smaller than in similar samples of public companies from the United States and Canada. MenosThe purpose of this study is to provide preliminary evidence on the ownership structure and composition of the board of directors of Brazilian publicly traded companies. The ownership structure of the firms investigated, along with the attributes of the boards of directors, including board size, proportion of outside directors and CEO duality. This study
documents that voting privileges and the total capital of Brazilian publicly-traded companies remain strongly concentrated, suggesting that the separation of ownership and decision-making control is not the most relevant agency issue. The findings also suggest that majority shareholders in Brazilian public companies are most likely to be either executives and/or directors of the corporation. This leads to the argument that potential conflicts may exist, as well as potential expropriation of minority shareholders by the controlling shareholders. Accordingly, the evidence suggests that the proportion of outside directors on the board is lower among firms having a single controlling shareholder in the ownership structure, which is consistent with the argument that board independence is inversely related to the firm?s ownership concentration. In addition, the study documents that the number of directors on the board in this sample is smaller than comparable samples of publicly-traded companies from the United States and Canada. Surprisingly, the incidence of CEO duality in this sample is significantly smaller than in similar sa... Mostrar Tudo |
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Palavras-Chave: |
board of directors; conselho de administração; corporate governance; estrutura do controle acionário; governança corporativa; ownership structure. |
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Categoria do assunto: |
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Marc: |
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001 1113079
005 2005-05-25
008 2004 bl uuuu u00u1 u #d
100 1 $aSCHIEHLL, E.
245 $aOwnership structure and composition of boards of directors$bevidence on Brazilian publicly-traded companies.
260 $c2004
520 $aThe purpose of this study is to provide preliminary evidence on the ownership structure and composition of the board of directors of Brazilian publicly traded companies. The ownership structure of the firms investigated, along with the attributes of the boards of directors, including board size, proportion of outside directors and CEO duality. This study documents that voting privileges and the total capital of Brazilian publicly-traded companies remain strongly concentrated, suggesting that the separation of ownership and decision-making control is not the most relevant agency issue. The findings also suggest that majority shareholders in Brazilian public companies are most likely to be either executives and/or directors of the corporation. This leads to the argument that potential conflicts may exist, as well as potential expropriation of minority shareholders by the controlling shareholders. Accordingly, the evidence suggests that the proportion of outside directors on the board is lower among firms having a single controlling shareholder in the ownership structure, which is consistent with the argument that board independence is inversely related to the firm?s ownership concentration. In addition, the study documents that the number of directors on the board in this sample is smaller than comparable samples of publicly-traded companies from the United States and Canada. Surprisingly, the incidence of CEO duality in this sample is significantly smaller than in similar samples of public companies from the United States and Canada.
653 $aboard of directors
653 $aconselho de administração
653 $acorporate governance
653 $aestrutura do controle acionário
653 $agovernança corporativa
653 $aownership structure
700 1 $aSANTOS, I. O. dos
773 $tRevista de Administração, São Paulo$gv.39, n.4, p.373-384, out./dez. 2004.
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Embrapa Unidades Centrais (AI-SEDE) |
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