文章基本信息

标题：Pyramidal Ownership Structure, Dual Class Shares and Firms’ Financial Performance in Brazilian Market
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作者：Lelis Pedro Andrade ; Aureliano Angel Bressan ; Robert Aldo Iquiapaza 等
期刊名称：Brazilian Review of Finance
印刷版ISSN：1984-5146
出版年度：2015
卷号：12
期号：4
页码：555-595
语种：Portuguese
出版社：Link to the Brazilian Society of Finance
摘要：This study aims to identify whether there is a relationship between dual class shares issuance, pyramidal ownership structure and firms’ financial performance in the Brazilian market. To this end, univariate tests and panel data analysis were applied in a sample for the 2000 to 2012 period. The results indicate that there is a significant and negative relationship between dual class shares issuance and firm’s financial performance, regardless of whether there is a pyramidal ownership structure in firm. In other hand, we find positive effects from pyramidal structure on the firm’s financial performance, conditioned that there is no dual class shares issuance, and also on the absence of an excessive number of levels until the ultimate controlling shareholder in the pyramidal structure. These evidences suggest that the voting power matters to improve firms’ financial performance; and that there are benefits and costs from pyramidal ownership structure in Brazilian firms.
关键词：Estrutura piramidal de controle;Emissão de duas classes de ações;Desempenho financeiro.;Estrutura piramidal de controle;Emissão de duas classes de ações;Desempenho financeiro.