文章基本信息

标题：Large Bloc Holders and the Value of Brazilian Companies
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作者：Ricardo Pereira Câmara Leal ; André Luiz Carvalhal da Silva
期刊名称：RAC - Eletrônica
印刷版ISSN：1981-5700
出版年度：2008
卷号：2
期号：2
页码：296-310
出版社：Associação Nacional de Pós-Graduação e Pesquisa em Administração
摘要：This article investigates the relationship between ownership and value. A sample of Bovespa listed firms by the end of 1998, 2000 and 2002 was used and it was divided into groups of different direct and indirect ownership characteristics considering the voting and total shareholder rights and any existing shareholder agreements. Thepresence of a single controlling shareholder is not perceived as negative per se. The presence of indirect control structures is perceived as negative. Major shareholders that share control are rated positively the greater their sharing is. Monitoring the largest shareholder by other large shareholders is value by the market, regardless of the existence of a shareholder agreement.
关键词：corporate governance ; ownership and control ; Brazil ; valuation.