Relação entre estrutura de propriedade e estrutura de capital no mercado brasileiro de capitais

Abstract

The Brazilian capital Market is characterized by the high concentration of property on the corporate structure of the companies. In this context, literature shows that the practice of corporate governance emerged to: overcome the agency dilemma; give bigger transparency in the decisions; and, be an intern control mechanism to assure that the executives’ behavior always looks sharped to the shareholders’ interests. So, the present work had the objective of analyzing the existence of property and control concentration according to its governance segment, relating it to the capital structure of the companies. For this, it was used a sample of 342 share negotiated in BM&FBOVESPA between the years of 2008 and 2012. The information related to the percentages of share (the ones from all types and the ones entitled to a vote of the corporate structure) and the rates of the capital structure were collected by the means of Economática. The data were analyzed through descriptive statistics, as well as through correlation analysis, being aimed to achieve the objectives. Among the obtained results, it must be observed the existence of high share concentration in the property and control structure of the Brazilian open capital companies. It was also verified that: the companies depends more on the other’s capital; and, at the firms in which the majority shareholders have the right of cash flow and vote the indebtedness level tends to be bigger. So, considering the achieved objectives it is possible to infer that there are evidences that the control concentration has a positive influence on the indebtedness level.