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FIRM VALUATION, PERFORMANCE AND ORIGIN OF CONTROLLING SHAREHOLDER IN BRAZIL

Pedro Bruno, Andre Carvalhal

DOI: 10.22495/cocv12i4c5p3

Abstract

This study analyzes if the origin of the controlling shareholder influences firm value and performance in Brazil. Although there is a vast literature on this topic, the results vary significantly and, in some cases, are even inconclusive. Our analysis of 407 Brazilian companies from 2002 to 2009 provide evidence that firms controlled by families and government have lower valuation. There is no significant relation between origin of control and firm performance.

Keywords: Ownership and Control, Firm Value, Performance, Corporate Governance, Origin of Controlling Shareholder

How to cite this paper: Bruno, P., & Carvalhal, A. (2015). Firm valuation, performance and origin of controlling shareholder in Brazil. Corporate Ownership & Control, 12(4-5), 535-540. http://doi.org/10.22495/cocv12i4c5p3

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