Estrutura de propriedade no Brasil: evidências empíricas no grau de concentração acionária

Abstract

This study investigates if there are profit differences, market value, structure of capital, risk and size of assets in relation to the degree of ownership concentration of non-financial Brazilian companies trading in Bovespa from 1997 to 2001. For methodological purpose, the degree of ownership concentration was divided into three categories according to Pedersen and Thomsen’s (1997) proposal - disperse, dominant and majoritary - and the differences of the investigated variables were analyzed within those categories, through the statistical methods of Parametric Analysis of Variance and Non-parametric Analysis of Variance. The results indicate that there is no significant difference between market value, structure of capital, size of assets and profitability of the equity in relation to the degree of ownership concentration. However, significant statistical differences were verified between growth of the income and instability of the market, and the ownership concentration. One may conclude that there is more ownership concentration in unstable markets because of the dependence relationship between performance and ownership concentration.