Concentração de propriedade e a abordagem do pratique ou explique: um estudo nas empresas brasileiras

Abstract

The study examines the effect of ownership concentration on governance practices of the comply-or-explain approach of Brazilian companies listed on the Securities and Exchange Commission (CVM). The general objective of this study is to analyze the level of influence of ownership concentration, regulated sector and size on the degree of adherence with the Practice or Explain approach adopted by companies in the brazilian market. The data used in this study were obtained from the annual reports of the “Governance Code Report”, published on the CVM website, from 2018 to 2022, which form the sample of companies analyzed. Using a simple data collection technique using the “Excel” software, data was extracted from companies that, obligatory or voluntarily, publish the report referring to the Pratique ou Explain approach since 2018 in Brazil. With the sample, the data was processed in the “Stata” software through correlation and multiple linear regression tests to test the formulated hypotheses that revealed that the practice or explain approach is negatively and significantly related to ownership concentration. The study presented evidence that the “substitution” effect of ownership concentration is perceived in the Practice or Explain approach within the context of Brazilian companies. It is suggested that investment in the quality and compliance of practice or explanation, in order to increase the adoption of best practices, removing the negative effect of concentration of ownership with the positive influences of sector and size, sector and size of companies.