Apropriação dos resultados corporativos aos fatores econômicos nas empresas de capital aberto e de capital fechado no Brasil: evidências de atributos discriminatórios

Abstract

The objective of this article is to investigate if interdependence relation exists between the appropriation of the generated wealth and the ownership structure of the great Brazilian companies. Its object is, of an exploratory form, to bind the concept of Financial Governance to the form of distribution of the Added Value between the several stakeholders of these companies. This evaluation becomes possible due to the spreading of the concept of Value Added (calculated for the same ones or technicians) for the “Melhores & Maiores” ‘ promotion of “Revista Exame”. The research congregates the companies registered in cadastre of the database of the FIPECAFI, that they had been classified one of the 500 greater in the period of 1998 the 2002 and the used sample totalizes about 380 cases. Non metric tests of equality of averages and processed logistic regressions had been carried through having as dependent variable the type of company (public or private corporations) and as independent variables, Wages, Taxes, Net profits, Other Remunerations, Indebtedness, Added Value and Increase of Equity Capital. The joined results support the conclusion of weak evidence of differentiation of standards of Financial Governance between the two groups of firms, even so the independent variable, in its majority, have, with level of significance of 5%, different averages in the two groups. Moreover, the variable “Added Value”, “Wages” and “Other Remunerations” are significantly more relevant than the others to explain the classification of public or private companies, disclosing, however, low discrimination between the two sets of company.