Agreeing and Impacting: The Effect of the Shareholders' Agreement on Firms' Market Value

Some countries admit the presence of pacts that allow to change the relations and balance of power control exercised by the shareholders. Known as shareholder agreements, these pacts are contracts between two or more partners whose goal is to agree on the direction of the relationship...

Descripción completa

Guardado en:

Detalles Bibliográficos
Autores principales:	Andre Leonardo Pruner da Silva, Jeferson Lana, Rosilene Marcon
Formato:	article
Lenguaje:	EN PT
Publicado:	FUCAPE Business School 2018
Materias:	shareholders' agreement corporate governance ownership structure Business HF5001-6182
Acceso en línea:	https://doaj.org/article/07ff578c7ea7486793a4e3d2376c99c6
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai:doaj.org-article:07ff578c7ea7486793a4e3d2376c99c6
record_format	dspace
spelling	oai:doaj.org-article:07ff578c7ea7486793a4e3d2376c99c62021-11-11T15:48:07ZAgreeing and Impacting: The Effect of the Shareholders' Agreement on Firms' Market Value1807-734X10.15728/bbr.2018.15.1.6https://doaj.org/article/07ff578c7ea7486793a4e3d2376c99c62018-01-01T00:00:00Zhttp://www.redalyc.org/articulo.oa?id=123056167006https://doaj.org/toc/1807-734XSome countries admit the presence of pacts that allow to change the relations and balance of power control exercised by the shareholders. Known as shareholder agreements, these pacts are contracts between two or more partners whose goal is to agree on the direction of the relationship between its members. Empirical results suggest that shareholder’ agreements play an important role in low legal protection markets because they inhibit the ability of the majority shareholder to extract benefits in detriment of minority shareholder. This paper aims to analyze the effect of shareholders' agreements in the market value of Brazilian companies from 1999 to 2013. The sample is composed by 472 companies, including 86 companies with shareholder’ agreements. The empirical strategy comprises the fixed effects method on a panel data model. The results show that the effect on firm value is positive as the degree of protection of minority shareholders is higher. However, the regressions tested with the indirect ownership structure have not been able to provide evidence to that effect.Andre Leonardo Pruner da SilvaJeferson LanaRosilene MarconFUCAPE Business Schoolarticleshareholders' agreementcorporate governanceownership structureBusinessHF5001-6182ENPTBBR: Brazilian Business Review, Vol 15, Iss 1, Pp 88-104 (2018)
institution	DOAJ
collection	DOAJ
language	EN PT
topic	shareholders' agreement corporate governance ownership structure Business HF5001-6182
spellingShingle	shareholders' agreement corporate governance ownership structure Business HF5001-6182 Andre Leonardo Pruner da Silva Jeferson Lana Rosilene Marcon Agreeing and Impacting: The Effect of the Shareholders' Agreement on Firms' Market Value
description	Some countries admit the presence of pacts that allow to change the relations and balance of power control exercised by the shareholders. Known as shareholder agreements, these pacts are contracts between two or more partners whose goal is to agree on the direction of the relationship between its members. Empirical results suggest that shareholder’ agreements play an important role in low legal protection markets because they inhibit the ability of the majority shareholder to extract benefits in detriment of minority shareholder. This paper aims to analyze the effect of shareholders' agreements in the market value of Brazilian companies from 1999 to 2013. The sample is composed by 472 companies, including 86 companies with shareholder’ agreements. The empirical strategy comprises the fixed effects method on a panel data model. The results show that the effect on firm value is positive as the degree of protection of minority shareholders is higher. However, the regressions tested with the indirect ownership structure have not been able to provide evidence to that effect.
format	article
author	Andre Leonardo Pruner da Silva Jeferson Lana Rosilene Marcon
author_facet	Andre Leonardo Pruner da Silva Jeferson Lana Rosilene Marcon
author_sort	Andre Leonardo Pruner da Silva
title	Agreeing and Impacting: The Effect of the Shareholders' Agreement on Firms' Market Value
title_short	Agreeing and Impacting: The Effect of the Shareholders' Agreement on Firms' Market Value
title_full	Agreeing and Impacting: The Effect of the Shareholders' Agreement on Firms' Market Value
title_fullStr	Agreeing and Impacting: The Effect of the Shareholders' Agreement on Firms' Market Value
title_full_unstemmed	Agreeing and Impacting: The Effect of the Shareholders' Agreement on Firms' Market Value
title_sort	agreeing and impacting: the effect of the shareholders' agreement on firms' market value
publisher	FUCAPE Business School
publishDate	2018
url	https://doaj.org/article/07ff578c7ea7486793a4e3d2376c99c6
work_keys_str_mv	AT andreleonardoprunerdasilva agreeingandimpactingtheeffectoftheshareholdersagreementonfirmsmarketvalue AT jefersonlana agreeingandimpactingtheeffectoftheshareholdersagreementonfirmsmarketvalue AT rosilenemarcon agreeingandimpactingtheeffectoftheshareholdersagreementonfirmsmarketvalue
_version_	1718433873929437184

Agreeing and Impacting: The Effect of the Shareholders' Agreement on Firms' Market Value

Ejemplares similares