Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues

This paper prop oses to analyse the relationship between corporate governance and delisting process of public companies listed on the Brazilian Securities, Commodities and Futures Exchange (Bolsa de Valores, Mercadorias e Futuros de São Paulo – BM&FBovespa). The...

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Autores principales:	Patricia Maria Bortolon, Annor da Silva Junior
Formato:	article
Lenguaje:	EN PT
Publicado:	FUCAPE Business School 2015
Materias:	corporate governance corporate governance index delisting (going private) Business HF5001-6182
Acceso en línea:	https://doaj.org/article/bc8d481073d54a5188c425c79176729a
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spelling	oai:doaj.org-article:bc8d481073d54a5188c425c79176729a2021-11-11T15:48:06ZDelisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues1807-734Xhttps://doaj.org/article/bc8d481073d54a5188c425c79176729a2015-01-01T00:00:00Zhttp://www.redalyc.org/articulo.oa?id=123041059005https://doaj.org/toc/1807-734XThis paper prop oses to analyse the relationship between corporate governance and delisting process of public companies listed on the Brazilian Securities, Commodities and Futures Exchange (Bolsa de Valores, Mercadorias e Futuros de São Paulo – BM&FBovespa). The sample co mprises 86 voluntary delisting operations in 2008 - 2012 period and a matching sample with companies that remained public, identified here as “comparable”. A corporate governance index comprising four dimensions (ownership structure, ethics and conflicts of interest, disclosure and board of directors) and a set of 16 questions was used to analyse the two groups. As expected, delisted companies score lower than their comparable ones is the broad index. However, board of directors, disclosure and ethics and con flicts of interest dimensions didn’t show statistical significant differences between the two groups. In the ownership structure dimension the issues related to concentration of control differentiate the groups. Despite the mean differences, corporate gove rnance doesn’t seem to impact significantly the chances to delist in a model with ownership structure and financial variables.Patricia Maria BortolonAnnor da Silva JuniorFUCAPE Business Schoolarticlecorporate governancecorporate governance indexdelisting (going private)BusinessHF5001-6182ENPTBBR: Brazilian Business Review, Pp 92-117 (2015)
institution	DOAJ
collection	DOAJ
language	EN PT
topic	corporate governance corporate governance index delisting (going private) Business HF5001-6182
spellingShingle	corporate governance corporate governance index delisting (going private) Business HF5001-6182 Patricia Maria Bortolon Annor da Silva Junior Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues
description	This paper prop oses to analyse the relationship between corporate governance and delisting process of public companies listed on the Brazilian Securities, Commodities and Futures Exchange (Bolsa de Valores, Mercadorias e Futuros de São Paulo – BM&FBovespa). The sample co mprises 86 voluntary delisting operations in 2008 - 2012 period and a matching sample with companies that remained public, identified here as “comparable”. A corporate governance index comprising four dimensions (ownership structure, ethics and conflicts of interest, disclosure and board of directors) and a set of 16 questions was used to analyse the two groups. As expected, delisted companies score lower than their comparable ones is the broad index. However, board of directors, disclosure and ethics and con flicts of interest dimensions didn’t show statistical significant differences between the two groups. In the ownership structure dimension the issues related to concentration of control differentiate the groups. Despite the mean differences, corporate gove rnance doesn’t seem to impact significantly the chances to delist in a model with ownership structure and financial variables.
format	article
author	Patricia Maria Bortolon Annor da Silva Junior
author_facet	Patricia Maria Bortolon Annor da Silva Junior
author_sort	Patricia Maria Bortolon
title	Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues
title_short	Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues
title_full	Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues
title_fullStr	Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues
title_full_unstemmed	Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues
title_sort	delisting brazilian public companies: empirical evidence about corporate governance issues
publisher	FUCAPE Business School
publishDate	2015
url	https://doaj.org/article/bc8d481073d54a5188c425c79176729a
work_keys_str_mv	AT patriciamariabortolon delistingbrazilianpubliccompaniesempiricalevidenceaboutcorporategovernanceissues AT annordasilvajunior delistingbrazilianpubliccompaniesempiricalevidenceaboutcorporategovernanceissues
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Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues

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