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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| Format: | Article |
| Language: | English |
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FUCAPE Business School
2015-01-01
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| Series: | BBR: Brazilian Business Review |
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| Online Access: | http://www.redalyc.org/articulo.oa?id=123041059005 |
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| _version_ | 1825207365200248832 |
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| author | Patricia Maria Bortolon Annor da Silva Junior |
| author_facet | Patricia Maria Bortolon Annor da Silva Junior |
| author_sort | Patricia Maria Bortolon |
| collection | DOAJ |
| 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 |
| id | doaj-art-bc8d481073d54a5188c425c79176729a |
| institution | Kabale University |
| issn | 1807-734X |
| language | English |
| publishDate | 2015-01-01 |
| publisher | FUCAPE Business School |
| record_format | Article |
| series | BBR: Brazilian Business Review |
| spelling | doaj-art-bc8d481073d54a5188c425c79176729a2025-02-06T23:39:30ZengFUCAPE Business SchoolBBR: Brazilian Business Review1807-734X2015-01-0192117Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance IssuesPatricia Maria BortolonAnnor da Silva JuniorThis 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.http://www.redalyc.org/articulo.oa?id=123041059005corporate governancecorporate governance indexdelisting (going private) |
| spellingShingle | Patricia Maria Bortolon Annor da Silva Junior Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues BBR: Brazilian Business Review corporate governance corporate governance index delisting (going private) |
| title | 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_short | Delisting Brazilian Public Companies: Empirical Evidence about Corporate Governance Issues |
| title_sort | delisting brazilian public companies empirical evidence about corporate governance issues |
| topic | corporate governance corporate governance index delisting (going private) |
| url | http://www.redalyc.org/articulo.oa?id=123041059005 |
| work_keys_str_mv | AT patriciamariabortolon delistingbrazilianpubliccompaniesempiricalevidenceaboutcorporategovernanceissues AT annordasilvajunior delistingbrazilianpubliccompaniesempiricalevidenceaboutcorporategovernanceissues |