Estrutura de controle e performance financeira: Uma análise de empresas brasileiras listadas e deslistadas, negociadas no Brasil e nos Estados Unidos

Abstract

The present work sought to identify the influence of the control structure on the accounting and market performance of listed and delisted Brazilian companies traded only on B3 as compared to those with a double listing with the US (ADRs). For this purpose, linear regressions were applied by GMM-Sys with unbalanced panel data. It was evidenced that for companies traded only on B3, the control structure is negatively related to efficiency while listed and positively related when delisting occurs, prevailing shareholder conflict. This context is inverse to that found in the analysis of ADRs, where the control structure is positively related to efficiency while listed and negatively related when delisting occur, proving that, in this case, agency conflicts prevail. This study confirms that the effects of US Commom Law also affect Brazilian companies that are traded in the US.