OWNERSHIP STRUCTURE AND EQUITY ISSUANCE: AN ANALYSIS OF THE BRAZILIAN FIRM

Autor
Bruno Goes Pinheiro
Co-autores
Vicente Lima Crisóstomo , Paolo Saona
Resumo
This study analyzes the effect of ownership structure on equity issuance in Brazil. To this end, an unbalanced panel dataset was used, consisting of 2,643 annual observations from 262 companies listed on B3. The findings indicate that ownership structure configuration is a relevant determinant of equity issuance of the Brazilian firm. Ownership concentration, different types of ownership control, specifically shareholder agreement and dispersed control, and family as the main voting shareholder were found to be relevant elements for agency conflicts with effect on firm funding decision regarding equity issuance. The study contributes to debate on firm capital structure decisions by providing additional evidence from Brazil, an important emerging market characterized by high firm ownership concentration and dependence on bank credit to finance investment.
Palavras-chave
Ownership Structure; Equity Issuance; Brazil.
Modalidade
Comunicação oral
Área Temática
Finanças Corporativas e Bancárias

Voltar Download

Referência

PINHEIRO, Bruno Goes; CRISóSTOMO, Vicente Lima; SAONA, Paolo. OWNERSHIP STRUCTURE AND EQUITY ISSUANCE: AN ANALYSIS OF THE BRAZILIAN FIRM. In: XXVI Encontro Brasileiro de Finanças - Universidade de Fortaleza (Unifor)| Fortaleza, Ceará, 2026. Disponível em: <https://doity.com.br/anais/26ebfin/trabalho/515852>. Acesso em: 07/08/2026 às 00:37

Apreçamento de Ativos
Finanças Corporativas e Bancárias
Econometria Financeira
Engenharia Financeira
Macrofinanças
Econometria Financeira

Comissão Organizadora

Anderson Odias da Silva
Rafael Schiozer
Marcelo Fernandes

Comissão Científica

Alan De Genaro (FGV EAESP)
Allisson Martins (Universidade de Fortaleza)
Amanda Miranda Fantinatti (FEA-USP)
André de Castro Silva (Nova SBE)
Benjamin Miranda Tabak (FGV EPPGE)
Bernardo Ricca (Insper)
Bruno Cara Giovannetti (FGV EESP)
Caio Almeida (Princeton)
Claudia Yoshinaga (FGV EAESP)
Cristina Scherrer (LSE)
Danilo Cascaldi-Garcia (FED)
Eduardo Flores (FEA-USP)
Eduardo Horta (UFRGS)
Eduardo Kazuo Kayo (FEA-USP)
Emerson Fernandes Marçal (FGV EESP)
Fernando Chague (FGV EESP)
Flavio Augusto Ziegelmann (UFRGS)
Gustavo Freire (Nova SBE)
Gustavo Silva Araujo (BCB)
Henrique Castro (FGV EESP)
Henrique Castro Martins (FGV EAESP)
Jaime de Jesus Filho (FGV)
Jose Renato Haas Ornelas (BCB)
João F. Caldeira (UFSC)
Jéfferson Augusto Colombo (FGV EESP)
Klenio Barbosa (SKEMA)
Layla Mendes (FGV EBAPE)
Leandro dos Santos Maciel (FEA-USP)
Lucas Ayres Barreira de Campos Barros (FEA-USP)
Marcelo Brutti Righi (UFRGS)
Marcelo Fernandes (FGV EESP)
Marcelo Klötzle (PUC-Rio)
Mariana Oreng (ESPM)
Márcio Poletti Laurini (FEA-RP/USP)
Naielly Marques (PUC-Rio)
Paulo Renato Soares Terra (FGV EAESP)
Paulo Rogério Faustino de Matos (UFC)
Pedro A. C. Saffi (CUNEF)
Rafael Felipe Schiozer (FGV EAESP)
Rafael Matta (SKEMA)
Raquel de Freitas Oliveira (BCB)
Raul Riva (FGV EPGE)
Roberto Bomgiovani Cazzari (FEA-USP)
Rodrigo De Losso da Silveira Bueno (FEA-USP)
Rodrigo Leite (COPPEAD/UFRJ)
Ruy Monteiro Ribeiro (Insper)
Vinicius Augusto Brunassi Silva (FGV EESP)
Wilson Toshiro Nakamura (Mackenzie)
Yuri Fahham Saporito (FGV EMAp)