Shareholder conflict, corporate governance and company value: an analysis in Brazilian companies

• Main Authors: Laura Edith Taboada Pinheiro, Patrícia Antonacci Neves, Rafael Morais de Souza, María Luz Casabianca
• Format: Article
• Language: Portuguese
• Published: Universidade Federal de Santa Catarina 2019-12-01
• Series: Revista Contemporânea de Contabilidade
• Subjects: conflito entre acionistas; concentração acionária; governança corporativa; valor da empresa
• Online Access: https://periodicos.ufsc.br/index.php/contabilidade/article/view/53535

The objectives of this research were to analyze the relationship of shareholding concentration and corporate governance with the variable’s shareholder conflict and company value; and exploring the association between shareholder conflict and company value. For the creation of indicators for conflict between shareholders, share concentration and corporate governance, the analysis of main components was used. Through regression analysis with panel data, a significant and positive relationship of ownership concentration and conflict and a significant and negative relationship of corporate governance and conflict were verified. Additionally, through cluster analysis, it was observed that the sample used has an inverse relationship between conflict and company value. It is concluded that the improvement in the quality of corporate governance tends to reduce the possibility of conflict between shareholders. The study contributes to the governance literature in the Brazilian environment and its evidence can contribute to changes in the regulatory environment.