Determinants of delisting in Brazil: does the ownership and control structure influence the delisting of firms?

Authors

  • Edson Carlos Cordeiro Júnior Universidade Federal de Uberlândia, Brasil
  • Fernanda Maciel Peixoto Universidade Federal de Uberlândia
  • Luciana Carvalho Universidade Federal de Uberlândia, Brasil

DOI:

https://doi.org/10.21171/ges.v14i40.3097

Keywords:

Voluntary deslisting, ownership and control structure, pyramidal structure

Abstract

This article aims to investigate the relationship between voluntary delisting and ownership / control structure, especially if piramidal structures influence the probability of delisting in Brazil. A sample of the study involves all companies listed on B3, from 2012 to 2017, a period in which 153 voluntary descriptions were recorded in the country. The selected method was a logistic regression, since the dependent variable - voluntary delisting - is binary. As main results, we note a negative relationship between the delisting and the size of the company and the delisting and share´s liquidity. In turn, we detect a positive relationship between going private and cash availability. However, there are no significant effects between the delisting and ownership and control structure for Brazilian companies.

 

Keywords: Voluntary delisting, Ownership and Control Structure, Pyramidal structure

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Author Biographies

Fernanda Maciel Peixoto, Universidade Federal de Uberlândia

Doutora em Administração pelo Centro de Pós-Graduação e Pesquisas em Administração da Universidade Federal de Minas Gerais (2012), com período sanduíche no Instituto Superior de Economia e Gestão da Universidade Técnica de Lisboa. Mestre em Administração pela Universidade Federal de Uberlândia (2005), Graduada em Administração pela Universidade Federal de Uberlândia (2002). Professora Adjunta na Faculdade de Gestão e Negócios da Universidade Federal de Uberlândia, na área de Finanças. Professora do Programa de Pós-Graduação em Administração (PPGA) da FAGEN/UFU, na Linha Finanças e Controladoria.

Luciana Carvalho, Universidade Federal de Uberlândia, Brasil

Possui graduação em Ciências Econômicas pela Universidade Federal de Uberlândia (2000), mestrado em Economia pela Universidade Federal de Uberlândia (2003) e doutorado em Economia Aplicada pela Universidade Federal de Uberlândia (2013). Tem experiência na área de Economia e Finanças, com ênfase em Organização Industrial e Estudos Industriais, atuando principalmente nos seguintes temas: estratégias, Inovação e finanças corporativas. Atualmente é professora Faculdade de Gestão de Negócio da Universidade Federal de Uberlândia na área de finanças

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Published

2020-08-31

How to Cite

Cordeiro Júnior, E. C., Peixoto, F. M., & Carvalho, L. (2020). Determinants of delisting in Brazil: does the ownership and control structure influence the delisting of firms?. Management & Society Electronic Journal, 14(40), 3899–3922. https://doi.org/10.21171/ges.v14i40.3097

Issue

Vol. 14 No. 40 (2020): September/December 2020

Section

Articles

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