Quotation Gelman, Marina, Luiz Ricardo, Kabbach de Castro, Seidler, Valentin. 2015. Efeitos da vinculação de conselheiros ao acordo de acionistas no valor da firma. Revista de Administracao de Empresas (RAE). 55 (3), 345-358.


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Abstract

This study analyzes the effect of shareholders’ agreement binding provisions on firm value. Using a database of 181 publicly listed firms from the special segments of the BM&FBovespa, between 2008 and 2012, we analyze the effect of the inclusion of generic and specific clauses into the shareholder agreement bind director’s vote to the agreement on firm value. The results indicate a negative effect of the shareholders’ agreement on firm value. This effect is higher in the presence of generic clauses and lower in the presence of specific clauses, even after controlling for the endogeneity of the shareholders’ decision to adopt shareholder agreements. The results allow us to conclude that controlling shareholders use the shareholder agreements as a mechanism to enhance control at the expense of firm value (entrenchment effect). This article contributes to the literature on governance and corporate finance to reveal practices that weaken the role of one of the main pillars of governance, the board of directors.

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Publication's profile

Status of publication Published
Affiliation External
Type of publication Journal article
Journal Revista de Administracao de Empresas (RAE)
Citation Index SSCI
Language Portoguese
Title Efeitos da vinculação de conselheiros ao acordo de acionistas no valor da firma
Volume 55
Number 3
Year 2015
Page from 345
Page to 358
Reviewed? Y
URL https://rae.fgv.br/en/rae/vol55-num3-2015/efeitos-vinculacao-conselheiros-ao-acordo-acionistas-no-valor-firma
DOI http://dx.doi.org/10.1590/S0034-759020150309
Open Access Y
Open Access Link http://www.fgv.br/rae/artigos/revista-rae-vol-55-num-3-ano-2015-nid-48644/

Associations

People
Seidler, Valentin (Details)
External
Gelman, Marina (Fundação Getulio Vargas, Brazil)
Luiz Ricardo, Kabbach de Castro (Universidade de São Paulo, Brazil)
Organization
Department of Economics (Crespo Cuaresma) (Details)
Research areas (ÖSTAT Classification 'Statistik Austria')
5371 Macroeconomics (Details)
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