Ownership Structure and Shareholders: Perspectives on Conflict between State Participation in the Value of Companies on the Brazilian Stock Exchange - B3

Lidinei Éder  Orso; Ruan Carlos dos Santos; Fabiano Maury Raupp; Antônia Marcia Rodrigues  Sousa

doi:10.37497/revistacejur.v11i00.400

Authors

Lidinei Éder Orso Universidade Regional Integrada do Alto Uruguai e das Missões (URI), Rio Grande do Sul https://orcid.org/0000-0002-8128-4337
Ruan Carlos dos Santos Universidade do Estado de Santa Catarina (UDESC-ESAG), Santa Catarina http://orcid.org/0000-0001-7396-8774
Fabiano Maury Raupp Universidade do Estado de Santa Catarina (UDESC-ESAG), Santa Catarina https://orcid.org/0000-0001-9533-2574
Antônia Marcia Rodrigues Sousa Universidade Federal do Ceará (UFC), Ceará https://orcid.org/0000-0003-0659-9897

DOI:

https://doi.org/10.37497/revistacejur.v11i00.400

Keywords:

Corporate Governance, Theory Agency, Ownership Structure, Shareholder

Abstract

Purpose: The main objectives are the influence on the various interested shareholders, the role of institutionalized the State in the shareholding structure of companies, and their influence on share prices after the events of media about disclose of these in this study.

Design/methodology/approach: In the first moment, the investigation had a quantitative approach of a relational nature based on the events investigated between 2010 and 2020 and were published in the newspapers. In addition to the share prices, the variables investigated corresponded to the various forms of state participation. Based on stock valuation data, statistical methods were applied to a secondary database containing measurable information provided by organizations operating in the Brazilian stock market and documentary evidence provided by companies.

Findings: The presence of the State as a shareholder has significant relevance in the Brazilian capital market and the application of public resources. It is the responsibility of society and academia to monitor such applications and ascertain whether it generates value for the business and the country. Within the study's boundaries on the management of public resources and investments, Corporate Governance has been arising the debate and questioning about the government's performance as a shareholder in the firm.

Originality/value: When investigating the perspective of the State as a shareholder has significant relevance in the Brazilian capital market and the application of public resources. Society and academia's responsibility is to monitor such applications and ascertain whether it generates value for the business and the country.

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Author Biographies

Lidinei Éder Orso, Universidade Regional Integrada do Alto Uruguai e das Missões (URI), Rio Grande do Sul

Possui graduação em Ciências Contábeis pela URI (2005), especialização com MBA Executivo em Finanças pela IMED (2010) e mestrado em Administração pela UNIVALI (2018). É participante do Grupo de Estudos sobre Estratégia e Performance (GEEP), liderado pela Prof.ª Dr.ª Rosilene Marcon, professor de ensino superior e empregado do Banco do Brasil SA. É especialista em investimentos (CEA - Anbima). Tem experiência em Administração Financeira, Governança Corporativa, Mercado de Capitais, Gestão, Contabilidade, Controladoria, Economia Internacional e Logística.

Ruan Carlos dos Santos, Universidade do Estado de Santa Catarina (UDESC-ESAG), Santa Catarina

Possui Mestrado em Administração - UNIVALI (2015-2017). Doutorando em Administração pela Universidade do Estado de Santa Catarina (UDESC-ESAG), Santa Catarina. Participante do Grupo de Pesquisa - GEEP - Grupo de Estudos sobre Estratégia e Performance - liderado pela Profª. Dra. Rosilene Marcon. Professor no Ensino Médio na SED-SC nas disciplinas de Filosofia. Professor e Tutor na UniAvan no Curso de Tecnologia em Gestão Financeira. Consultor/docente credenciado na ENA (Ecole Nationale D'Administration - Brasil).

Fabiano Maury Raupp, Universidade do Estado de Santa Catarina (UDESC-ESAG), Santa Catarina

Doutorado em Administração pela Universidade Federal da Bahia (2011). É professor associado na Universidade do Estado de Santa Catarina, atuando no Departamento de Administração Empresarial, no Mestrado Profissional em Administração, no Mestrado Acadêmico em Administração e no Doutorado em Administração do Centro de Ciências da Administração e Socioeconômicas.

Antônia Marcia Rodrigues Sousa, Universidade Federal do Ceará (UFC), Ceará

Doutorado em Administração de Empresas pela Universidade de Fortaleza - UNIFOR. É professora Adjunta da Universidade Federal do Ceará - UFC - Campus Sobral, Cursos de Ciências Econômicas e Finanças. Professora convidada do Programa de Pós-Graduação em Estudos Fronteiriços da Universidade Federal de Mato Grosso do Sul, Campus do Pantanal, (PPGEF/UFMS/CPAN).

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