ROA - return on assets |
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Tobin's Q
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ROE - return on equity |
MB - market-to-book
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Independent and Control Variables |
Variable |
Formula/description |
Authors |
Signal |
FP - pension funds |
Total percentage of common shares belonging to pension funds that each hold above 5%. |
Del Guercio and Hawkins (1999)Del Guercio, D., & Hawkins, J. (1999). The motivation and impact of pension fund activism. Journal of Financial Economics, 52(3), 293-340.,Aggarwal et al. (2011)Aggarwal, R., Erel, I., Ferreira, M., & Matos, P. (2011). Does governance travel around the world? Evidence from institutional investors. Journal of Financial Economics, 100(1), 154-182.,Edmans (2009)Edmans, A. (2009). Blockholder trading, market efficiency and managerial myopia. Journal of Finance, 64(6), 2481-2513.
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+ |
Giannetti and Laeven (2009)Giannetti, M., & Laeven, L. (2009). Pension reform, ownership structure, and corporate governance: Evidence from a natural experiment. Review of Financial Studies, 22(10), 4091-4127.,Gillan and Starks (2000)Gillan, S., & Starks, L. (2000). Corporate governance proposals and shareholder activism: The role of institutional investors. Journal of Financial Economics, 57(2), 275-305.,Harris et al. (2014)Harris, R. S., Jenkinson, T., & Kaplan, S. N. (2014). Private equity performance: What do we know? Journal of Finance, 69(5), 1851-1882.
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- |
AP - principal shareholder TPA - three largest shareholders; CPA - five largest shareholders |
- Percentage of common shares owned by the company's largest shareholder. - Total percentage of common shares of the company's three largest shareholders. - Total percentage of common shares of the company's five largest shareholders. |
Jensen and Meckling (1976)Jensen, M. C., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305-360.
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+ |
Silveira (2004)Silveira, A. D. (2004). Governança corporativa e estrutura de propriedade: determinantes e relação como desempenho das empresas no Brasil [Corporate governance and ownership structure; determinants and relation with the performance of companies in Brazil] (Tese de Doutorado [PhD Dissertation]). São Paulo, SP, Brazil: Faculdade de Economia, Administração e Contabilidade, USP., 250 pp.,Sonza and Kloekner (2014)Sonza, I. B., & Kloekner, G. O. (2014). Governança em estruturas proprietárias concentradas: novas evidências para o Brasil [Governance in concentrated ownership structures: New evidences from Brazil]. Revista de Administração de São Paulo - RAUSP, 49(2), 322-338.,La Porta et al. (1997La Porta, R., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. (1997). Legal determinants of external finance. Journal of Finance, 52(3), 1131-1150., 1998)La Porta, R., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. (1998). Law and finance. Journal of Political Economy, 101(6), 678-709.
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Tang - tangibility of the assets
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Pöyry and Maury (2010)Pöyry, S., & Maury, B. (2010). Influential ownership and capital structure. Managerial and Decision Economics, 31(5), 311-324.,Almeida and Campello (2007)Almeida, H., & Campello, M. (2007). Financial constraints, asset tangibility, and corporate investment. Review of Financial Studies, 20(5), 1429-1460.
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- |
Size: AT - total assets; PL - equity; EBITDA. |
- Logarithm of the company's total assets; - Logarithm of the company's equity; - Logarithm of profits before interest, taxes, depreciation and amortization. |
Pedersen and Thomsen (1997)Pedersen, T., & Thomsen, S. (1997). European patterns of corporate ownership: A twelve-country study. Journal of International Business Studies, 28(4), 759-778.
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+ |
Klapper and Love (2004)Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5), 703-728.
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AL - leverage |
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Jensen and Warner (1988)Jensen, M. C., & Warner, J. B. (1988). The distribution of power among corporate managers, shareholders and directors. Journal of Financial Economics, 20(1), 3-24.,Boubakri and Cosset (1998)Boubakri, N., & Cosset, J. C. (1998). The financial and operating performance of newly privatized firms: evidence from developing countries. Journal of Finance, 53(3), 1081-1110.,Brick et al. (2006)Brick, I. E., Palia, D., & Wang, C. J. (2006). Simultaneous estimation of CEO compensation, leverage and board characteristics on firm value. In AFA Boston Meetings Paper.
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- |
Law05 - Law 11,053 of December 29, 2004. |
Dummy: 1 - Period of validity of the law (2005-2015); 0 - Years prior to 2005. |
Colombo and Caldeira (2016)Colombo, J. A., & Caldeira, J. (2016). The Role of Taxes and the Interdependence Among Corporate Financial Policies: Evidence from a Natural Experiment. Working paper – SSRN.http://dx.doi.org/10.2139/ssrn.2804329
http://dx.doi.org/10.2139/ssrn.2804329...
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FE - foreign pension funds |
Dummy: 1 - If the pension funds that have control structure are foreign; 0 - OW
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Giannetti et al. (2015)Giannetti, M., Liao, G., & Yu, X. (2015). The brain gain of corporate boards: Evidence from China. Journal of Finance, 70(4), 1629-1682.
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+ |
FU - state-owned pension funds |
Dummy: 1 - If the pension funds that have control structure are state-owned; 0 - OW
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Becht et al. (2009)Becht, M. J., Franks, J., Mayer, C., & Rossi, S. (2009). Returns to shareholder activism: Evidence from a clinical study of the Hermes UK focus fund. Review of Financial Studies, 22(8), 3093-3129.
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- |
IGC - Corporate Governance Index |
Dummy: 1 - If the company participates in the Corporate Governance Index; 0 - OW
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Almeida, Santos, et al. (2010)Almeida, M. A., Santos, J. F., Ferreira, L. F. V. M., & Torres, F. J. V. (2010). Evolução da Qualidade das Práticas de Governança Corporativa: um Estudo das Empresas Brasileiras de Capital Aberto Não Listadas em Bolsa [Evolution of the quality of corporate governance practices: A study of Brazilian corporations listed and unlisted on the stock exchange]. Revista de Administração Contemporânea - RAC, 14(5), 907-924.
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Ferreira (2012)Ferreira, R. N. (2012). Governança corporativa e desempenho: uma análise em empresas brasileiras de capital aberto [Corporate Governance and performance: ananalysis of Brazilian publicly traded companies] Tese de Doutorado [PhD Dissertation]. Lavras, PR, Brazil: Universidade Federal de Lavras., 275 pp.,Macedo and Corrar (2012)Macedo, M. A. D. S., & Corrar, L. J. (2012). Análise comparativa do desempenho contábil-financeiro de empresas com boas práticas de governança corporativa no Brasil [Comparative analysis of the accounting and financial performance of companies with good corporate governance practices in Brazil]. Revista Contabilidade e Controladoria - RC&C, 4(1), 42-61.
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