Do private equity and venture capital backed firms have better corporate governance after going public?


Autoria(s): Oliveira, Maria Carolina Sanzovo de
Contribuinte(s)

Carvalho, Antonio Gledson de

Data(s)

19/05/2011

16/08/2010

Resumo

Mercados financeiros e finanças corporativas

The aim of this study is to map the main aspects of corporate governance in Brazil used by publicly traded companies and analyze them from a comparative perspective, contrasting companies that have suffered Private Equity and Venture Capital investment with the remaining public firms. The investigation is a result of the companies that in fact responded to the third version of the Survey on Corporate Governance in Brazil, previously conducted in 2005 and 2007. Analysis of adherence to BM&FBovespa’s corporate governance levels show a significantly greater adherence of the PE/VC backed companies in higher listing levels. Particular characteristics of the corporate governance of companies are detailed in an attempt to determine whether the clear advantage found in the comparison among the premium listing levels extends to other issues. The findings show significant differences in certain areas, i.e. processes of the board of directors, formation of committees, external auditor, shareholders rights, disclosure and compensation of officers and directors, which can be explained by the previous relationship of the backed enterprise, the PE/VC investor and the term sheet agreed upon between the parties.

Identificador

http://hdl.handle.net/10438/8116

Idioma(s)

en_US

Palavras-Chave #Corporate governance #Private equity and venture capital #IPOs #Board of directors #Minority shareholders #Governança corporativa - Brasil #Investimentos de capital - Brasil #Sociedades por ações - Conselhos diretores #Oferta pública inicial de títulos (Finanças) - Brasil
Tipo

Dissertation