Análise dos aspectos intrínsecos à deslistagem voluntária no Brasil

Abstract

The purpose of this study was to analyze the relationship between cash availability, protection of minority shareholders and transparency of information with the voluntary delisting of Brazilian companies listed on BM&FBOVESPA, taking into account the different moments related to the crisis and not crisis in the period of 2004 to 2015. The sample comprised all listed companies in this period, with the exception of firms in the financial and investment funds sector. During this time span, 576 registered companies were found, of which 243 were delisting, of which 112 were voluntary delisting. Data collection was done from the BM&FBOVESPA, the Securities Commission (CVM) and the Economâtica database. The statistical method adopted was logistic regression with panel data. The results showed a positive and significant relationship with the voluntary delisting for the variables of interaction between cash and crisis, company size, growth opportunities, results management, cash flow and stock concentration. In turn, the interaction variables between dividend distribution and crisis, ADR issuance, Corporate Governance level and leverage showed a negative and significant relationship with voluntary delisting. In this study, the relevance of Corporate Governance mechanisms as attenuators of the delisting was noted in the study, given that the variables used as proxy for protection of minority shareholders (dividend distribution and issuance of ADRs in foreign exchanges) and transparency of information (consistent with the lower level of results management), showed that they could reduce the probability of delisting. In addition, regarding the level of cash availability, it was found that the free cash flow proposed by Jensen (1986), would increase the likelihood of capital closure, since the purveyors were supposed to use this excess cash on little projects cost- effective. As suggestions for future research, one can cite the use of other Corporate Governance mechanisms to analyze the relation with the delisting. Also the companies belonging to the financial and funds sector could be studied, carrying out a specific research to understand the delimitation in such sector.