Estratégias corporativas como redutores dos conflitos de agência: um estudo sobre companhias listadas na B3

Abstract

The conflicts generated within the companies resulting from agency relations matter in costs to these. In Brazil, these problems arise in two different ways: (1) Major Shareholders x Minority Shareholders and (2) Owners x Executive. In this sense, considering the peculiarities of Brazilian companies and the market, this dissertation seeks to investigate strategic policies that aim to mitigate such costs. The purpose of the first article was to examine the relationship between the payments of the proceeds and the concentration of ownership and control. In addition, verify whether the identity and the country of origin of the main shareholder may influence this relationship. The sample comprises all companies with assets traded on B3 in the period from 2010 to 2017. The assumptions were tested from multiple regressions with panel data. The results indicate a positive relationship between the distribution of dividends and the concentration of voting shares of the largest shareholder and negative relation with the concentration of the cumulation five largest and the average concentration of the sector. In addition, a positive relationship was found between the dividends with the second largest shareholder when this is an institutional investor. In the second article, he proposed a tactic for the other problem, as the various ways in which public companies can remunerate their managers can influence the firm's performance. For this, multiple regressions with panel data were used. The survey sample includes active Brazilian companies that traded shares in B3 in the period between 2010 and 2017. The compensation mechanisms were represented by the Average Salary; proportion of the variable salary and Share-based Remuneration. Financial measures (ROA, ROE and LPA) were used to measure company performance. The results show that there is a relationship between the mechanisms used to remunerate managers and performance indicators. In addition, both types of incentives positively affect performance, confirming the agent-principal interest alignment theory.