Deslistagem Voluntária: Um estudo sobre a saída das empresas da B3

Abstract

As well as going public, the opposite phenomenon also generates speculation in the financial market. Thus, this article aims to analyze the possible determining factors in the voluntary delisting process of publicly traded companies listed on Brazil, Bolsa, Balcão (B3). Methodologically, this research related a set of variables collected from secondary data available in the database of the Brazilian Securities Commission (CVM), B3 and the Economática platform. The sample comprises 74 non-financial companies that voluntarily deregistered from 2015 to August 2021. For the analysis, Logit Regressions were performed using three distinct models: (i) the variables at the same time t as the dependent variable (probability of delisting): (ii) variables lagged by 1-year (t-1) and (iii) variables lagged by 2 years (t-2). It is concluded that the EBITDA, only at time t, when the company dropped out and the variables sales growth (CVEND) and size (LNTAM), both for the period without lag (t) and for the lagged periods in one year (t-1) and in two years (t-2) were statistically significant, and for this research, the factors and/or determinants that led companies to withdraw voluntarily were identified.