Determinantes pelo Prêmio pelo Direito de Voto no Mercado de Ações Brasileiro

 

Abstract

This study aims identify the determinants of premium for voting rights in the Brazilian market. To this end, we developed a dataset consisted of 383 companies listed on the Brasil, Bolsa, Balcão (B3) from 2000 to 2015, to use the fixed effects regressions with panel data models. We identified that the average of the premium found for the period is 18.07%, however, this value is close to 40.00% in years considered of systemic crisis, as occurred in 2008 and 2015. In addition to the positive influence of the years of decline in the stock market in the value of the premium, the results showed that i) the increase in liquidity of shares with voting rights negatively affect the value of the premium for control; and ii) the level of liabilities payable in relation to assets has an inverted U-shape in relation to the voting premium. The study contributes to the literature by verifying that a structure of two classes of shares allows the accentuation of the premium for voting rights in periods of systematic crisis.