Abstract
This paper is an attempt to discuss economic groups as a way of achieving their governance, growth, financing, and diversification in less-developed capital markets. Company financing in the Brazilian capital market is analyzed, based on research being conducted in Brazil on governance structures. It is shown that there are three basic models: cascade, web, and fan. Characteristics of Brazilian law and the Brazilian stock market make it possible to determine “equity leverage” as a way of maintaining equity control over different companies and as the answer to having more than one public company in the same economic group.
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