Ownership Structure and Shareholders: Perspectives on Conflict between State Participation in the Value of Companies on the Brazilian Stock Exchange - B3

Abstract

Purpose: The main objectives are the influence on the various interested shareholders, the role of institutionalized the State in the shareholding structure of companies, and their influence on share prices after the events of media about disclose of these in this study. Design/methodology/approach: In the first moment, the investigation had a quantitative approach of a relational nature based on the events investigated between 2010 and 2020 and were published in the newspapers. In addition to the share prices, the variables investigated corresponded to the various forms of state participation. Based on stock valuation data, statistical methods were applied to a secondary database containing measurable information provided by organizations operating in the Brazilian stock market and documentary evidence provided by companies. Findings: The presence of the State as a shareholder has significant relevance in the Brazilian capital market and the application of public resources. It is the responsibility of society and academia to monitor such applications and ascertain whether it generates value for the business and the country. Within the study's boundaries on the management of public resources and investments, Corporate Governance has been arising the debate and questioning about the government's performance as a shareholder in the firm. Originality/value: When investigating the perspective of the State as a shareholder has significant relevance in the Brazilian capital market and the application of public resources. Society and academia's responsibility is to monitor such applications and ascertain whether it generates value for the business and the country.