Determinantes da deslistagem no Brasil: a estrutura de propriedade e controle influencia o fechamento de capital das firmas?

This article aims to investigate the relationship between voluntary delisting and ownership / control structure, especially if piramidal structures influence the probability of delisting in Brazil. A sample of the study involves all companies listed on B3, from 2012 to 2017, a period in which 153 voluntary descriptions were recorded in the country. The selected method was a logistic regression, since the dependent variable - voluntary delisting - is binary. As main results, we note a negative relationship between the delisting and the size of the company and the delisting and share´s liquidity. In turn, we detect a positive relationship between going private and cash availability. However, there are no significant effects between the delisting and ownership and control structure for Brazilian companies.   Keywords: Voluntary delisting, Ownership and Control Structure, Pyramidal structure