Abertura ou não de capital no Brasil: uma análise prática da percepção dos executivos financeiros

This study investigated the aspects and reasons why Brazilian firms gopublic, from the viewpoint of chief financial officers (CFOs). From theBM&F Bovespa and the magazine Valor Investe, we selected 113 Brazilianfirms that had successfully completed an Initial Public Offerings (IPO)between January 2004 and December 2010, and firms those that are largeenough to go public, but have not attempted an IPO. Following Brau andFawcett (2006), we surveyed the CFOs about their perceptions at the time ofthe IPO. The most findings were: (1) the main motivation for going publicwas to reduce the cost of capital; (2) general market conditions werecrucial to the timing of the IPO; (3) underwriters were selected based onoverall reputation, quality of the research department, and industryexpertise; (4) the use of a Big-4 accounting firm was seen as a positivesign by the respondents; (5) the overallotment option of shares to stabilizeprices was considered the most important IPO process issue; and (6) the mainreason for remaining private was to preserve decision-making control andownership.