Open AccessValue, governance and foreign shareholding in Brazilian companies
Author(s) -
Natália Belfort Geiser Mercadante Simões,
Andre Carvalhal da Silva
Publication year - 2016
Publication title -
corporate ownership and control
Language(s) - English
Resource type - Journals
eISSN - 1810-0368
pISSN - 1727-9232
DOI - 10.22495/cocv13i3c2p1
Subject(s) - corporate governance , business , profitability index , valuation (finance) , accounting , valuation effects , enterprise value , finance
This study aims to identify the characteristics of Brazilian listed companies that have foreign investors. The purpose is to examine whether such companies have higher performance and valuation and better corporate governance. We study 215 listed companies from 2001 to 2012, and find that there is a significant relationship between the presence of foreign investors and higher firm valuation, higher profitability and better corporate governance.