ANALYSIS OF EMPIRICAL LITERATURE ON OWNERSHIP STRUCTURE IN THE BRAZILIAN CAPITAL MARKET

The Theory of the Ownership Structure of the Firm addresses conflicts of interest between insiders and external shareholders and the costs arising from such conflicts. Ownership structure corresponds to the property rights of managers and investors who have no role in the management. Empirically ownership structure can be studied from three dimensions: ownership concentration, ownership participation and ownership control. This paper analyze the current stage of empirical research on ownership structure in the Brazilian capital market. Through consultations to Spell, Scielo and Periodicos Capes bases in the period 1998-2020, 179 articles published in Brazilian (157) and foreign (22) journals were identified. Through content analysis, were analyzed: attributes of the ownership structure investigated, the form of its measurement, and its antecedents and consequents. The results indicated that the ownership structure has been measured predominantly by the percentage of shares held directly by the largest shareholders. Ownership concentration is the most studied dimension, with evidence of negative relationship with the quality of corporate governance and accounting information, but its relationship with performance and financial decisions is still inconclusive. Ownership participation and control are less investigated, and there are not conclusive evidence about their antecedents and consequences. This systematic review of the literature on ownership structure in Brazil can be used as a subsidy for researchers who wish to contribute with new evidence on the subject and for the formulation of policies for the development of the Brazilian capital market. Methodologically, the categorization developed can help to understand the dimensions of ownership structure.