OWNERSHIP AND CONTROL STRUCTURES AND THE PERFORMANCE OF NON-FINANCIAL PUBLIC COMPANIES IN BRAZIL

This paper investigates the relationship between ownership and control structures and the financial performance of non-financial companies listed on the BM&FBOVESPA between the years 2008 and 2012. For this, a literature review of the ownership and control was held, as well as its relationship with firm performance, measured by Return on Assets, Return on Equity, Net Income, Earnings per Share and Debt. Thus, the financial data for the analyzes were collected from the database Economatica (R), which were tabulated and analyzed using descriptive statistics and analysis of simple regressions with unbalanced panel data with random effects. In total, after treatment with the technique of outliers Winsor, 1,660 observations were analyzed of 332 companies. The results show that both the ownership and the control of the companies are still concentrated, and that the concentration of control is evident that property. It was also possible to verify that the Return on Assets is negative and significantly related to the concentration of ownership and control and the Return on Equity is positively and significantly related to the property. The Debt is also positively related to ownership and control. Therefore, this study contributes with a cutout of the structure of ownership and control of companies in the Brazilian capital market after 2008, the year of change in accounting standards in Brazil and the financial crisis in the capital markets, and indicate its relation to profitability and the Debt of firms investigated.