Influência da Estrutura de Propriedade na Eficiência das Menores e Maiores Empresas Brasileiras Negociadas na Bovespa
Resumo
O trabalho em questão tem como objetivo principal, analisar a influência do porte na eficiência das estruturas de propriedade concentradas das empresas de capital aberto brasileiras. Os dados foram coletados em base anual no ECONOMÁTICA e em sites das empresas, nos anos de 1995 a 2010, totalizando 8.250 empresas-ano. Para a análise, primeiramente foi calculada a eficiência relativa das empresas através da DEA (Data Envelopment Analysis). Em segundo lugar, foram classificadas as empresas por porte. Por fim, na análise da influência da estrutura de propriedade na eficiência, foi utilizado o modelo de Dados em Painel não-balanceado por GMM (Método dos Momentos Generalizados). Os resultados evidenciaram que a relação negativa entre estrutura de propriedade e eficiência encontrada nos estudos anteriores sobre a realidade brasileira é mais decorrente das ineficiências das maiores empresas do que das menores.
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