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Cash holdings and corporate governance: The effects of premium listing in Brazil
Review of Development Finance Pub Date : 2018-12-01 , DOI: 10.1016/j.rdf.2018.11.002
Aviner Augusto Silva Manoel , Marcelo Botelho C. Moraes , Marcelo Seido Nagano , Vinicius Amorim Sobreiro

Abstract Although some studies have analysed the effects of corporate governance practices on cash holdings, this study is the first, to the best of our knowledge, to analyse the effects of a non-mandatory premium listing that was designed to establish a higher standard of governance set by Brazilian public companies. The creation of a domestic and non-mandatory premium listing in 2000 offers a unique opportunity to analyse the relation of its adoption on cash holdings. For this purpose, we used a sample of Brazilian companies between 2001 and 2014. The results indicate, after controlling for endogeneity through the Generalized Method of Moments (GMM) by dynamic panel data, that only firms listed in the New Market (NM), where companies can only issue shares with voting rights, obtained positive significance. Therefore, the issuance of only voting shares reduces agency costs and managerial entrenchment, and consequently reduces the expropriation of the cash holdings, given its vulnerability. In this way, the results obtained in this study contribute to the literature, especially for emerging markets where the use of non-voting shares is common, by pointing out that investors can have greater confidence on cash holdings management in companies where only voting shares are allowed.

中文翻译:

现金持有量和公司治理:巴西溢价上市的影响

摘要尽管一些研究已经分析了公司治理实践对现金持有量的影响,但据我们所知,这是首次研究旨在建立更高治理标准的非强制性溢价上市的影响由巴西上市公司设定。在2000年建立的国内和非强制性溢价清单提供了一个独特的机会来分析其采用与现金持有量的关系。为此,我们使用了2001年至2014年之间的巴西公司样本。结果表明,在通过动态面板数据通过广义矩法(GMM)控制内生性之后,只有在新市场(NM)上市的公司,公司只能发行具有表决权的股票,具有积极意义。因此,鉴于有脆弱性,仅发行有表决权的股份可以减少代理成本和管理人员紧缩,从而减少对现金持有量的占用。这样,通过指出投资者可以对只有表决权股份的公司的现金持有管理有更大的信心,本研究的结果有助于文献研究,特别是对于那些使用无表决权股份的新兴市场尤其如此。允许的。
更新日期:2018-12-01
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