The Role of Ownership Concentration and Debt in Downturns: Evidence from Brazilian Firms During the 2008-9 Financial Crisis

被引：5
|
作者：
da Cunha, Claudio M. P. [1 ]
Bortolon, Patricia M. [2 ]
机构：
[1] Fed Univ Espirito Santo UFES, Dept Management, Vitoria, ES, Brazil
[2] Fed Univ Espirito Santo UFES, Dept Accounting, Vitoria, ES, Brazil
来源：
EMERGING MARKETS FINANCE AND TRADE | 2016年 / 52卷 / 11期
关键词：
corporate governance; debt; financial crises; non-diversifiable risk; ownership structure; stock returns; systematic risk; CORPORATE GOVERNANCE; INVESTOR PROTECTION; VOTING-RIGHTS; STOCK RETURNS; PERFORMANCE; MARKET;
D O I：
10.1080/1540496X.2015.1087793
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This article aims to reconcile conflicting literature about the role of ownership concentration in the responsiveness of stock prices to macroeconomic shocks. We modified a previous theoretical model, adding leverage as a disciplining device. An important implication of our model is that only in deep crises ownership concentration plays a role in attenuating the effect of macroeconomic shock on firm value. We test this hypothesis using a sample of Brazilian firms during distinct phases of the 2008-9 crisis. Our empirical analyzes shows that only in the most critical part of the crisis, ownership concentration reduced the negative effects of the financial crisis.
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页码：2610 / 2623
页数：14
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