GOBIERNO CORPORATIVO Y MITIGACIÓN DEL RIESGO DE EXPROPIACIÓN DE LOS ACCIONISTAS NO CONTROLADORES
DOI:
https://doi.org/10.56238/arev8n6-087Palabras clave:
Expropiación, Accionista No Controlador, Gobernanza Corporativa, B3Resumen
La gobernanza corporativa interna actúa como sustituto de la protección jurídica en entornos institucionales frágiles. Este estudio analiza la relación entre las prácticas de gobernanza corporativa y el riesgo de expropiación de los accionistas no controladores en las sociedades cotizadas brasileñas. La muestra está compuesta por 152 empresas brasileñas no financieras que cotizan en B3, en el periodo comprendido entre 2010 y 2022. Se utilizó el Análisis Factorial para construir índices de riesgo de expropiación que sintetizan sus diversas dimensiones y el Método de Momentos Generalizados Sistémicos (GMM-Sis) para tratar la endogeneidad y la dinámica temporal del fenómeno. Se seleccionaron tres índices de riesgo de expropiación: Tipo de Controlador, Poder de los Controladores y Transferencia de Riqueza. Los resultados indicaron que las prácticas de gobierno corporativo, como los mayores porcentajes de tag along concedidos a los accionistas no controladores, la distribución de dividendos y las acciones en libre circulación en el mercado, reducen el riesgo de expropiación de los accionistas no controladores. Además, también se confirmó la alta persistencia temporal de la expropiación. La investigación ayuda a inversores y analistas a evaluar el riesgo de expropiación, a empresas a identificar los mecanismos de gobernanza interna más eficaces para contrarrestar el poder de los controladores, y a organismos de orientación del mercado y reguladores a evaluar las mejores prácticas de gobernanza corporativa que deben adoptar las empresas.
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