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Master's Dissertation
DOI
https://doi.org/10.11606/D.2.2019.tde-17072020-013619
Document
Author
Full name
Lígia Padovani Castela
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2019
Supervisor
Committee
Penteado, Mauro Rodrigues (President)
Dias, Luciana Pires
Pugliesi, Adriana Valéria
Sztajn, Rachel
Title in Portuguese
Ações preferenciais: os impactos na governança corporativa e sua exclusão do Novo Mercado da B3
Keywords in Portuguese
Ações preferenciais
Controle
Governança corporativa
Proporcionalidade
um voto uma ação
Abstract in Portuguese
O presente trabalho tem por objetivo: (i) sustentar a ideia de que as ações preferenciais têm seu espaço, importância e público; e a partir de uma análise crítica do conceito "uma ação, um voto" e da análise das diversas estruturas societárias utilizadas pelas companhias, (ii) demonstrar que as ações preferenciais exercem função muito relevante e, se bem utilizadas, podem se tornar indispensáveis para garantir o bom desempenho das companhias, inclusive do ponto de vista da governança corporativa, considerando os diversos interesses envolvidos nas sociedades anônimas. Dessa forma, eventual desalinhamento de interesses entre o controlador e os investidores (ou entre os acionistas e a administração nos mercados de valores mobiliários em que predominam companhias com capital disperso) deve ser devidamente precificado pelo mercado, sem prejuízo do exercício da fiscalização e punição dos acionistas e administradores pelos órgãos reguladores, em caso de eventuais descumprimentos de seus deveres legais. Para o desenvolvimento e conclusão deste trabalho, colhese dados de métodos dedutivos utilizados nos primeiros Capítulos e os aproveita por método indutivo, partindo para a análise dos dois casos selecionados, bastante ricos em informações e experiências, para a elucidação do tema.
Title in English
Preferred shares: the impacts on the corporate governance and its exclusion from the Novo Mercado of B3
Keywords in English
Control
Corporate governance
One share one vote
Preferred shares
Proportionality
Abstract in English
This paper aims to: (i) support the idea that preferred shares have their space, importance and public; and based on a critical analysis of the "one share, one vote" concept and considering the analysis of the various corporate structures used by the companies, (ii) demonstrate that preferred shares play a very important role and, if well used, may become indispensable for ensure the good performance of companies, including from the corporate governance point of view, considering the various interests involved in corporations. Therefore, any misalignment of interests between the controlling shareholder and investors (or between shareholders and management in capital markets where companies with dispersed capital predominate) should be duly priced by the market, without prejudice to the exercise of supervision and punishment of shareholders and management by the regulatory agencies, in case of possible non-compliance with their legal duties. For the development and conclusion of this work, data are collected from the deductive methods used in the first chapters and used them by inductive method, starting with the analysis of the two selected cases, rich in information and experiences, to elucidate the topic.
 
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Release Date
2022-07-17
Publishing Date
2020-08-03
 
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