This paper analyzes the influence of financial decisions and ownership structure on firm value in function of whether companies have profitable growth opportunities for a sample of 182 listed Brazilian firms during the period 1995-2004. Concerning financial leverage, the results offer support...

We analyze whether financial constraints of Brazilian firms are alleviated by ownership structure. More specifically, we study whether the presence of nonfinancial firms as shareholders of Brazilian firm mitigates financial constraints. We find that the presence of nonfinancial firms as...

This paper analyzes the incentives of large shareholders to implement the corporate governance system that favors their interests within a framework of highly concentrated ownership and poor legal protection for investors. A metric for corporate governance based on the fulfillment of...

This paper analyzes the presence of financial constraints for investment in innovation in Brazil. Dynamic investment models are estimated for a panel dataset of 206 Brazilian nonfinancial firms in the period 1995-2006. Results show that innovation of Brazilian firms is subject to financial...

The purpose of this work is to verify the existence of financial constraints for investment in Brazil, an emerging market with growing international visibility. Using panel data methodology and GMM, we estimate dynamic investment models based on the Euler equation and Tobin's q for a panel...