Linbana som kollektivt transportmedel i tätbebyggt område är i Sverige ett nytt fenomen. Med hänsyn till samhällets urbanisering och ambition att tillgodose bostadsbehovet genom förtätning, framstår linbana som ett lämpligt komplement till att förstärka befintlig infrastruktur. Framförallt på grund av det marginella "fotavtryck" anläggningen utgör på miljön. Linbanor är energieffektiva och miljövänliga transportalternativ som även ger framkomlighet i miljöer där andra transportsätt är för svåra eller för dyra att anlägga. I studien har frågor kring ersättning av markintrång och störningar som en linbana kan medföra granskats. Studien redogör för de generella ersättnings- och värderingsprinciper som berör detta område, samt hur dessa kan appliceras på linbanor i tätbebyggt område. Studien har genomförts med en juridisk metod, som innebär en fördjupning i lagtext, förarbeten och doktrin. För att kunna bedöma inverkan av störningarna har även vägledande rättsfall och praxis använts. Intervjuer har gjorts med en förrättningslantmätare samt ett tekniskt råd på avdelning 6, Svea hovrätt (mark- och miljööverdomstolen) för att vidga studiens referensramar av de tolkningar som gjorts. Av studien framgår att regler för intrångsersättning i expropriationslagen ska tillämpas, oavsett vilket lagrum som används för markåtkomsten. Avgörande där är den marknadsvärdeförändring intrånget medför. Effekten på marknadsvärdet av markintrång som utgörs av enbart vajer mellan stationer och pelarstöd, är svårare att bedöma än det intrång som görs för stationer och pelarstöd. Svårigheten ligger i bedömningen av hur marknadsvärdet förändras när fastigheten "urholkas" för linbanan. En linbana kan anläggas på höga höjder, vilket innebär att fastighetens möjlighet att nyttja utrymmet under vajern i de fallen inte begränsas i någon större utsträckning. Bedömning måste dock göras i det enskilda fallet. Gällande störningar framkommer problem kring hur olika störningar kan uppfattas samt hur dess sammantagna effekt ska bedömas. Då linbana som kollektivt transportmedel i tätbebyggt område är nytt inom Sverige har ännu inga rättsfall kring markintrång eller störningar prövats. För att kunna göra en bedömning av störningar har en rättsfallsanalys gjorts av rättsfall med verksamheter vars störning liknar de som kan uppkomma från linbanor. Resultatet visar att ämnet är svårbedömt. Att pröva linbanan i detaljplan kan därför vara en nödvändig åtgärd. Linbanan blir då prövad i sin helhet, och inom ramen för detaljplan främjas en bra dialog med berörda sakägare och medborgare i allmänhet. / A gondola lift as a means of public transportation system is a new phenomenon in Sweden. In view of the urbanization and society’s ambition to accommodate the urgent need of housing through a concentration of the city, a gondola lift stands out as a suitable compliment for the existing infrastructure. Above all because of the small "footprint" the structure makes on the environment. As a transportation system, gondola lifts are energy efficient, environmentally friendly and provides accessibility where other transportation systems are too difficult or too expensive to build. The study has looked at questions of compensation for the property encroachments and environmental disturbances a gondola lift might cause. The study gives further details about the general principles of compensation and valuation regarding this area, and also how these principles can be applied to gondola lifts in urban areas. The study has been done using a legal methodology, which involves a deeper understanding of the law, government bills and doctrine. Guiding- and precedent court cases has been analyzed in order to make an assessment about the influence of the environmental disturbances. Interviews has been done with a cadastral surveyor at the Gothenburg municipality office and with a technical adviser at the environmental court of appeal, in order to broaden the perspectives of the interpretations made in the study. The study infers that the compensation rules of encroachment in the law of expropriation should be applied, no matter which law is used to expropriate for the gondola lift. Decisive when determining the compensation is the change in market value caused by the encroachment. It´s harder to estimate the effect on market value caused by encroachment of the cable only, than for encroachment of the station buildings and pillars. The difficulty lies in the estimation of the change in market value when the expropriated property is "hollowed" in favor of the gondola cable. A gondola lift can be built very high, which means that a property in those cases aren´t restricted in any large extent regarding the use of the property directly below the cable. Although, assessments must be done for each individual case. Regarding the different disturbances, problems occur around the way they are perceived and how the overall effect of different disturbances should be assessed. Because gondola lifts as a public transportation is so new, there hasn´t been any legal cases tried about its encroachment or disturbances. In order to make an assessment about disturbances, a court case analysis has been done using cases about activities which disturbances are comparably similar to the once caused by a gondola lift. The result of the study shows that this assessment is hard to do. A necessary proceeding might be to try out the gondola lift in a detailed zoning plan. The gondola lift is then tested as a whole, including the effects of disturbances and encroachment. The framework of a detailed zoning plan also promotes the dialog with the parties concerned as well as with the other citizens.

Syfte: Syftet med studien är att utreda om det finns något samband mellan företags finansiella prestation och hur företagen betygsätts utifrån deras engagemang i aktiviteter som rör företagens sociala ansvarstaganden. Metod: Denna studie har utifrån en positivistisk forskningsfilosofi antagit en deduktiv ansats med hypoteser samt en kvantitativ forskningsdesign med en paneldatametod i form av tvärsnittsdesign. Denna typ av forskningsdesign användes för att samla in sekundärdata från flera år. Studiens population uppgår till 171 företag och urvalet till 130 börsnoterade företag på Stockholmsbörsen. Sekundärdata för CSP för år 2009 till 2013 hämtades från Folksam Index för ansvarsfullt företagande. Sekundärdata för finansiell prestation hämtades från årsredovisningar från Retriever och Datastream. Analysering av all sekundärdata gjordes utifrån deskriptiv statistik och multipla regressionsanalyser i statistikprogrammet SPSS. Resultat och slutsats: Studiens resultat indikerar på att sambandet mellan CSP och CFP är signifikant negativt när Tobin´s Q avser CFP. Detta innebär att företagens marknadsvärde tenderar till att minska när deras sociala prestation ökar. Vidare gällande ROA finner studien inget signifikant samband mellan CSP och CFP. En antydan på ett svagt positivt samband ges dock, om än utan någon signifikans. Resultaten kan förklaras med hjälp av teorier såsom intressentteorin samt den institutionella teorin. Förslag till vidare forskning: Efter det nya EU-direktivet trätt i kraft och applicerats under en period är ett förslag att undersöka effekterna av detta direktiv. Vidare vore det intressant att utföra en undersökning som analyserar och jämför förändringar över de enskilda åren då denna studie endast använt sig av ett genomsnittsvärde för alla variabler under åren 2009 till 2013. Det vore även intressant att undersöka om de branscher som enligt Folksam (2013) löper de största verksamhetsriskerna angående hållbarheten också ökar sin sociala prestation över åren. Vidare bör dessa branscher även undersökas för att se varför vissa branscher uppvisar ett signifikant samband där andra branscher saknar detta samband. Uppsatsens bidrag: Utifrån denna studie får berörda parter ett teoretiskt bidrag som visar en ny mätmetod och ett annat perspektiv på sambandet mellan social- och finansiell prestation, jämfört med tidigare forskning. Studien öppnar även upp ett forskningsområde för undersökning av branscher och varför vissa branscher uppvisar ett signifikant samband där andra branscher saknar detta samband. Det praktiska bidraget i denna studie ger en fingervisning om hur det finansiella resultatet kan komma att påverkas med en högre grad av hållbarhetsarbete för att möta det nya EU-direktivet. / Purpose: The purpose of this study is to investigate the relationship between companies’ financial performance and how the companies are rated on their involvement in Corporate Social Responsibility-activities. Method: This study, based on a positivist research philosophy, adopted a deductive approach with hypothesis testing and a quantitative research design with a panel-data method in the form of a cross-sectional design. This type of research design was used to collect secondary data from several years. The study population amounts to 171 companies while the sample amounts up to 130 listed companies on the Stockholm Stock Exchange. Secondary data for CSP for the year 2009 until 2013 was retrieved from Folksam Corporate responsibility index for each year. Secondary data for the financial performance was retrieved from Retriever and Datastream databases. In addition, analysis of all the collected secondary data was based on descriptive statistics and multiple regression analysis in SPSS. Results and Conclusions: The study’s results indicate that the relationship between CSP and CFP are significantly negative when Tobin’s Q refers to CFP. This means that the companies’ market value tends to decrease as their social performance increases. Furthermore, this study doesn’t find any significant relationship between CSP and ROA as CFP. An indication of a weak positive relationship is provided, however, albeit with no significance. The result can be explained by theories as stakeholder theory and institutional theory. Suggestions for further research: A suggestion is to examine the effects of the relationship of CSP and CFP after the EU directive comes into force. Furthermore, it would be interesting to conduct a study which analyzes and compares the changes over the individual years since this study only adopted an average value for all the variables during the years 2009 until 2013. It would also be interesting to investigate whether the industries according to Folksam (2013) runs the biggest business risks relating to sustainability is also increasing its social performance over the years. Furthermore, these industries should also be examined to see why some industries show a significant correlation where other industries lack this connection. Contributions of the thesis: Based on this study, concerned parties receives a theoretical contribution that shows a new measuring method and another perspective on the relationship of social- and financial performance, compared to previous research. This study also opens a field of research for the study of industries and why some industries show a significant correlation where other industries lack this correlation. The practical contribution in this study gives an indication of how the financial result may be affected by a higher degree of sustainability efforts to meet the new EU directive.

Made available in DSpace on 2015-03-05T19:14:42Z (GMT). No. of bitstreams: 0 Previous issue date: 29 / Nenhuma / Este estudo teve como pressuposto investigar a ocorrência da teoria de equity market timing na formação da estrutura de capital das companhias abertas brasileiras. Equity market timing, ou janela de oportunidades de mercado, pode ser definido como o momento apropriado para a emissão de ações, que ocorre quando o quociente entre o valor de mercado e o valor contábil das empresas – market-to-book ratio (MB) − é alto, indicando que a firma está sobrevalorizada e que, respectivamente, seu custo de capital está baixo. Baker e Wurgler (2002) foram os expoentes dessa teoria e desenvolveram um modelo para testar a existência e a persistência de equity market timing na formação da estrutura de capital das companhias abertas americanas. Ao aplicarem o modelo no mercado norte-americano, nele constataram a existência de market timing, bem como sua persistência por cerca de uma década, a contar da data da oferta pública inicial de ações (IPO) das respectivas empresas, comprovando que as empresas norte-americanas se / This study examines the implications of the theory of equity market timing on the capital structure in the Brazilian public companies. Equity market timing, or windows of opportunities, can be defined as the right moment to issue equity when the market value is high, relative to book value, indicating that the firm is overvalued and the cost of capital is low. Baker and Wurgler (2002) developed a model to test the equity market timing theory in the American capital market. The results are consistent with the hypothesis that market timing has large and persistent effects on capital structure. Furthermore, they found out that the impacts persist for a decade after the IPO of the firms, proving that companies in United States take advantage of the windows of opportunities to form their capital structures. Assuming the Baker and Wurgler’s propositions, the equity market timing theory was tested in Brazilian capital market for a group of companies that went public between 1997 and 2007. Both market and book lever

Made available in DSpace on 2016-04-25T18:40:00Z (GMT). No. of bitstreams: 1 Denis Securato.pdf: 1988201 bytes, checksum: 3c55c8195fa78e40dcf255b301d90360 (MD5) Previous issue date: 2014-06-26 / The main goal of this paper is to analyze the Corporate Governance practices on the market value ratios of non-financial companies in the Construction industry, which are listed in the stock market of São Paulo BM&F BOVESPA, within the period of 2010 and 2013. It verifies whether or not companies that adopted differentiated level of Corporate Governance of Bovespa standards have reached higher levels of value creation to the shareholder, in other words, if the shareholders are willing to pay more for the shares of these companies based on the outcomes reached and consequently expected in the future. According to Silveira (2002: 02) the common sense indicates that companies with adequate structure of Corporate Governance practices recommended by Market agents have obtained better results and evaluation in the market for their share prices than companies with inadequate Corporate Governance structure, ceteris paribus . To Ross (2002: 46) adding to financial indexes: the financial statements are not capable to bring an answer to ( ) performance areas ( ). However, the business administration must continuing assesses the company s performance and the financial statements provide useful information . The financial statements and indexes were removed from the already calculated Economatica system, with exception of Tobin s Q Index, which was calculated by the author. It uses the statistic method of logic regression to verify if the variables (value creation indexes) can distinguish the companies listed in the special layer of Corporate Governance New Market. Hence, if the companies are listed in the special layer of Corporate Governance New Market, can add more value to the shareholders. As a result we can distinguish the companies in the New Market by significant variables P/E, P/B, P/Sales and P/EBITDA. Where the lower the P/E and P/B are, the higher is the chance for a company to meet the New Market level of 95% of trustworthiness rate, additionally the higher the P/Sales and P/EBITDA are, higher is the chance of a company in real estate industry been in the New Market layer of 95% of trustworthiness rate. It is concluded from this study that, for the companies that joined the differentiated levels of corporate governance practices and therefore are classified in the New Market, there was a higher value creation as it relates to the share price with EBITDA and the share price with sales. So there is evidence that investors focused their attention to value creation in operational indicators such as EBITDA and Sales / O objetivo principal deste trabalho é avaliar o reflexo das práticas de Governança Corporativa sobre os indicadores de valor de mercado das empresas não financeiras do setor de Construção com ações negociadas na Bolsa de Valores de São Paulo BM&F BOVESPA, no período de 2010 à 2013. Verifica-se se as empresas que aderiram aos níveis diferenciados de governança corporativa da Bovespa atingiram maiores níveis de criação de valor para o acionista, ou seja, se os investidores estão dispostos a pagar mais pelas ações destas empresas em função de resultados atingidos e consequentemente esperados para o futuro. Segundo Silveira (2002: 02) o senso comum indica que empresas com uma estrutura de governança corporativa mais adequada às práticas recomendadas pelos agentes de mercado obtenham melhores resultados e também sejam melhor avaliadas pelo mercado no preço de suas ações do que empresas com uma estrutura de governança não tão adequada, ceteris paribus . Já para Ross (2002: 46) complementa sobre índices financeiros: as demonstrações financeiras não são capazes de dar respostas para (...) áreas de desempenho (...). Entretanto, a administração precisa avaliar continuamente o desempenho da empresa, e as demonstrações financeiras fornecem informações úteis . As demonstrações financeiras e os índices foram retirados do sistema economática já calculados, com exceção do índice Q de Tobin que foi calculado pelo autor. Utiliza-se o método estatístico da regressão logística para verificar se as variáveis (índices de criação de valor) podem discriminar as empresas listadas no segmento especial de governança corporativa Novo Mercado. Ou seja, se as empresas listadas no segmento especial de governança corporativa Novo Mercado, podem agregar maior valor para seus acionistas. Como resultado temos que pode-se discriminar as empresas que estão no Novo Mercado pelas variáveis significativas P/L, P/VP, P/Vendas e P/EBITDA. Onde quanto menor o P/L e o P/VP, maior é a chance de uma empresa se encontrar no novo Mercado ao nível de 95% de confiança e quanto maior o P/Vendas e o P/EBITDA maior é a chance de uma empresa do setor imobiliário estar no novo Mercado com 95% de confiança. Conclui-se neste estudo que, para as empresas que aderiram a níveis diferenciados de práticas de governança corporativa e que por isso estão classificadas no Novo Mercado, houve maior criação de valor quando se relaciona o preço da ação com EBITDA e o preço da ação com as vendas. Portanto existem evidências de que os investidores concentraram sua atenção para criação de valor em indicadores operacionais como EBITDA e Vendas

Sverige genomförde vid årsskiftet 2012/2013 ytterligare en sänkning av bolagsskatten. Denna gång från 26,3 till 22 procent. Målet med sänkningen var att hamna under EU’s genomsnittliga bolagsskattenivå vilket skulle minska företags incitament till att fly Sverige för lågskatteländer. Samtidigt ville regeringen minska företagens skuldsättningsgrad. I teorin sjunker värdet på skatteskölden vid en bolagsskattesänkning och därmed också värdet på företagen. Från företagens och ägarnas perspektiv innebär sänkt skatt högre nettovinst och således en högre utdelning. Hur reagerar marknaden? Ett försök att besvara frågan görs genom att gruppera företagen efter skuldsättningsgrad och undersöka vad som händer med aktierna under den dag nyheten om bolagsskattesänkningen publiceras. Detta undersöks genom en eventstudie vilken avgränsas till Norden och andra marknader med liknande finansiellt system samt liknande lagstiftning. Till grund för undersökningen ligger aktier representerade på Stockholm OMX Large Cap. Studien finner en signifikant positivt reaktion sett till hela marknaden när nyheten om bolagsskattesänkningen blir offentlig. Vid indelning efter skuldsättningsgrad visar företagen med lägst skuldsättning den högsta positiva reaktionen, medan företagen med högst skuldsättning visar en negativ reaktion, dock inte signifikant. / At the end of 2012 Sweden implemented a further reduction in corporation tax, this time from 26.3 to 22 percent. The goal of the reduction was to reach a lower corporate tax level then the EU’s average. This would reduce the company’s incentive to flee Sweden for low-tax countries. At the same time, the Swedish Government wanted to reduce the debt ratio. In theory, the value of the tax shield is lowered and hence the value of the companies. From corporate and shareholder perspective this reduced tax means higher net income and thus a higher dividend. How does the market react? An attempt to answer this question is made by splitting the companies by leverage and examine what happened to the shares on the day the news of the company tax cut was published. This is examined through an event study, which is bounded to the Nordic countries and to other markets with similar financial systems and similar legislation. The study is based on shares represented at the Stockholm OMX Large Cap. The study finds a significant positive reaction over the entire market when the news about the corporate tax becomes public. On account of the debt-equity ratio, the firms with the lowest leverage show the highest positive response, while the companies with the highest debt show a negative reaction, however not a significant one.

El objetivo de esta tesis doctoral es analizar las repercusiones que, sobre el valor de mercado, tiene la orientación de la legislación concursal, así como su influencia sobre el reparto de ese valor entre los distintos agentes. Además se tratan de delimitar las características concretas que afectan al valor de la empresa, a través del estudio de la eficiencia de la legislación, para finalizar estudiando la evolución del riesgo de los títulos y la importancia relativa del componente sistemático y específico del mismo. A través de un análisis empírico internacional se obtiene evidencia de la relación entra la orientación de la legislación concursal y el valor de mercado, de la valoración que éste hace de los diferentes tipos de eficiencia de la normativa y de la relevancia del riesgo específico como factor principalmente afectado por los problemas de insolvencia. / The aim of this Thesis is to analyse the implications of the orientation of the bankruptcy law over the market value, and its influence in the share of this value between the stakeholders of the firm. We try to specify the characteristics that affect the value of the firm by the efficiency of the law. Finally, we study the risk and the importance of the systematic and specific component. With an international empirical analysis, we get evidence about the relationship between the orientation of the bankruptcy law and the market value of insolvent firms, about he valuation of the different types of efficiency of the bankruptcy law and the relevance of the specific risk, which appears specially affected by the insolvency problems.

This thesis investigates the impact of fragmentation in the ownership of complementary patents or patent thickets on firms' market value. This question is motivated by the increase in the patent ownership fragmentation following the pro-patent shifts in the US since 1982. The first chapter uses panel data on patenting US manufacturing firms from 1979 to 1996, and estimates the impact of patent thickets on firms' market value. I find that patent thickets lower firms' market value, and firms with a large patent portfolio size experience a smaller negative effect from their thickets. Moreover, no systematic difference exists in the impact of patent thickets on firms' market value over time. The second chapter extends this analysis to account for the indirect impacts of patent thickets on firms' market value. These indirect effects arise through the effects of patent thickets on firms' R\&D and patenting activities. Using panel data on US manufacturing firms from 1979 to 1996, I estimate the impact of patent thickets on market value, R\&D, and patenting as well as the impacts of R\&D and patenting on market value. Employing these estimates, I determine the direct, indirect, and total impacts of patent thickets on market value. I find that patent thickets decrease firms' market value, while I hold the firms’ R\&D and patenting activities constant. I find no evidence of a change in R\&D due to patent thickets. However, there is evidence of defensive patenting (an increase in patenting attributed to thickets), which helps to reduce the direct negative impact of patent thickets on market value. The data sets used in Chapters 1 and 2 have a number of missing observations on regressors. The commonly used methods to manage missing observations are the listwise deletion (complete case) and the indicator methods. Studies on the statistical properties of these methods suggest a smaller bias using the listwise deletion method. Employing Monte Carlo simulations, Chapter 3 examines the properties of these methods, and finds that in some cases the listwise deletion estimates have larger biases than indicator estimates. This finding suggests that interpreting estimates arrived at with either approach requires caution.

Syftet med den här studien är att beskriva och analysera hur ett småhus ålder kan påverka marknadsvärdet och taxeringsvärdet för en småhusfastighet samt hur den svenska taxeringsmodellen tar hänsyn till hur ett småhus ålder påverkar värdet. Målet är att ge förslag på hur ett småhus ålder kan behandlas vid fastighetstaxering i Sverige. Ett småhus definieras som en byggnad inrättad till bostad för en till två familjer och en småhusfastighet utgörs av ett småhus plus dess tomtmark. Vid fastighetstaxering av småhusfastigheter i Sverige bestäms ett byggnads- och ett tomtmarksvärde som sedan slås ihop till ett taxeringsvärde för småhusfastigheten, taxeringsvärdet ska motsvara 75 % av marknadsvärdet två år före taxeringsåret. Byggnadsvärdet respektive tomtmarksvärdet bestäms utifrån olika värdefaktorer, en av dem är värdefaktorn ålder vilket anges som ett värdeår ämnat att uttrycka en byggnads återstående ekonomiska livslängd. Metoder som har använts i studien är en litteraturstudie som granskat tidigare forskning inom ämnet samt lagstiftning och facklitteratur. En kvantitativ undersökning av småhus och köp i Gävle kommun har genomförts för att skapa en generell bild av hur ett småhus ålder påverkar småhusfastigheters taxeringsvärde samt en generell bild av när taxeringsvärdet är svårbedömt på grund av ett småhus ålder. För att erhålla en djupare förståelse för hur ett småhus ålder kan påverka småhusfastigheters marknadsvärde genomfördes en kvalitativ undersökning av ett fåtal småhus. Resultatet av litteraturstudien visar att de åldersrelaterade variabler som kan påverka ett småhus marknadsvärde är: depreciering, läge, byggnadskonstruktion, underhåll samt vintage-effekt. De åldersrelaterade variabler som den svenska taxeringsmodellen tar hänsyn till är: depreciering, åldersinverkan i förhållande till läge samt jämkning av värdeår. Litteraturstudien samt den kvantitativa och den kvalitativa undersökningen tyder på att det finns vissa brister i hur åldersfaktorn hanteras vid fastighetstaxering i Sverige, främst när det gäller äldre byggnader. Eftersom de båda undersökningarna genomfördes endast med småhusfastigheter i Gävle kommun är dock resultatet inte direkt applicerbart på hela Sveriges småhusbestånd. Ändock drogs slutsatsen att det anses motiverat att ge förslag på hur den svenska taxeringsmodellen kan behandla åldersfaktorn vid fastighetstaxering av småhus. Förslaget innefattade de åldersrelaterade variablerna: depreciering, läge, underhåll, köparpreferenser samt byggnadskonstruktion.

This thesis investigates the impact of fragmentation in the ownership of complementary patents or patent thickets on firms' market value. This question is motivated by the increase in the patent ownership fragmentation following the pro-patent shifts in the US since 1982. The first chapter uses panel data on patenting US manufacturing firms from 1979 to 1996, and estimates the impact of patent thickets on firms' market value. I find that patent thickets lower firms' market value, and firms with a large patent portfolio size experience a smaller negative effect from their thickets. Moreover, no systematic difference exists in the impact of patent thickets on firms' market value over time. The second chapter extends this analysis to account for the indirect impacts of patent thickets on firms' market value. These indirect effects arise through the effects of patent thickets on firms' R\&D and patenting activities. Using panel data on US manufacturing firms from 1979 to 1996, I estimate the impact of patent thickets on market value, R\&D, and patenting as well as the impacts of R\&D and patenting on market value. Employing these estimates, I determine the direct, indirect, and total impacts of patent thickets on market value. I find that patent thickets decrease firms' market value, while I hold the firms’ R\&D and patenting activities constant. I find no evidence of a change in R\&D due to patent thickets. However, there is evidence of defensive patenting (an increase in patenting attributed to thickets), which helps to reduce the direct negative impact of patent thickets on market value. The data sets used in Chapters 1 and 2 have a number of missing observations on regressors. The commonly used methods to manage missing observations are the listwise deletion (complete case) and the indicator methods. Studies on the statistical properties of these methods suggest a smaller bias using the listwise deletion method. Employing Monte Carlo simulations, Chapter 3 examines the properties of these methods, and finds that in some cases the listwise deletion estimates have larger biases than indicator estimates. This finding suggests that interpreting estimates arrived at with either approach requires caution.

Submitted by Rafael Dallacqua (dallacquas@hotmail.com) on 2016-12-26T11:16:55Z No. of bitstreams: 1 Dissertação_Rafael Dallacqua_Final.pdf: 531478 bytes, checksum: 3c94fb1b18f7cc58da4f26618bbabb8d (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2016-12-27T14:05:24Z (GMT) No. of bitstreams: 1 Dissertação_Rafael Dallacqua_Final.pdf: 531478 bytes, checksum: 3c94fb1b18f7cc58da4f26618bbabb8d (MD5) / Made available in DSpace on 2016-12-28T11:01:19Z (GMT). No. of bitstreams: 1 Dissertação_Rafael Dallacqua_Final.pdf: 531478 bytes, checksum: 3c94fb1b18f7cc58da4f26618bbabb8d (MD5) Previous issue date: 2016-12-14 / The Brazilian corporate governance model is characterized by a high concentration of ownership structure and control in the majority of the publicly traded companies, which makes the conflict between minorities and controlling shareholders the main agency problem in Brazilian companies. Several national and international papers have studied the theme and the impact of concentration of ownership on financial performance, market value and risk of the companies, using different econometric approaches having reached divergent results, despite the lack of consensus regarding the influence of concentration of ownership on the value and performance of companies. This paper aims to analyze the relation between concentration of ownership and financial performance and the market value of Brazilian companies, using a sample with balanced panel data composed by 83 non-financial publicly traded Brazilian companies in the period from 2009 to 2014. The results show that there is a statistically significant relationship between concentration of ownership and the market value of firms, given by Tobin's q and the firm value of the company. However, no statistically significant relationship was found between concentration of ownership and financial performance. / O modelo de governança corporativa brasileiro é caracterizado por uma elevada concentração de propriedade e controle na maioria das empresas de capital aberto, o que torna o conflito entre acionistas minoritários e controladores o principal problema de agência nas empresas brasileiras. Diversos trabalhos nacionais e internacionais estudaram o tema e o impacto que a concentração de propriedade tem sobre o desempenho financeiro, valor de mercado e risco das empresas, com diferentes abordagens econométricas e chegaram a resultados divergentes, de forma que não há ainda um consenso sobre a influência da concentração de propriedade sobre o valor e desempenho das empresas. O objetivo deste trabalho é analisar a relação entre concentração de propriedade e o desempenho financeiro e valor de mercado das empresas brasileiras, utilizando uma amostra com dados em painel balanceado composta por 83 empresas brasileiras não financeiras de capital aberto no período de 2009 a 2014. Os resultados mostram que existe uma relação estatisticamente significante entre concentração de propriedade e o valor de mercado das empresas, dado pelo q de Tobin e o valor da empresa. Porém, não foi encontrada relação estatisticamente significante entre concentração de propriedade e desempenho financeiro.