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Abstract(s)
Nas últimas três décadas o fenómeno de Common Ownership entrou para a ordem do dia na teoria das finanças corporativas. Alguns investigadores portugueses têm estado na linha da frente, mas ainda não existia um estudo empírico à realidade empresarial nacional. Por este motivo, esta tese tem como intuito principal replicar o trabalho feito por Backus et al. (2019) para o S&P 500, no universo das empresas do PSI-20 entre 1997-2019. Depois da análise ao período, podemos concluir que o fenómeno em questão não tem grande significado na realidade do principal Índice Bolsista Nacional. Contrariamente ao verificado no caso Americano em que a tendência de crescimento do peso médio do lucro cruzado é clara ao longo dos últimos trinta anos. Antes da análise empírica em si, há uma contextualização com a diferente literatura existente; apresentando as diferentes funções objectivo dos órgãos de gestão da empresa, assim como as distintas fórmulas de cálculo do peso dos lucros cruzados. Centrando a análise na formulação dominante por uma questão de comparação com a investigação feita à realidade americana.
Over the last three decades, the common ownership phenomenon has gained the interest of Corporate Finance researchers. Some of those researchers are Portuguese, so the need to do empirical research of the common ownership concentration in Portuguese firm reality. To do so, this thesis will replicate the Backus et al. (2019) approach over the S&P 500, to PSI-20 listed firms between 1997-2019. After this analysis, this thesis concludes that common ownership concentration does not have a significant presence in the Portuguese main Stock Index, in contrast to what has been happening in the U.S where the growth trend of the average cross profit weight is obvious over the last three decades. Before the empirical analysis, this thesis presents a literature review where explains the different managers objective functions as well as the different formulations to compute cross profit weigh. The analysis is focused on the dominant formulation by a comparison issue with previous research on American reality.
Over the last three decades, the common ownership phenomenon has gained the interest of Corporate Finance researchers. Some of those researchers are Portuguese, so the need to do empirical research of the common ownership concentration in Portuguese firm reality. To do so, this thesis will replicate the Backus et al. (2019) approach over the S&P 500, to PSI-20 listed firms between 1997-2019. After this analysis, this thesis concludes that common ownership concentration does not have a significant presence in the Portuguese main Stock Index, in contrast to what has been happening in the U.S where the growth trend of the average cross profit weight is obvious over the last three decades. Before the empirical analysis, this thesis presents a literature review where explains the different managers objective functions as well as the different formulations to compute cross profit weigh. The analysis is focused on the dominant formulation by a comparison issue with previous research on American reality.
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Keywords
Common ownership Participação acionista horizontal Dispersão da participação Poder de mercado Regulação da concorrência Função objectivo das empresas Horizontal shareholding Ownership dispersion Market power Antitrust regulation PSI-20 Manager objective function