<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0123-5923</journal-id>
<journal-title><![CDATA[Estudios Gerenciales]]></journal-title>
<abbrev-journal-title><![CDATA[estud.gerenc.]]></abbrev-journal-title>
<issn>0123-5923</issn>
<publisher>
<publisher-name><![CDATA[Universidad Icesi]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0123-59232023000400417</article-id>
<article-id pub-id-type="doi">10.18046/j.estger.2023.169.5922</article-id>
<title-group>
<article-title xml:lang="pt"><![CDATA[Configuração do controle acionário, governança corporativa e valor da empresa: uma análise das empresas brasileiras]]></article-title>
<article-title xml:lang="en"><![CDATA[Shareholding control configuration, corporate governance and firm value: an analysis of the Brazilian firms]]></article-title>
<article-title xml:lang="es"><![CDATA[Configuración del control accionario, gobierno corporativo y valor de la empresa: un análisis de las empresas brasileñas]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Freitas Brandão]]></surname>
<given-names><![CDATA[Isac de]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lima Crisóstomo]]></surname>
<given-names><![CDATA[Vicente]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidade Federal do Ceará Departamento de Contabilidade e Finanças ]]></institution>
<addr-line><![CDATA[Fortaleza ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidade Federal do Ceará Departamento de Contabilidade e Finanças ]]></institution>
<addr-line><![CDATA[Fortaleza ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<volume>39</volume>
<numero>169</numero>
<fpage>417</fpage>
<lpage>434</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0123-59232023000400417&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0123-59232023000400417&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0123-59232023000400417&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo O estudo objetiva analisar o efeito da configuração do controle acionário sobre a eficácia do sistema de governança corporativa. Usando análise de regressão, foram investigadas as relações entre tipo de controle acionário e nível de adoção de práticas de governança corporativa, utilizando uma amostra de 160 empresas brasileiras. Os resultados indicam que a melhor estruturação do sistema de governança corporativa tem efeito positivo sobre o valor da empresa, o que sinaliza sua eficácia. Ademais, esta relação é moderada positivamente pelo controle majoritário e, negativamente, pelo controle compartilhado. Os achados indicam que o controle acionário é um fator contingencial à eficácia da adoção de práticas de governança pelas empresas. Merece menção os achados que indicam que empresas com controle disperso, apresentam maior aderência às práticas de governança corporativa, e que o controle majoritário deprecia o valor da empresa; enquanto os controles compartilhado e disperso criam valor. O trabalho contribui ao usar uma categorização para a configuração de controle acionário e prover evidência de que esta configuração tem papel relevante sobre o valor da empresa.  Classificações JEL:  G32; G34; G38]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This work aims to analyze the effect of the shareholding control configuration on the effectiveness of the corporate governance system. Using regression analysis, the relationships between the type of shareholding control, the level of adoption of corporate governance practices, and firm value were explored using a sample of 160 Brazilian companies. The results indicate that a better structured corporate governance system has a positive effect on firm value, which proves its effectiveness. Furthermore, this relationship is positively moderated by majority control, and negatively by shared control. These findings indicate that shareholding control is a contingent factor on the effectiveness of adopting governance practices by firms. It is worth mentioning that firms with dispersed control exhibit greater adherence to corporate governance practices, majority control depreciates firm value, while shared and dispersed control create value. This paper contributes a categorization for shareholding control configuration and provides evidence of its key role on firm value.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este trabajo tiene como objetivo analizar el efecto de la configuración del control accionario sobre la eficacia del sistema de gobierno corporativo. Mediante un análisis de regresión, se investigaron las relaciones entre el tipo de control accionario, el nivel de adopción de prácticas de gobierno corporativo y el valor de la empresa utilizando una muestra de 160 empresas brasileñas. Los resultados indican que un sistema de gobierno corporativo mejor estructurado tiene un efecto positivo en el valor de la empresa, lo que indica su efectividad. Además, esta relación es moderada positivamente por el control mayoritario y negativamente por el control compartido. Estos hallazgos indican que el control de la participación es un factor contingente en la efectividad de la adopción de prácticas de gobernanza. Vale la pena mencionar que las empresas con control disperso exhiben una mayor adherencia a las prácticas de gobierno corporativo, y que el control mayoritario deprecia el valor de la empresa, mientras que el control compartido y disperso crea valor. Este documento aporta una categorización de la configuración del control accionario y proporciona evidencia de que esta juega un papel relevante en el valor de la empresa.]]></p></abstract>
<kwd-group>
<kwd lng="pt"><![CDATA[abordagem contingencial]]></kwd>
<kwd lng="pt"><![CDATA[conflitos de agência]]></kwd>
<kwd lng="pt"><![CDATA[controle acionário]]></kwd>
<kwd lng="pt"><![CDATA[governança corporativa]]></kwd>
<kwd lng="pt"><![CDATA[valor da empresa]]></kwd>
<kwd lng="en"><![CDATA[contingency approach]]></kwd>
<kwd lng="en"><![CDATA[agencyconflicts]]></kwd>
<kwd lng="en"><![CDATA[shareholding control]]></kwd>
<kwd lng="en"><![CDATA[corporate governance]]></kwd>
<kwd lng="en"><![CDATA[firm value]]></kwd>
<kwd lng="es"><![CDATA[enfoque de contingencia]]></kwd>
<kwd lng="es"><![CDATA[conflictos de agencia]]></kwd>
<kwd lng="es"><![CDATA[control accionario]]></kwd>
<kwd lng="es"><![CDATA[gobierno corporativo]]></kwd>
<kwd lng="es"><![CDATA[valor en firme]]></kwd>
</kwd-group>
</article-meta>
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