Fechamento de Capital das Firmas: uma discussão teórico-empírica

Gustavo Henrique Dias Souza, Larissa Queiroz de Melo

Resumo


As empresas são agentes de mercado movidos por decisões estratégicas, dentre as quais se destacam as escolhas com relação ao financiamento e controle dessas firmas. Manter o capital aberto ou fechado é uma decisão que tem sido destacada nos últimos anos pela literatura. Neste sentido, este estudo visa apresentar os principais argumentos teóricos desenvolvidos para explicar as características e motivações deste fenômeno. Além disso, são apresentados os principais direcionamentos com relação às duas principais formas que essas transações ocorrem: as aquisições alavancadas e as aquisições pela gestão. Por fim, apresentam-se evidências empíricas que identificaram e estudaram essas operações. O estudo busca contribuir com a literatura a partir da apresentação de um ensaio teórico-empírico com relação às decisões da firma com relação ao fechamento de capital.


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