Palavras-chave
insider trading
estrutura de propriedade
Como Citar
Resumo
O objetivo deste documento é duplo: em primeiro lugar, é realizada uma análise do efeito direto da estrutura de propriedade e conselhos de administração sobre o insider trading. Em segundo lugar, examinamos o possível efeito moderador que a concentração de propriedade tem sobre o papel disciplinar dos conselhos no momento da prevenção dessa prática de mercado. Os resultados da regressão múltipla e da regressão múltipla hierárquica mostram um efeito negativo tanto da concentração de propriedade quanto da parcela de conselheiros independentes no insider trading. No que se refere ao efeito moderador, fica evidente que o papel de controle dos conselhos é influenciado pela concentração da propriedade.
Aboody, D., & Lev, B. (2000). Information asymmetry, RyD, and insider gains. The Journal of Finance, 55, 2747–2766. https://doi.org/10.2307/222399
Agrawal, A., & Knoeber, C. (1996). Firm performance and mechanisms to control agency problems between managers and shareholders. The Journal of Financial and Quantitative Analysis, 31(3), 377. https://doi.org/10.2307/2331397
Agrawal, A., & Mandelker, G. (1990). Large shareholders and the monitoring of managers: The case of antitakeover charter amendments. The Journal of Financial and Quantitative Analysis, 25(2), 143. https://doi.org/10.2307/2330821
Aiken, L., West, S., & Reno, R. (1991). Multiple regression: Testing and interpreting interactions. Sage Publications, Inc.
Alonso-Bonis, S., & de Andrés-Alonso, P. (2007). Ownership structure and performance in large spanish companies. Empirical evidence in the context of an endogenous relation. Corporate Ownership and Control, 4(4 B), 206–216. https://doi.org/10.22495/cocv4i4c1p5
Bathala, C., & Rao, R. (1995). The determinants of board composition: An agency theory perspective. Managerial and Decision Economics, 16(1), 59–69. https://doi.org/10.1002/mde.4090160108
Beck, T., & Levine, R. (2002). Industry growth and capital allocation: Does having a market- or bank-based system matter? Journal of Financial Economics, 64(2), 147–180. https://doi.org/10.1016/S0304-405X(02)00074-0
Berle, A., & Means, G. (1932). The modern corporation and private property. New York: Macmillan Publishing Co.
Betzer, A., & Theissen, E. (2009). Insider trading and corporate governance: The case of Germany. European Financial Management, 15(2), 402–429. https://doi.org/10.1111/j.1468-036X.2007.00422.x
Bhagat, S., & Black, B. (2002). The non-correlation between board independence and long-term firm performance. Journal of Corporation Law, 27(2), 231-273. https://doi.org/10.2139/ssrn.133808
Bhattacharya, U., & Daouk, H. (2002). The world price of insider trading. Journal of Finance, 57(1), 75–108. https://doi.org/10.1111/1540-6261.00416
Bris, A. (2005). Do insider trading laws work? European Financial Management, 11(3), 267–312. https://doi.org/10.1111/j.1354-7798.2005.00285.x
Bushman, R. & Smith, A. (2001). Financial accounting information and corporate governance. Journal of Accounting and Economics, 32(1–3), 237-333. https://doi.org/10.1016/S0165-4101(01)00027-1.
Claessens, S., Djankov, S., Fan, J., & Lang, L. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance, 57(6), 2741–2771. https://doi.org/10.1111/1540-6261.00511
Comisión Nacional del Mercado de Valores (CNMV). Código unificado de buen gobierno de las sociedades cotizadas (2006). Recuperado el 15 de junio de 2020 de https://www.cnmv.es/DocPortal/Publicaciones/CodigoGov/Codigo_unificado_Esp_04.pdf
Cziraki, P., De Goeij, P., & Renneboog, L. (2014). Corporate governance rules and insider trading profits. Review of Finance, 18(1), 67–108. https://doi.org/10.1093/rof/rft001
Dah, M., Frye, M., & Hurst, M. (2014). Board changes and CEO turnover: The unanticipated effects of the Sarbanes–Oxley Act. Journal of Banking & Finance, 41, 97-108. https://doi.org/10.1016/j.jbankfin.2014.01.006
De Jong, A., DeJong, D. V., Mertens, G., & Wasley, C. E. (2005). The role of self-regulation in corporate governance: Evidence and implications from The Netherlands. Journal of Corporate Finance, 11(3), 473–503. https://doi.org/10.1016/j.jcorpfin.2004.01.002
Del Brío, E., De Miguel, A., & Tobar, J. (2010). Efectos de la regulación bursátil sobre la eficiencia de los mercados de valores. Comparación entre España y Reino Unido. Revista Espanola de Financiacion y Contabilidad, 39(146), 321–342. https://www.jstor.org/stable/42782714
Del Brío, E., Miguel, A., & Perote, J. (2002). An investigation of insider trading profits in the Spanish stock market. Quarterly Review of Economics and Finance, 42(1), 73–94. https://doi.org/10.1016/S1062-9769(01)00103-X
Del Brío, E., & Perote, J. (2007). What enhances insider trading profitability? Atlantic Economic Journal, 35(2), 173–188. https://doi.org/10.1007/s11293-006-9060-8
Demirgüç-Kunt, A., & Maksimovic, V. (1998). Law, finance, and firm growth. Journal of Finance, 53(6), 2107–2137. https://doi.org/10.1111/0022-1082.00084
Demirgüç-Kunt, A., & Maksimovic, V. (2002). Funding growth in bank-based and market-based financial systems: Evidence from firm-level data. Journal of Financial Economics, 65(3), 337–363. https://doi.org/10.1016/S0304-405X(02)00145-9
Donnelly, R., & Kelly, P. (2005). Ownership and board structures in Irish plcs. European Management Journal, 23(6), 730–740. https://doi.org/10.1016/j.emj.2005.10.016
Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88(2), 288–307. https://doi.org/10.1086/260866
Fama, E., & Jensen, M. (1983). Separation of ownership and control. The Journal of Law y Economics, 26(2), 301–325. https://doi.org/10.2307/725104
Fidrmuc, J. P., Goergen, M., & Renneboog, L. (2006). Insider trading, news releases, and ownership concentration. Journal of Finance, 61(6), 2931–2973. https://doi.org/10.1111/j.1540-6261.2006.01008.x
Fishman, M., & Hagerty, K. (1992). Insider trading and the efficiency of stock prices. The RAND Journal of Economics, 23(1), 106. https://doi.org/10.2307/2555435
Friederich, S., Gregory, A., Matatko, J., & Tonks, I. (2002). Short-run returns around the trades of corporate insiders on the London stock exchange. European Financial Management, 8(1), 7–30. https://doi.org/10.1111/1468-036X.00174
Georgakopoulos, N. (1993). Insider trading as a transactional cost: A market micostructure justification and optimization of insider trading regulation. Connecticut Law Review, 26. https://heinonline.org/HOL/Page?handle=hein.journals/conlr26yid=19ydiv=ycollection=
Goshen, Z., & Parchomovsky, G. (2001). On insider trading, markets, and “negative” property rights in information. Virginia Law Review, 87(7), 1229. https://doi.org/10.2307/1073850
Grossman, S., & Hart, O. (1986). The costs and benefits of ownership: A theory of vertical and lateral integration. Journal of Political Economy, 94(4), 691–719. https://doi.org/10.1086/261404
He, Q., & Rui, O. (2016). Ownership Structure and Insider Trading: Evidence from China. Journal of Business Ethics, 134(4), 553–574. https://doi.org/10.1007/s10551-014-2384-4
Hermalin, B., & Weisbach, M. (1988). The determinants of board composition. The RAND Journal of Economics, 19(4), 589. https://doi.org/10.2307/2555459
Hillier, D., & Marshall, A. (2002). Insider trading, tax-loss selling, and the turn-of-the-year effect. International Review of Financial Analysis, 11(1), 73–84. https://doi.org/10.1016/S1057-5219(01)00065-5
Howton, S. W. (2006). Effect of governance characteristics on the state of the firm after an initial public offering. Financial Review, 41(3), 419–433. https://doi.org/10.1111/j.1540-6288.2006.00150.x
Ikenberry, D., Lakonishok, J., & Vermaelen, T. (1995). Market underreaction to open market share repurchases. Journal of Financial Economics, 39(2–3), 181–208. https://doi.org/10.1016/0304-405X(95)00826-Z
Jagolinzer, A. D. (2009). Sec Rule 10b5-1 and insiders’ strategic trade. Management Science, 55(2), 224–239. https://doi.org/10.1287/mnsc.1080.0928
Jeng, L. A., Metrick, A., & Zeckhauser, R. (2003). Estimating the returns to insider trading: A performance-evaluation perspective. Review of Economics and Statistics, 85(2), 453–471. https://doi.org/10.1162/003465303765299936
Jensen, M. (1989). Eclipse of the Public Corporation. Managing the Multibusiness Company: Strategic Issues for Diversified Groups. https://books.google.com.co/books?hl=esylr=yid=_NIJtxxbgDMCyoi=fndypg=PA315ydq=Eclipse+of+the+Public+Corporationyots=RA5TdeK0rOysig=7DTA06A3Wg__WoXhjiJyK_Rr5ocyredir_esc=y#v=onepageyq=Eclipse of the Public Corporationyf=false
Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3), 831–880. https://doi.org/10.1111/j.1540-6261.1993.tb04022.x
Jensen, M., & Meckling, W. (1979). Theory of the firm: Managerial behavior, agency costs, and ownership structure BT. In K. Brunner (Ed.) Economics Social Institutions: Insights from the Conferences on Analysis and Ideology (pp. 163–231). Springer Netherlands. https://doi.org/10.1007/978-94-009-9257-3_8
Ke, B., y Petroni, K. (2004). How informed are actively trading institutional investors? Evidence from their trading behavior before a break in a string of consecutive earnings increases. Journal of Accounting Research, 42(5), 895–927. https://doi.org/10.1111/j.1475-679X.2004.00160.x
Kim, K., Kitsabunnarat-Chatjuthamard, P., & Nofsinger, J. (2007). Large shareholders, board independence, and minority shareholder rights: Evidence from Europe. Journal of Corporate Finance, 13(5), 859–880. https://doi.org/10.1016/j.jcorpfin.2007.09.001
Klein, A. (1998). Firm performance and board committee structure. Journal of Law and Economics, 41(1), 275–303. https://doi.org/10.1086/467391
Korczak, A., Korczak, P., & Lasfer, M. (2010). To trade or not to trade: The strategic trading of insiders around news announcements. Journal of Business Finance and Accounting, 37(3–4), 369–407. https://doi.org/10.1111/j.1468-5957.2010.02185.x
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471–517. https://doi.org/10.1111/0022-1082.00115
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113–1155. https://doi.org/10.1086/250042
La Porta, R., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal determinants of external finance. Journal of Finance, 52(3), 1131–1150. https://doi.org/10.1111/j.1540-6261.1997.tb02727.x
Lakonishok, J., & Lee, I. (2001). Are Insider Trades Informative? The Review of Financial Studies, 14(1), 79–111. http://www.jstor.org/stable/2696757
Lin, C., Ma, Y., & Su, D. (2009). Corporate governance and firm efficiency: Evidence from China’s publicly listed firms. Managerial and Decision Economics, 30(3), 193–209. https://doi.org/10.1002/mde.1447
Maug, E. (1998). Large shareholders as monitors: Is there a trade-off between liquidity and control? Journal of Finance, 53(1), 65–98. https://doi.org/10.1111/0022-1082.35053
Méndez, C., & García, R. (2007). The effects of ownership structure and board composition on the audit committee meeting frequency: Spanish evidence. In Corporate Governance: An International Review (Vol. 15, pp. 909–922). Blackwell Publishing Ltd. https://doi.org/10.1111/j.1467-8683.2007.00619.x
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation. An empirical analysis. Journal of Financial Economics, 20(C), 293–315. https://doi.org/10.1016/0304-405X(88)90048-7
Park, Y. W., & Shin, H. H. (2004). Board composition and earnings management in Canada. Journal of Corporate Finance, 10(3), 431–457. https://doi.org/10.1016/S0929-1199(03)00025-7
Qiu, Y., He, H., & Xiao, G. (2018). The information content of insider trading: Evidence from China. Finance Research Letters, 26, 126–131. https://doi.org/10.1016/j.frl.2017.12.007
Rajan, R., & Zingales, L. (1996). Financial Dependence and Growth. Cambridge, MA. https://doi.org/10.3386/w5758
Ravina, E., & Sapienza, P. (2009). What Do Independent Directors Know? Evidence from Their Trading. Review of Financial Studies, 23(3), 962–1003. https://doi.org/10.1093/rfs/hhp027
Rogoff, D. (1964). the forecasting properties of insiders’ transactions. The Journal of Finance, 19(4), 697. https://doi.org/10.2307/2977128
Romano, R. (1998). Empowering investors: A market approach to securities regulation. Yale Law Journal, 107(8), 2359–2427. https://doi.org/10.2307/797346.
Rozanov, K. (2008). Corporate governance and insider trading. Recuperado el 30 de septiembre de 2021 de https://dspace.mit.edu/bitstream/handle/1721.1/45333/315871878-MIT.pdf?sequence=2.
Seyhun, H. N. (2000). Investment intelligence from insider trading. MIT Press.
Shleifer, A., & Vishny, R. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3, Part 1), 461–488. https://doi.org/10.1086/261385
Shleifer, A., & Vishny, R. (1997). The limits of arbitrage. Journal of Finance, 52(1), 35–55. https://doi.org/10.1111/j.1540-6261.1997.tb03807.x
Tobar, J. E., Del Brío, E. B., & De Miguel, A. (2017). El efecto de los mecanismos internos de control en las operacionescon información privilegiada. Estudios Gerenciales, 33 (228-239). https://doi.org/10.1016/j.estger.2017.07.002
Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185–211. https://doi.org/10.1016/0304-405X(95)00844-5
Zhou, X. (2001). Understanding the determinants of managerial ownership and the link between ownership and performance: Comment. Journal of Financial Economics, 62(3), 559-571. https://doi.org/10.1016/S0304-405X(01)00085-X
Este trabalho está licenciado sob uma licença Creative Commons Attribution 4.0 International License.
Copyright (c) 2021 José E. Tobar Arias, Andres Mora Valencia, Esther B. Del Brío González