Uns Mais Iguais que Outros: a Relação entre Concentração de Propriedade e os Acordos de Acionistas Some are More Equal than Others: the Relation Between Ownership Concentration and Shareholders' Agreements

Among the mechanisms used by firms to minimize agency problems arising from disparate interests are ownership structure and shareholders' agreements. The objective of this study is to examine the degree of concentration of ownership structure and its relationship with the presence of a shareholders' agreement. This relationship was tested with a sample of 551 Brazilian companies listed on BMF&Bovespa during the period from 1999 to 2013. Initially cluster analysis was used to establish different categories with respect to the degree of concentration of ownership. Subsequently, variance analysis (ANOVA) was used to identify