Empresas brasileiras com maior proporção de investidores individuais geram mais valor?

Abstract

In several countries, including Brazil, the presence of the individual investors has increased. Lately, Brazil has been presenting a phenomenon that the number of individual investors has jumped since 2019, what affected, considerably, the ownership structure of the companies listed on the Brasil Bolsa Balcão [B]³. Given this scenario, this thesis investigated if the value of these listed firms, measured by the Market-to-Book Index (M/B), is related to a greater share of individual investors in the shareholder base. Different econometric model specifications were used, estimated by the Ordinary Least Square (OLS) method of Fixed Effects (EF) and Pooled OLS in First Differences, in a sample of 114 companies in the São Paulo Stock Exchange Index (IBOVESPA) and observations from 2012 to 2021. The results failed to show positive relationship between greater shares of individual investors in these firm´s shareholder base and the Market-to-Book Index (M/B), however, other control variables demonstrated positive relationship with more value. Because the jump in the number of individual investors was so recent and concurrently with the economic crisis caused by the COVID-19 pandemic, it is reasonable to imagine that any eventual effects of more individual investors are yet to unfold and future investigations remain useful.