Why they persist? An analysis of dual class structures and the unification process in the U.S. and Brazil
The unbundling of cash flow and voting rights has been severely criticized worldwide and yet, the dual class structure persists as an alternative widely adopted by firms. This paper aims to provide some explanations as to why this happens, particularly from a comparative perspective that analyzes th...
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| Format: | Article |
| Language: | English |
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Fundação Getúlio Vargas, Escola de Direito
2014-06-01
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| Series: | Revista Direito GV |
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| Online Access: | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S1808-24322014000100002&tlng=en |
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| _version_ | 1832571684569219072 |
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| author | Gabriela M. Engler Pinto |
| author_facet | Gabriela M. Engler Pinto |
| author_sort | Gabriela M. Engler Pinto |
| collection | DOAJ |
| description | The unbundling of cash flow and voting rights has been severely criticized worldwide and yet, the dual class structure persists as an alternative widely adopted by firms. This paper aims to provide some explanations as to why this happens, particularly from a comparative perspective that analyzes the contexts of Brazil and the United States, two countries that take a rather different approach regarding corporate ownership structures. In order to do so, it reviews the panorama of dual class structures, their main characteristics and the unification process that both countries underwent. On top of these discussions, this paper presents some arguments to explain why the dual class structure still persists both in Brazil and in the U.S. (although with variable intensity), despite all the criticism aimed at the segregation of cash flow and voting rights. |
| format | Article |
| id | doaj-art-cee289ad6351410781c4a9ab203d1ee0 |
| institution | Kabale University |
| issn | 2317-6172 |
| language | English |
| publishDate | 2014-06-01 |
| publisher | Fundação Getúlio Vargas, Escola de Direito |
| record_format | Article |
| series | Revista Direito GV |
| spelling | doaj-art-cee289ad6351410781c4a9ab203d1ee02025-02-02T12:26:32ZengFundação Getúlio Vargas, Escola de DireitoRevista Direito GV2317-61722014-06-011012352Why they persist? An analysis of dual class structures and the unification process in the U.S. and BrazilGabriela M. Engler Pinto0PUC-SPThe unbundling of cash flow and voting rights has been severely criticized worldwide and yet, the dual class structure persists as an alternative widely adopted by firms. This paper aims to provide some explanations as to why this happens, particularly from a comparative perspective that analyzes the contexts of Brazil and the United States, two countries that take a rather different approach regarding corporate ownership structures. In order to do so, it reviews the panorama of dual class structures, their main characteristics and the unification process that both countries underwent. On top of these discussions, this paper presents some arguments to explain why the dual class structure still persists both in Brazil and in the U.S. (although with variable intensity), despite all the criticism aimed at the segregation of cash flow and voting rights.http://www.scielo.br/scielo.php?script=sci_arttext&pid=S1808-24322014000100002&tlng=enDual class structuresunificationcorporate ownershipone share one vote |
| spellingShingle | Gabriela M. Engler Pinto Why they persist? An analysis of dual class structures and the unification process in the U.S. and Brazil Revista Direito GV Dual class structures unification corporate ownership one share one vote |
| title | Why they persist? An analysis of dual class structures and the unification process in the U.S. and Brazil |
| title_full | Why they persist? An analysis of dual class structures and the unification process in the U.S. and Brazil |
| title_fullStr | Why they persist? An analysis of dual class structures and the unification process in the U.S. and Brazil |
| title_full_unstemmed | Why they persist? An analysis of dual class structures and the unification process in the U.S. and Brazil |
| title_short | Why they persist? An analysis of dual class structures and the unification process in the U.S. and Brazil |
| title_sort | why they persist an analysis of dual class structures and the unification process in the u s and brazil |
| topic | Dual class structures unification corporate ownership one share one vote |
| url | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S1808-24322014000100002&tlng=en |
| work_keys_str_mv | AT gabrielamenglerpinto whytheypersistananalysisofdualclassstructuresandtheunificationprocessintheusandbrazil |