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Heading" /> </w:LatentStyles> </xml><![endif]--> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin:0cm; margin-bottom:.0001pt; text-align:justify; mso-pagination:widow-orphan; font-size:12.0pt; mso-bidi-font-size:10.0pt; font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt;} @page Section1 {size:595.3pt 841.9pt; margin:70.85pt 3.0cm 70.85pt 3.0cm; mso-header-margin:35.4pt; mso-footer-margin:35.4pt; mso-paper-source:0;} div.Section1 {page:Section1;} --> <!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Tabela normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} </style> <![endif]--> <p class="MsoNormal"><strong>RESUMO</strong></p> <p class="MsoNormal">Este trabalho avalia as determinantes da rotatividade executiva e a valorização da firma em função da propriedade e estrutura de controle no mercado brasileiro, o qual apresenta baixa proteção para os investidores e empresas com poucos acionistas controladores. Também analisa a sensibilidade dessa rotatividade em relação ao tamanho da empresa, rentabilidade das ações e o índices Q de Tobin. As hipóteses testadas neste trabalho analisam a relação entre a rotatividade executiva e os conflitos de interesses potenciais entre controladores e administradores. Um conjunto de 46 empresas com ações negociadas na Bolsa de Valores de São Paulo (BOVESPA) foi analisado durante o período de 1997-2000, utilizando o modelo Probit, e foram encontrados resultados estatisticamente significantes em relação à causalidade da variável tamanho das empresas em relação ao nível de rotatividade dos executivos. Não foram obtidos resultados conclusivos em relação à variável que incorpora a mudança na estrutura de propriedade.</p> <p class="MsoNormal"><strong>Palavras-chave</strong>: Eficiência Financeira, Governança Corporativa, Modelos Probit.</p> <p class="MsoNormal"> </p> <p class="MsoNormal"><span lang="EN-US"> </span></p> <p class="MsoNormal"><span lang="EN-US">ABSTRACT</span></p> <p class="MsoNormal"><span lang="EN-US">This work evaluates top executive turnover in function of the property and structure of control in the Brazilian market, which presents low protection for the investors and companies. Also it analyzes the sensitivity of this rotation in relation to the size of the company, yield of the actions and indices Q of Tobin. The hypotheses tested in this work analyze the relation between the executive rotation and the conflicts of potential interests between controllers and administrators. A set of 46 companies listed in the Stock exchange of São Paulo was analyzed during the period of 1997-2000, using the Probit model, It was founded results statistically significant in relation to the causality of the companies in relation to top executives turnover.</span></p> <p class="MsoNormal"><strong><span lang="EN-US">Key-Words</span></strong><span lang="EN-US">: Financial Efficiency, Corporate Governance, Probit Models.</span></p>