There is influence in development of companies which built stock, with support of investiment fund private equity and venture capital? Evidences of entrant companies at BOVESPA

Caciano Gianechini, Roberto Frota Decourt


This work seeks to identify the impact of the participation of Private Equity funds and Venture Capital (PE/VC), the performance of companies that owned the contribution prior to the opening of capital (IPO). In a more objective the present study seeks to investigate whether companies that opened capital, financed by PE/VC, have performed better than the other formerly the Brazilian stock market debut. The sample of work consists of 116 companies that made the initial public offering (IPO) in the São Paulo Stock Exchange (BOVESPA) in the period January 2004 to December 2009. First identified that 41 enterprises debuted at BOVESPA being financed by PE/VC funds. Furthermore, the results indicate that the influence of PE/VC funds tend to improve some indices of profitability and market of companies after the IPO. In summary, the evidence found lead to the conclusion that the organizations of private equity and venture capital influence positively the performance of investee companies.


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Revista de Administração da UFSM. Brazilian Journal of Management

Universidade Federal de Santa Maria, Santa Maria, Rio Grande do Sul, Brasil, eISSN 1983-4659