ABSTRACT
The ownership and control structures of listed companies are influenced by the evolution of the capital market and have specific significance at the corporate governance level. The latter has often been associated with the principal-agent or agency theory, highlighting the relationship between the firm’s owners and those developing its management processes (Denis, Denis and Sarin, 1999; Jensen and Chew, 2000; Hansmann and Kraakman, 2001; Daily, Dalton and Cannella, 2003).
