The ownership structure in the agency costs of financial institutions classified in B3

The general objective of this paper is to analyze how an ownership structure influences agency costs in financial institutions listed in B3. The methodological procedures are descriptive with a quantitative approach, and the sample is composed of 26 companies, analyzed in the period from 2014 to 2018. The data collection took place through a reference form for ownership structure metrics, while the metrics of the agency where given through the return on assets (TRA) and through the selling expense ratio (RDV) extracted from the financial statements. The results found indicate a positive relationship of 0.196 between the TRA variables and equity participation with a confidence level of 99%; and a positive relationship between the TRA and RDV variables of 0.380 was also identified, with a confidence level of 95%. The Wilcoxon-Mann-Whitney test of averages showed that companies with shareholding greater than 51% show averages equal to institutions with a shareholding lower than 51%, with regard to agency costs related to the TRA variable. Thus, institutions with greater ownership structure demonstrate better applicability of assets and, thus, lower agency costs; joint ventures have higher agency costs when compared to companies with individual control; and, finally, companies with a voting capital greater than 51% also have higher agency costs when compared to those with a share less than 51%.