Resumen
The present work sought to identify the influence of the control structure of the major shareholder on the accounting and market performance of listed and delisted Brazilian companies traded only on B3, as compared to those with a double listing with the US (ADRs). For this purpose, linear regressions were applied by GMM-Sys with unbalanced panel data. The evidence shows that the control structure of the major shareholder is negatively related to financial performance for companies listed only on B3, and positively related for B3 delisted ones, outweighing shareholder conflict. This context is inverse to that found in the analysis of ADRs, where control structure is positively related to financial performance while listed, and negatively related when delisting occurs, proving that, in this case, agency conflicts prevail. This study confirms that US Common Law also affects Brazilian companies that are traded in the US.