O poder concentrado à almejada dispersão acionária: impactos na governança corporativa e na proteção dos acionistas minoritários

The present article aims to analyze the impacts of shareholding dispersion on corporate governance and the protection of minority shareholders in Brazilian corporations. To this end, a qualitative and comparative approach is adopted, based on a bibliographic review and an analysis of the legislative and regulatory evolution in Brazil. The study examines the movement of the Brazilian capital market towards reducing the concentration of corporate control, aiming to promote a model that enhances transparency, administrative efficiency, and legal certainty for investors. The research discusses the benefits and challenges of this model, emphasizing that shareholding dispersion may contribute to the improvement of corporate governance mechanisms, particularly by increasing the active participation of minority shareholders and adopting stricter compliance regulations. However, the study also highlights the risks of decision-making fragmentation and potential administrative instability if effective institutional mechanisms are not implemented. It is concluded that shareholding dispersion can be a viable alternative for the development of the Brazilian capital market, provided that it is accompanied by adequate legal and regulatory frameworks, ensuring a balance between investor protection, management stability, and efficiency in corporate decision-making.