Abstract: Currently we see a process of financialization of larger firms, so that it's operational and non-operational management nave influence in the evolution of the results, and the increase mobility of capital, which has fueled mergers and acquisitions, and initial public offerings, have certainly impacted the conditions of ownership and control of Brazilian companies. The greater presence of pension and investments funds, both domestic and foreign, are evidence of these events. Financialization, and the increase of speculative capital and institutional investors in the control and ownership of companies turns this investors ever more power over their investment decisions. in this sense, we see a positive evolution of the presence of institutional investors since the end of 2000 through 2008 in our sample. The greater openness in the country's financial system in the period, the country's newfound economic stability, their high interest rates and overvalued exchange rate may help explain this fact. First, this increased presence of foreign capital in the country, do not reflect in a long term commitment with the companies, since most of these funds, and perhaps the largest one, Blackrock, do not stay long in the country, showing that it's ultimate aim is the growing of capital and not investment in the country per se. Second, the very relevant and increasingly participation in companies by BNDES show the governments active policy of trying to strengthen domestic enterprises, especially from those sectors that need more capital for expansion and development. Ver menos