Considering only the companies that could be modeled (69), the analysis shows that at least 78% had structural break in both focused moments. In addition, macroeconomic control variables proved to be effective, since by controlling the effect of structural breaks originated from economic volatility, another five companies showed no structural break. Therefore, without the inclusion of these variables, at least 85% of the actual number of companies (69) would show significant structural break in the chosen events.