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Master's Dissertation
DOI
10.11606/D.12.2015.tde-11112015-134451
Document
Author
Full name
Paula Sanchez Astorino
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2015
Supervisor
Committee
Barros, Lucas Ayres Barreira de Campos (President)
Nakamura, Wilson Toshiro
Silva, Edison Simoni da
Title in Portuguese
Consequências das conexões políticas para as empresas de capital aberto no Brasil: desempenho e acesso a crédito do BNDES
Keywords in Portuguese
Banco de desenvolvimento
Desempenho contábil
Financiamento de campanha eleitoral
Governança corporativa
Abstract in Portuguese
O propósito desta dissertação consiste em verificar quais seriam as consequências das conexões políticas estabelecidas por algumas empresas de capital aberto no Brasil no que se refere a seu desempenho e acesso a crédito concedido pelo BNDES. O conceito de conexão política é amplo, mas as empresas de capital aberto que fizeram parte da amostra utilizada no trabalho buscam se aproximar do governo de duas maneiras: (i) inserindo em seu conselho de administração membros que atuem (ou que já atuaram) no governo, visando estabelecer um ponto de contato com o Estado, ou ainda, (ii) realizando doações às campanhas políticas brasileiras. Para realizar a análise proposta, utilizaram-se dados do conselho de administração das empresas listadas na BM&F Bovespa no período de 2010 a 2013, informações sobre doações de pessoas jurídicas às campanhas políticas realizadas em 2002, 2006 e 2010, juntamente com outros dados extraídos das demonstrações financeiras das companhias contempladas na amostra. Os testes de regressão múltipla com dados em painel não revelaram significância estatística entre as variáveis de estudo e os indicadores de desempenho e de acesso a crédito concedido pelo BNDES. Embora não conclusivos, os resultados apresentados acrescentam à literatura das conexões políticas motivando a realização de trabalhos futuros que objetivem testar outras hipóteses capazes de explicar quais são os motivos que levam as empresas no Brasil a estabelecerem conexões com o Estado.
Title in English
Consequences of Political Connections to Public Companies in Brazil: performance and access to BNDES credit
Keywords in English
Accounting Performance
Campaign Financing
Corporate Governance
Development Banks,
Abstract in English
The purpose of this dissertation consists in verifying the consequences of political connections established by some Brazilian public companies with respect to their performance and access to credit granted by the BNDES. The concept of political connection is broad, but the public companies used in our sample aim to approach themselves to the government by two means: (i) electing a member of the board of directors that works, or has a history in working in the government, or (ii) donating money to political campaigns. In order to accomplish this analysis, we collected data of the board of directors from public companies listed on the BM&F Bovespa during the period of 2010 to 2013, information on political donations made by companies in Brazil along the years of 2002, 2006 and 2010, as well as data extracted from the sample companies' financial statements. The multiple regression tests ran with panel data showed no statistical relation between the main variables and the performance indicator or the variable that measures company's access to loans provided by BNDES. Although inconclusive, the presented results add to the literature motivating further studies that can test other hypotheses able to explain the reasons that induce companies to establish political connections.
 
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Publishing Date
2015-11-17
 
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