Financiamento do BNDES e desempenho de empresas brasileiras no período de 2008-2012

• Ano de defesa: 2014
• Autor(a) principal: Araújo, Leandro
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: FECAP - Faculdade Escola de Comércio Álvares Penteado; Administração estratégica; BR; FECAP; Mestrado em Administração de Empresas
• Palavras-chave em Português: Development banks; Capital; Credit - Evaluation; Performance; Bancos de desenvolvimento; Capital (Economia); Créditos Avaliação; Desempenho; ADMINISTRAÇÃO DE EMPRESAS
• Link de acesso: http://tede.fecap.br:8080/handle/tede/376

The scarcity and high cost of long term financing, especially in developing countries, are limiting factors of a greater investment and economic growth. In Brazil, the majority of long-term loans are granted by BNDES. The main objective of this study is to empirically investigate the possible influence of BNDES loans on firm performance. Through analytical data for the period 2008-2012, provided by the BNDES and a large Financial Institution, I estimate models using two methods: pooled ordinary least squares and fixed effects. Firm performance was measured using financial ratios that capture productivity, efficiency and profitability. The results indicated that the funding did not improve the performance of recipient firms in the year following the loan