Efeito do ambiente político sobre o investimento realizado por empresas estatais

• Ano de defesa: 2016
• Autor(a) principal: Lopes Júnior, Elias Pereira
• Orientador(a): Bandeira-de-Mello, Rodrigo
• Tipo de documento: Tese
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: Ambiente político; Governança corporativa; Empresas estatais; Investimentos; Conflito principal-principal
• Palavras-chave em Inglês: Political environment; Corporate governance; State-owned companies; Investments; Principal-principal conflicts
• Link de acesso: https://hdl.handle.net/10438/16235

This research analyzes the political influence on investments by state-owned enterprises or State-Owned Enterprises (SOEs). Therefore, were compared the data of private companies with the SOEs. The argument used in this research is that the government uses its influence on SOEs to get support to make policy changes. Therefore, it is expected that the greater the potential conflict between Princpal-Principal, greater are the investments by SOEs (H1). The conflict between Princpal-Principal (PP) occurs when there is a conflict of interest between two categories of principal: controlling shareholders and minority shareholders. The second argument refers to the performance of companies. In this case, it is expected that performance is worse in SOEs in which the state is the majority shareholder (H2). In this study, were used data about companies that are listed in the stock market, including state-owned enterprises that have the government as its majority shareholder (with a share of over 50% in the share capital). The database used in this study was constructed from secondary data in which, after treatment, is made up of 96,379 observations of 41 countries companies between 2002 and 2011. This research makes use of a quasi-experiment using the technique difference in difference (difference-in-differences). The Quasi-experiment occurs when an exogenous event affects the explanatory variable. The results confirmed the hypothesis H1, but not confirmed the H2 hypothesis. After analyzing the results, this study suggests that politicians use their influence on the companies in which the government is the majority shareholder in order to obtain political / private gain.