Como são os laços do capitalismo brasileiro? As ferramentas jurídicas e os objetivos dos investimentos por participação da BNDESPAR

• Ano de defesa: 2015
• Autor(a) principal: Marinho, Sarah Morganna Matos
• Orientador(a): Schapiro, Mario Gomes
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: Intervenção do Estado na economia; Controle societário; Ativismo acionário; Maximização de valor da propriedade acionária; Captura indireta
• Palavras-chave em Inglês: State intervention in economy; Corporate control; Shareholder activism; Stock property value maximization; Indirect capture
• Link de acesso: http://hdl.handle.net/10438/13667

BNDES has the objective of financing projects related to Brazil’s development and equity purchases are one of its types of investment. On one hand, rules drawn up in a company’s corporate governance structure can vary according to the capital’s origin, since different interests that different investors seek to protect emerge from the separation of their property from the corporate control. On the other hand, Brazilian economic scenario went trough deep changes over the last 60 years, considering that the industrialization model based on State intervention, mainstream between the 1950s and the 1980s, was transformed by the privatization movement in the 1990s. This change, however, did not eliminate the State in corporate property: now it only acts more commonly as a minority shareholder. The present time is marked by doubt over the real motivation that leads some companies to receive equity investments by the BNDES System. Besides that, there is a lack of comprehension on the contractual vehicles that structure these public-private relations. Some researches concerning the bank indicate that its subsidiary investments would not undermine the objective for profit maximization. We have not ignored, however, that the development bank function – including its equity arm – might be executing industrial policies, even though failures are likely to occur during this effort, understood here as an experimental process. Thus, the research has revealed which BNDESPAR’s interests are protected through the corporate governance rules of the public traded companies invested, also revealing important features of the contemporary model of the State as an entrepreneur and clarifying some objectives that could lead the institution to purchase equity participations nowadays. BNDESPAR is an agent motivated by a balance pursuit between profit maximization and industrial policy purposes. Broadly speaking, BNDES seeks self-financial sustainability in order to continue and accomplish its mission, seeing its equity arm as the main executor of this objective inside its System. In this search for sustainability, BNDESPAR became executor of a policy effort for stock markets negotiation raised up among its own bureaucracy activities.