Dissertação
Propriedade estatal e governança
Fecha
2019-03-08Autor
Franck, Alison Geovani Schwingel
Institución
Resumen
As in other countries, in Brazil, the presence of the state as a shareholder in
companies entails challenges from the corporate governance perspective. In the country, the
direct participation of the state in public companies is concentrated in the sectors of energy
(generation and distribution), transport and banks. How does this participation affect the
governance of these companies? This study sought to investigate the effect of state ownership
on corporate governance, using data from a sample of Brazilian public companies between 2010
and 2016. A governance index was created for the companies in the sample. The data were
obtained from the reports of the Brazilian Securities and Exchange Commission (CVM). The
statistical methodology adopted for the main analysis was a regression analysis (GMM model),
whereas a secondary robustness analysis was carried out by way of an OLS regression. The
main finding is that the presence of the state as a shareholder has a negative effect on the
Corporate Governance Index (IGC) of public companies, in other words, state ownership is
associated with a lower quality of governance. However, controversially, state ownership
increases companies' probability of being listed in differentiated listing segments (Novo
Mercado, Nível 1 and Nível 2 of B3), segments that serve as a governance quality certification
for those companies.