Dissertação
Transferências financeiras em grupos de negócios: evidências em meio a crise econômica brasileira de 2020
Fecha
2022-10-21Autor
Stoever, Erick Pires
Institución
Resumen
The formation of business groups occurs from the diversification of operations and
the expansion of the complexity of the chain of command. The literature assesses
that this formation benefits from the diversification and the scale gain that the
structure provides. However, the majority partners can act for their own benefit to
obtain greater gains, transferring resources between companies of the same group.
This research evaluates, through a quasi-experiment, using the Difference-inDifferences (DID) method, the possibility that these intra-group transfers of resources
are more common in times of economic crisis, such as the one generated in 2020 by
the spread of coronavirus. This crisis was used as a framework for an exogenous
shock. Thus, it was possible to verify the effect of the investment before and after the
crisis, measuring its impact. The results revealed changes in the investment
structures of companies belonging to groups. Group controllers transfer resources
from companies with fewer investment opportunities to companies with greater
opportunities. The results found also indicate that companies belonging to groups
have a better internal and market performance during the crisis compared to
companies that do not have this type of affiliation. This result allows the minority
investor to have better arguments to invest in companies belonging to groups in
times of economic crisis.