The Influence of Political Connections on the Cost of Capital and the Performance of Companies Listed on B3

Detalhes bibliográficos
Autor(a) principal: da Silva, Jaison Caetano
Data de Publicação: 2018
Outros Autores: Xavier, Wlamir Gonçalves, Gambirage, Cinara, Camilo, Silvio Parodi Oliveira
Tipo de documento: Artigo
Idioma: eng
por
Título da fonte: BBR. Brazilian Business Review (English edition. Online)
Texto Completo: http://www.bbronline.com.br/index.php/bbr/article/view/219
Resumo: The theory holds that in emerging economies, such as the Brazilian one, companies seek to strengthen ties with governmental and institutional actors in order to improve their performance. From the theoretical perspective of the Institutional Theory, this study intends to contribute to previous research, integrating the fields of strategy and finance, investigating the influence of political connections, through campaign donations, the cost of capital and the performance of listed companies on B3. We worked with panel data for data analysis on the period ranging from 1998 to 2016. Our findings do not corroborate the theoretical and intuitive prediction that “crony capitalism” reduces the cost of capital and improves the performance of companies, since we did not obtain empirical evidence that allows affirming that the effect of donations on the cost of capital and the performance of connected companies is different from zero. 
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spelling The Influence of Political Connections on the Cost of Capital and the Performance of Companies Listed on B3A Influência das Conexões Políticas no Custo de Capital e no Desempenho das Empresas Listadas na B3Cost of CapitalPerformancePolitical ConnectionsCampaign DonationsCorruptionCusto de CapitalDesempenhoConexões PolíticasDoações de CampanhaCorrupçãoThe theory holds that in emerging economies, such as the Brazilian one, companies seek to strengthen ties with governmental and institutional actors in order to improve their performance. From the theoretical perspective of the Institutional Theory, this study intends to contribute to previous research, integrating the fields of strategy and finance, investigating the influence of political connections, through campaign donations, the cost of capital and the performance of listed companies on B3. We worked with panel data for data analysis on the period ranging from 1998 to 2016. Our findings do not corroborate the theoretical and intuitive prediction that “crony capitalism” reduces the cost of capital and improves the performance of companies, since we did not obtain empirical evidence that allows affirming that the effect of donations on the cost of capital and the performance of connected companies is different from zero. A teoria preconiza que em economias emergentes, como a brasileira, as empresas buscam estreitar e fortalecer laços com atores governamentais e institucionais com objetivo de melhorar seu desempenho. Sob a perspectiva teórica da Teoria Institucional, o presente estudo pretende contribuir com pesquisas anteriores, integrando os campos da estratégia e de finanças, investigando a influência das conexões políticas, por meio das doações de campanha, no custo de capital e no desempenho das empresas listadas na B3. Trabalhamos com dados em painel para análise dos dados no período 1998 a 2016. Nossos achados não corroboram a predição teórica e intuitiva de que o “capitalismo de compadrio” reduz o custo de capital e melhora o desempenho das empresas, uma vez que não obtivemos evidências empíricas as quais permitam afirmar que o efeito das doações no custo de capital e no desempenho das empresas conectadas é diferente de zero. FUCAPE Business Shool2018-07-02info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPeer-reviewed ArticleArtigo revisado pelos paresapplication/pdfapplication/pdfhttp://www.bbronline.com.br/index.php/bbr/article/view/21910.15728/bbr.2018.15.4.1Brazilian Business Review; Vol. 15 No. 4 (2018): July to August 2018; 317-330Brazilian Business Review; v. 15 n. 4 (2018): Julho a Agosto de 2018; 317-3301808-23861807-734Xreponame:BBR. Brazilian Business Review (English edition. Online)instname:Fucape Business School (FBS)instacron:FBSengporhttp://www.bbronline.com.br/index.php/bbr/article/view/219/334http://www.bbronline.com.br/index.php/bbr/article/view/219/335Copyright (c) 2018 Brazilian Business Reviewhttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessda Silva, Jaison CaetanoXavier, Wlamir GonçalvesGambirage, CinaraCamilo, Silvio Parodi Oliveira2018-10-31T18:58:30Zoai:ojs.pkp.sfu.ca:article/219Revistahttps://www.bbronline.com.br/index.php/bbr/indexONGhttp://www.bbronline.com.br/index.php/bbr/oai|| bbronline@bbronline.com.br1808-23861808-2386opendoar:2018-10-31T18:58:30BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)false
dc.title.none.fl_str_mv The Influence of Political Connections on the Cost of Capital and the Performance of Companies Listed on B3
A Influência das Conexões Políticas no Custo de Capital e no Desempenho das Empresas Listadas na B3
title The Influence of Political Connections on the Cost of Capital and the Performance of Companies Listed on B3
spellingShingle The Influence of Political Connections on the Cost of Capital and the Performance of Companies Listed on B3
da Silva, Jaison Caetano
Cost of Capital
Performance
Political Connections
Campaign Donations
Corruption
Custo de Capital
Desempenho
Conexões Políticas
Doações de Campanha
Corrupção
title_short The Influence of Political Connections on the Cost of Capital and the Performance of Companies Listed on B3
title_full The Influence of Political Connections on the Cost of Capital and the Performance of Companies Listed on B3
title_fullStr The Influence of Political Connections on the Cost of Capital and the Performance of Companies Listed on B3
title_full_unstemmed The Influence of Political Connections on the Cost of Capital and the Performance of Companies Listed on B3
title_sort The Influence of Political Connections on the Cost of Capital and the Performance of Companies Listed on B3
author da Silva, Jaison Caetano
author_facet da Silva, Jaison Caetano
Xavier, Wlamir Gonçalves
Gambirage, Cinara
Camilo, Silvio Parodi Oliveira
author_role author
author2 Xavier, Wlamir Gonçalves
Gambirage, Cinara
Camilo, Silvio Parodi Oliveira
author2_role author
author
author
dc.contributor.author.fl_str_mv da Silva, Jaison Caetano
Xavier, Wlamir Gonçalves
Gambirage, Cinara
Camilo, Silvio Parodi Oliveira
dc.subject.por.fl_str_mv Cost of Capital
Performance
Political Connections
Campaign Donations
Corruption
Custo de Capital
Desempenho
Conexões Políticas
Doações de Campanha
Corrupção
topic Cost of Capital
Performance
Political Connections
Campaign Donations
Corruption
Custo de Capital
Desempenho
Conexões Políticas
Doações de Campanha
Corrupção
description The theory holds that in emerging economies, such as the Brazilian one, companies seek to strengthen ties with governmental and institutional actors in order to improve their performance. From the theoretical perspective of the Institutional Theory, this study intends to contribute to previous research, integrating the fields of strategy and finance, investigating the influence of political connections, through campaign donations, the cost of capital and the performance of listed companies on B3. We worked with panel data for data analysis on the period ranging from 1998 to 2016. Our findings do not corroborate the theoretical and intuitive prediction that “crony capitalism” reduces the cost of capital and improves the performance of companies, since we did not obtain empirical evidence that allows affirming that the effect of donations on the cost of capital and the performance of connected companies is different from zero. 
publishDate 2018
dc.date.none.fl_str_mv 2018-07-02
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
Artigo revisado pelos pares
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://www.bbronline.com.br/index.php/bbr/article/view/219
10.15728/bbr.2018.15.4.1
url http://www.bbronline.com.br/index.php/bbr/article/view/219
identifier_str_mv 10.15728/bbr.2018.15.4.1
dc.language.iso.fl_str_mv eng
por
language eng
por
dc.relation.none.fl_str_mv http://www.bbronline.com.br/index.php/bbr/article/view/219/334
http://www.bbronline.com.br/index.php/bbr/article/view/219/335
dc.rights.driver.fl_str_mv Copyright (c) 2018 Brazilian Business Review
https://creativecommons.org/licenses/by/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2018 Brazilian Business Review
https://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv FUCAPE Business Shool
publisher.none.fl_str_mv FUCAPE Business Shool
dc.source.none.fl_str_mv Brazilian Business Review; Vol. 15 No. 4 (2018): July to August 2018; 317-330
Brazilian Business Review; v. 15 n. 4 (2018): Julho a Agosto de 2018; 317-330
1808-2386
1807-734X
reponame:BBR. Brazilian Business Review (English edition. Online)
instname:Fucape Business School (FBS)
instacron:FBS
instname_str Fucape Business School (FBS)
instacron_str FBS
institution FBS
reponame_str BBR. Brazilian Business Review (English edition. Online)
collection BBR. Brazilian Business Review (English edition. Online)
repository.name.fl_str_mv BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)
repository.mail.fl_str_mv || bbronline@bbronline.com.br
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