A construção da legitimidade das agências de rating de crédito no Brasil
Autor(a) principal: | |
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Data de Publicação: | 2016 |
Tipo de documento: | Tese |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/17157 |
Resumo: | This research deals with legitimacy, status and reputation of credit rating agencies in Brazil starting from the view of its audience. Field research was conducted with the audience of the following organizations: Argus Classification of Credit Risk, Austin Rating, Fitch Ratings Brazil, Liberum Ratings, Moody's, SR Rating and Standard & Poor's (S & P). We interviewed more than forty market agents in-depth to understand how the phenomenon of credit rating agencies in Brazil can be explained, as well as the role of legitimacy, status and reputation of these companies. The issue in question is important because is current and stimulates discussion about how interorganizational relationships affect the view of the audience, bringing it closer to the area of Organizational Studies. The main objective is to understand the process through which these organizations become legitimate and start deserving the trust of its audience. Therefore, we researched the relationship of credit rating agencies not only with its customers but also with market players that influence the hiring of these agencies. The interviews were transcribed and coded using ATLAS.ti software. From the coding, some concepts were extracted in order to explain the phenomenon of credit rating agencies in Brazil. Surprisingly, the regulation is not the main reason to contract a credit rating agency. The contractors are worried about their fundraising, which demonstrates that the clients of the credit rating agencies are more concerned with the acceptance of their emissions on the market by investors. The agencies, in this scenario, are a kind of information middleman among financial actors, providing a 'seal of approval' for investors who feel more comfortable and safe in investing in emissions that have already been assessed by the agencies. When the fieldwork came to investors, it was interesting to notice that what was happening was a kind of outsourcing because the investment decision was taken based on the assessments made by the credit rating agencies. The financial actors who make this try to exempt themselves from liability if something wrong happens, this attitude is known as 'cover my ass'. However, the agencies deny that this may occur in their disclaimers. It is unanimous among respondents that there are two agencies groups: international and national, it is clear that there is status differentiation between them, with American agencies occupying the highest status. For the respondents, US agencies have something differential, which is called 'plaque' and the interviewees outline what national agencies should do to try to reach the same level. Completing the survey, we see that in Brazil, the agencies do not play the same role they have in other markets and that the legitimacy of them directly depend on the acceptance of their ratings by investors. |
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Vale, Miriam Pires Eustachio de MedeirosEscolas::EAESPAvrichir, IlanRossoni, LucianoSilveira, Rafael Alcadipani daBertero, Carlos Osmar2016-09-29T16:49:09Z2016-09-29T16:49:09Z2016-09-08VALE, Miriam Pires Eustachio de Medeiros. A construção da legitimidade das agências de rating de crédito no Brasil. Tese (Doutorado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2016.http://hdl.handle.net/10438/17157This research deals with legitimacy, status and reputation of credit rating agencies in Brazil starting from the view of its audience. Field research was conducted with the audience of the following organizations: Argus Classification of Credit Risk, Austin Rating, Fitch Ratings Brazil, Liberum Ratings, Moody's, SR Rating and Standard & Poor's (S & P). We interviewed more than forty market agents in-depth to understand how the phenomenon of credit rating agencies in Brazil can be explained, as well as the role of legitimacy, status and reputation of these companies. The issue in question is important because is current and stimulates discussion about how interorganizational relationships affect the view of the audience, bringing it closer to the area of Organizational Studies. The main objective is to understand the process through which these organizations become legitimate and start deserving the trust of its audience. Therefore, we researched the relationship of credit rating agencies not only with its customers but also with market players that influence the hiring of these agencies. The interviews were transcribed and coded using ATLAS.ti software. From the coding, some concepts were extracted in order to explain the phenomenon of credit rating agencies in Brazil. Surprisingly, the regulation is not the main reason to contract a credit rating agency. The contractors are worried about their fundraising, which demonstrates that the clients of the credit rating agencies are more concerned with the acceptance of their emissions on the market by investors. The agencies, in this scenario, are a kind of information middleman among financial actors, providing a 'seal of approval' for investors who feel more comfortable and safe in investing in emissions that have already been assessed by the agencies. When the fieldwork came to investors, it was interesting to notice that what was happening was a kind of outsourcing because the investment decision was taken based on the assessments made by the credit rating agencies. The financial actors who make this try to exempt themselves from liability if something wrong happens, this attitude is known as 'cover my ass'. However, the agencies deny that this may occur in their disclaimers. It is unanimous among respondents that there are two agencies groups: international and national, it is clear that there is status differentiation between them, with American agencies occupying the highest status. For the respondents, US agencies have something differential, which is called 'plaque' and the interviewees outline what national agencies should do to try to reach the same level. Completing the survey, we see that in Brazil, the agencies do not play the same role they have in other markets and that the legitimacy of them directly depend on the acceptance of their ratings by investors.Esta pesquisa trata sobre a legitimidade, o status e a reputação das agências de rating de crédito no Brasil partindo da visão de sua audiência. A partir de pesquisa de campo conduzida com a audiência das seguintes organizações: Argus Classificadora de Risco de Crédito, Austin Rating, Fitch Ratings Brasil, Liberum Ratings, Moody’s, SR Rating e Standard & Poor’s (S&P), buscou-se entender como pode ser explicado o fenômeno das agências de rating de crédito no Brasil, bem como o papel da legitimidade, do status e da reputação dessas empresas por meio de mais de quarenta entrevistas em profundidade. O tema em questão é importante pois, ao endereçar um assunto atual, estimula a discussão a respeito de como as relações interorganizacionais afetam a visão da audiência, trazendo o assunto mais para perto da área de Estudos Organizacionais. O objetivo central é entender o processo por meio do qual essas organizações tornam-se legítimas e merecedoras da confiança de sua audiência. Para tanto, pretendeu-se, a partir de um trabalho exploratório e qualitativo, pesquisar o relacionamento das agências de rating de crédito não só com seus clientes, mas também com agentes de mercado que influenciam a contratação das agências. As entrevistas foram todas transcritas e codificadas utilizando o software ATLAS.ti. A partir da codificação, extraíram-se alguns conceitos com a finalidade de explicar o fenômeno das agências no Brasil. De forma surpreendente, a regulação não é tão primordial quanto a captação de recursos, o que demonstra que os contratantes das agências estão mais preocupados com a aceitação de suas emissões no mercado por parte de investidores. As agências, nesse cenário, ocuparam um espaço de intermediação de informações entre os atores financeiros, fornecendo uma espécie de “selo de aprovação” para os investidores que se sentem mais confortáveis e seguros em investir em emissões que já tenham sido avaliadas por elas. Quando a pesquisa de campo chegou até os investidores, notou-se que havia uma espécie de terceirização da decisão de investimento em uma tentativa do que se chama no mercado de “cover my ass”, ou seja, de responsabilização de um terceiro quando algo desse errado. Porém, as próprias agências negam que isso possa ocorrer em seus avisos legais. É unânime entre os pesquisados que há dois grupos de agências: internacionais e nacionais, sendo claro que há diferenciação de status entre elas, com as de fora do país ocupando o mais alto status. Para os entrevistados, o que as agências americanas têm de diferencial é chamado de “placa” e esboçam uma ideia do que as nacionais deveriam fazer para tentarem chegar ao mesmo patamar. Concluindo a pesquisa, vê-se que no Brasil, as agências não desempenham o mesmo papel que possuem em outros mercados e que a legitimidade delas depende diretamente da aceitação de suas avaliações por parte dos investidores.porAgências de rating de créditoLegitimaçãoStatusReputaçãoAdministração de empresasMercado de capitaisCréditos - ClassificaçãoEmpresas brasileirasMercado financeiroA construção da legitimidade das agências de rating de crédito no Brasilinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessTEXTTESE_VERSÃO_FINAL.pdf.txtTESE_VERSÃO_FINAL.pdf.txtExtracted 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|
dc.title.por.fl_str_mv |
A construção da legitimidade das agências de rating de crédito no Brasil |
title |
A construção da legitimidade das agências de rating de crédito no Brasil |
spellingShingle |
A construção da legitimidade das agências de rating de crédito no Brasil Vale, Miriam Pires Eustachio de Medeiros Agências de rating de crédito Legitimação Status Reputação Administração de empresas Mercado de capitais Créditos - Classificação Empresas brasileiras Mercado financeiro |
title_short |
A construção da legitimidade das agências de rating de crédito no Brasil |
title_full |
A construção da legitimidade das agências de rating de crédito no Brasil |
title_fullStr |
A construção da legitimidade das agências de rating de crédito no Brasil |
title_full_unstemmed |
A construção da legitimidade das agências de rating de crédito no Brasil |
title_sort |
A construção da legitimidade das agências de rating de crédito no Brasil |
author |
Vale, Miriam Pires Eustachio de Medeiros |
author_facet |
Vale, Miriam Pires Eustachio de Medeiros |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EAESP |
dc.contributor.member.none.fl_str_mv |
Avrichir, Ilan Rossoni, Luciano Silveira, Rafael Alcadipani da |
dc.contributor.author.fl_str_mv |
Vale, Miriam Pires Eustachio de Medeiros |
dc.contributor.advisor1.fl_str_mv |
Bertero, Carlos Osmar |
contributor_str_mv |
Bertero, Carlos Osmar |
dc.subject.por.fl_str_mv |
Agências de rating de crédito Legitimação Status Reputação |
topic |
Agências de rating de crédito Legitimação Status Reputação Administração de empresas Mercado de capitais Créditos - Classificação Empresas brasileiras Mercado financeiro |
dc.subject.area.por.fl_str_mv |
Administração de empresas |
dc.subject.bibliodata.por.fl_str_mv |
Mercado de capitais Créditos - Classificação Empresas brasileiras Mercado financeiro |
description |
This research deals with legitimacy, status and reputation of credit rating agencies in Brazil starting from the view of its audience. Field research was conducted with the audience of the following organizations: Argus Classification of Credit Risk, Austin Rating, Fitch Ratings Brazil, Liberum Ratings, Moody's, SR Rating and Standard & Poor's (S & P). We interviewed more than forty market agents in-depth to understand how the phenomenon of credit rating agencies in Brazil can be explained, as well as the role of legitimacy, status and reputation of these companies. The issue in question is important because is current and stimulates discussion about how interorganizational relationships affect the view of the audience, bringing it closer to the area of Organizational Studies. The main objective is to understand the process through which these organizations become legitimate and start deserving the trust of its audience. Therefore, we researched the relationship of credit rating agencies not only with its customers but also with market players that influence the hiring of these agencies. The interviews were transcribed and coded using ATLAS.ti software. From the coding, some concepts were extracted in order to explain the phenomenon of credit rating agencies in Brazil. Surprisingly, the regulation is not the main reason to contract a credit rating agency. The contractors are worried about their fundraising, which demonstrates that the clients of the credit rating agencies are more concerned with the acceptance of their emissions on the market by investors. The agencies, in this scenario, are a kind of information middleman among financial actors, providing a 'seal of approval' for investors who feel more comfortable and safe in investing in emissions that have already been assessed by the agencies. When the fieldwork came to investors, it was interesting to notice that what was happening was a kind of outsourcing because the investment decision was taken based on the assessments made by the credit rating agencies. The financial actors who make this try to exempt themselves from liability if something wrong happens, this attitude is known as 'cover my ass'. However, the agencies deny that this may occur in their disclaimers. It is unanimous among respondents that there are two agencies groups: international and national, it is clear that there is status differentiation between them, with American agencies occupying the highest status. For the respondents, US agencies have something differential, which is called 'plaque' and the interviewees outline what national agencies should do to try to reach the same level. Completing the survey, we see that in Brazil, the agencies do not play the same role they have in other markets and that the legitimacy of them directly depend on the acceptance of their ratings by investors. |
publishDate |
2016 |
dc.date.accessioned.fl_str_mv |
2016-09-29T16:49:09Z |
dc.date.available.fl_str_mv |
2016-09-29T16:49:09Z |
dc.date.issued.fl_str_mv |
2016-09-08 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/doctoralThesis |
format |
doctoralThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
VALE, Miriam Pires Eustachio de Medeiros. A construção da legitimidade das agências de rating de crédito no Brasil. Tese (Doutorado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2016. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/17157 |
identifier_str_mv |
VALE, Miriam Pires Eustachio de Medeiros. A construção da legitimidade das agências de rating de crédito no Brasil. Tese (Doutorado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2016. |
url |
http://hdl.handle.net/10438/17157 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
instname_str |
Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
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Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
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