Propriedade estatal e governança
Autor(a) principal: | |
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Data de Publicação: | 2019 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Manancial - Repositório Digital da UFSM |
Texto Completo: | http://repositorio.ufsm.br/handle/1/16963 |
Resumo: | 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. |
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Propriedade estatal e governançaState ownership and governanceGovernança corporativaPropriedade do estadoÍndice de Governança Corporativa (IGC)Corporate governanceState ownershipCorporate Governance Index (IGC)CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAOAs 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.Assim como em outros países, no Brasil, a presença do estado como acionista em empresas impõe desafios do ponto de vista da governança corporativa. No país, a participação direta do estado em empresas de capital aberto se concentra nos setores de energia (geração e distribuição), transporte e bancos. Como esta participação afeta a governança destas empresas? Este estudo buscou averiguar o efeito da propriedade do estado sobre a governança corporativa, utilizando os dados de uma amostra de empresas públicas brasileiras entre os anos de 2010 e 2016. Um índice de governança foi criado para as empresas da amostra. Os dados foram obtidos a partir dos relatórios da Comissão de Valores Mobiliários (CVM). A metodologia estatística adotada para a análise principal foi a análise de regressão (modelo GMM), enquanto que uma análise secundária de robustez foi feita por meio de uma regressão OLS. Como principal descoberta, verifica-se que a presença do estado como acionista tem um efeito negativo sobre o Índice de Governança Corporativa (IGC) das empresas públicas, ou seja, a propriedade estatal está associada a uma menor qualidade de governança. Entretanto, controversamente, a propriedade do estado aumenta a probabilidade de que as empresas sejam listadas em segmentos diferenciados de listagem (Novo mercado, Nível 1 e Nível 2) da B3, segmentos que servem como atestado de qualidade de governança de tais empresas.Universidade Federal de Santa MariaBrasilAdministraçãoUFSMPrograma de Pós-Graduação em AdministraçãoCentro de Ciências Sociais e HumanasSonza, Igor Bernardihttp://lattes.cnpq.br/0001554374469356Milani, Brunohttp://lattes.cnpq.br/0005005751598450Marquezan, Luiz Henrique Figueirahttp://lattes.cnpq.br/3316086791689630Franck, Alison Geovani Schwingel2019-06-12T14:28:29Z2019-06-12T14:28:29Z2019-03-08info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://repositorio.ufsm.br/handle/1/16963porAttribution-NonCommercial-NoDerivatives 4.0 Internationalhttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessreponame:Manancial - Repositório Digital da UFSMinstname:Universidade Federal de Santa Maria (UFSM)instacron:UFSM2019-06-13T06:00:20Zoai:repositorio.ufsm.br:1/16963Biblioteca Digital de Teses e Dissertaçõeshttps://repositorio.ufsm.br/ONGhttps://repositorio.ufsm.br/oai/requestatendimento.sib@ufsm.br||tedebc@gmail.comopendoar:2019-06-13T06:00:20Manancial - Repositório Digital da UFSM - Universidade Federal de Santa Maria (UFSM)false |
dc.title.none.fl_str_mv |
Propriedade estatal e governança State ownership and governance |
title |
Propriedade estatal e governança |
spellingShingle |
Propriedade estatal e governança Franck, Alison Geovani Schwingel Governança corporativa Propriedade do estado Índice de Governança Corporativa (IGC) Corporate governance State ownership Corporate Governance Index (IGC) CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
title_short |
Propriedade estatal e governança |
title_full |
Propriedade estatal e governança |
title_fullStr |
Propriedade estatal e governança |
title_full_unstemmed |
Propriedade estatal e governança |
title_sort |
Propriedade estatal e governança |
author |
Franck, Alison Geovani Schwingel |
author_facet |
Franck, Alison Geovani Schwingel |
author_role |
author |
dc.contributor.none.fl_str_mv |
Sonza, Igor Bernardi http://lattes.cnpq.br/0001554374469356 Milani, Bruno http://lattes.cnpq.br/0005005751598450 Marquezan, Luiz Henrique Figueira http://lattes.cnpq.br/3316086791689630 |
dc.contributor.author.fl_str_mv |
Franck, Alison Geovani Schwingel |
dc.subject.por.fl_str_mv |
Governança corporativa Propriedade do estado Índice de Governança Corporativa (IGC) Corporate governance State ownership Corporate Governance Index (IGC) CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
topic |
Governança corporativa Propriedade do estado Índice de Governança Corporativa (IGC) Corporate governance State ownership Corporate Governance Index (IGC) CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
description |
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. |
publishDate |
2019 |
dc.date.none.fl_str_mv |
2019-06-12T14:28:29Z 2019-06-12T14:28:29Z 2019-03-08 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://repositorio.ufsm.br/handle/1/16963 |
url |
http://repositorio.ufsm.br/handle/1/16963 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Federal de Santa Maria Brasil Administração UFSM Programa de Pós-Graduação em Administração Centro de Ciências Sociais e Humanas |
publisher.none.fl_str_mv |
Universidade Federal de Santa Maria Brasil Administração UFSM Programa de Pós-Graduação em Administração Centro de Ciências Sociais e Humanas |
dc.source.none.fl_str_mv |
reponame:Manancial - Repositório Digital da UFSM instname:Universidade Federal de Santa Maria (UFSM) instacron:UFSM |
instname_str |
Universidade Federal de Santa Maria (UFSM) |
instacron_str |
UFSM |
institution |
UFSM |
reponame_str |
Manancial - Repositório Digital da UFSM |
collection |
Manancial - Repositório Digital da UFSM |
repository.name.fl_str_mv |
Manancial - Repositório Digital da UFSM - Universidade Federal de Santa Maria (UFSM) |
repository.mail.fl_str_mv |
atendimento.sib@ufsm.br||tedebc@gmail.com |
_version_ |
1805922160817995776 |