Actors, actions and cultural domination within the social construction of the risk capital industry in Brazil

Detalhes bibliográficos
Autor(a) principal: Mundo Neto, Martin
Data de Publicação: 2018
Outros Autores: Saltorato, Patricia
Tipo de documento: Artigo
Idioma: por
Título da fonte: Estudos de Sociologia
Texto Completo: https://periodicos.fclar.unesp.br/estudos/article/view/10259
Resumo: This article approaches the Brazilian venture capital industry through the trajectories of agents who contributed to its development. The State played an important role in regulating this industry, most notably through the creation of the Securities and Exchange Commission (CVM), the Financier of Studies and Projects (FINEP) and BNDESPar, the subsidiary of the National Bank for Economic and Social Development (BNDES). The article concludes that, although the legitimacy of this industry is linked to the financing of technological innovation by the firms that operate in the venture capital segment, those who dominate the industry prefer to invest in the private equity segment, where the return on investment is significantly higher and the risk, lower. As a result, the CVM’s data indicate that venture capital financing, where uncertainty and risks are highest, falls mainly on government agencies, reproducing the prevailing ideology in the global industry.
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spelling Actors, actions and cultural domination within the social construction of the risk capital industry in BrazilAtores, ações e dominação cultural na construção da indústria de capital de risco no BrasilFinancializationInvestment fundsRisk capitalEconomic sociologyFinanceirizaçãoFundos de investimentosCapital de riscoSociologia econômicaThis article approaches the Brazilian venture capital industry through the trajectories of agents who contributed to its development. The State played an important role in regulating this industry, most notably through the creation of the Securities and Exchange Commission (CVM), the Financier of Studies and Projects (FINEP) and BNDESPar, the subsidiary of the National Bank for Economic and Social Development (BNDES). The article concludes that, although the legitimacy of this industry is linked to the financing of technological innovation by the firms that operate in the venture capital segment, those who dominate the industry prefer to invest in the private equity segment, where the return on investment is significantly higher and the risk, lower. As a result, the CVM’s data indicate that venture capital financing, where uncertainty and risks are highest, falls mainly on government agencies, reproducing the prevailing ideology in the global industry.Este artigo aborda a indústria brasileira de capital de risco a partir da trajetória dos agentes que contribuíram para seu desenvolvimento. O Estado desempenhou um papel importante na regulamentação dessa indústria, notadamente a partir da criação da Comissão de Valores Mobiliários (CVM), da Financiadora de Estudos e Projetos (FINEP) e da BNDESPar, subsidiária do Banco Nacional de Desenvolvimento Econômico e Social (BNDES). O artigo conclui que, apesar da legitimidade desta indústria estar ligada ao financiamento da inovação tecnológica pelas firmas gestoras que atuam junto ao segmento venture capital, aqueles que dominam culturalmente a indústria, preferem investir no segmento private equity, onde o retorno sobre o investimento é significativamente maior e o risco, menor. Como resultado, os dados extraídos da CVM, indicam que, o financiamento via venture capital, onde a incerteza e os riscos são mais elevados, recaem principalmente sobre as agências governamentais, reproduzindo a dominação cultural predominante na indústria mundial.FCL-UNESP Laboratório Editorial2018-02-15info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://periodicos.fclar.unesp.br/estudos/article/view/1025910.52780/res.10259Estudos de Sociologia; v. 22 n. 43 (2017): Dossiê: Estado, sociedade e mercado1982-47181414-0144reponame:Estudos de Sociologiainstname:Universidade Estadual Paulista (UNESP)instacron:UNESPporhttps://periodicos.fclar.unesp.br/estudos/article/view/10259/7132Copyright (c) 2018 Estudos de Sociologiainfo:eu-repo/semantics/openAccessMundo Neto, MartinSaltorato, Patricia2018-02-15T13:26:06Zoai:ojs.pkp.sfu.ca:article/10259Revistahttp://seer.fclar.unesp.br/estudosPUBhttp://seer.fclar.unesp.br/estudos/oaistraud.fclar@unesp.br||estudosdesociologia@fclar.unesp.br||maria.jardim@unesp.br1982-47181414-0144opendoar:2018-02-15T13:26:06Estudos de Sociologia - Universidade Estadual Paulista (UNESP)false
dc.title.none.fl_str_mv Actors, actions and cultural domination within the social construction of the risk capital industry in Brazil
Atores, ações e dominação cultural na construção da indústria de capital de risco no Brasil
title Actors, actions and cultural domination within the social construction of the risk capital industry in Brazil
spellingShingle Actors, actions and cultural domination within the social construction of the risk capital industry in Brazil
Mundo Neto, Martin
Financialization
Investment funds
Risk capital
Economic sociology
Financeirização
Fundos de investimentos
Capital de risco
Sociologia econômica
title_short Actors, actions and cultural domination within the social construction of the risk capital industry in Brazil
title_full Actors, actions and cultural domination within the social construction of the risk capital industry in Brazil
title_fullStr Actors, actions and cultural domination within the social construction of the risk capital industry in Brazil
title_full_unstemmed Actors, actions and cultural domination within the social construction of the risk capital industry in Brazil
title_sort Actors, actions and cultural domination within the social construction of the risk capital industry in Brazil
author Mundo Neto, Martin
author_facet Mundo Neto, Martin
Saltorato, Patricia
author_role author
author2 Saltorato, Patricia
author2_role author
dc.contributor.author.fl_str_mv Mundo Neto, Martin
Saltorato, Patricia
dc.subject.por.fl_str_mv Financialization
Investment funds
Risk capital
Economic sociology
Financeirização
Fundos de investimentos
Capital de risco
Sociologia econômica
topic Financialization
Investment funds
Risk capital
Economic sociology
Financeirização
Fundos de investimentos
Capital de risco
Sociologia econômica
description This article approaches the Brazilian venture capital industry through the trajectories of agents who contributed to its development. The State played an important role in regulating this industry, most notably through the creation of the Securities and Exchange Commission (CVM), the Financier of Studies and Projects (FINEP) and BNDESPar, the subsidiary of the National Bank for Economic and Social Development (BNDES). The article concludes that, although the legitimacy of this industry is linked to the financing of technological innovation by the firms that operate in the venture capital segment, those who dominate the industry prefer to invest in the private equity segment, where the return on investment is significantly higher and the risk, lower. As a result, the CVM’s data indicate that venture capital financing, where uncertainty and risks are highest, falls mainly on government agencies, reproducing the prevailing ideology in the global industry.
publishDate 2018
dc.date.none.fl_str_mv 2018-02-15
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://periodicos.fclar.unesp.br/estudos/article/view/10259
10.52780/res.10259
url https://periodicos.fclar.unesp.br/estudos/article/view/10259
identifier_str_mv 10.52780/res.10259
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://periodicos.fclar.unesp.br/estudos/article/view/10259/7132
dc.rights.driver.fl_str_mv Copyright (c) 2018 Estudos de Sociologia
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2018 Estudos de Sociologia
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv FCL-UNESP Laboratório Editorial
publisher.none.fl_str_mv FCL-UNESP Laboratório Editorial
dc.source.none.fl_str_mv Estudos de Sociologia; v. 22 n. 43 (2017): Dossiê: Estado, sociedade e mercado
1982-4718
1414-0144
reponame:Estudos de Sociologia
instname:Universidade Estadual Paulista (UNESP)
instacron:UNESP
instname_str Universidade Estadual Paulista (UNESP)
instacron_str UNESP
institution UNESP
reponame_str Estudos de Sociologia
collection Estudos de Sociologia
repository.name.fl_str_mv Estudos de Sociologia - Universidade Estadual Paulista (UNESP)
repository.mail.fl_str_mv straud.fclar@unesp.br||estudosdesociologia@fclar.unesp.br||maria.jardim@unesp.br
_version_ 1788171029743403008

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