Conexões políticas e desempenho: um estudo das firmas listadas na BM&FBovespa

Abstract

Esta pesquisa pretende contribuir para a disseminação dos estudos organizacionais que aliam governança e desempenho das corporações. Integra a perspectiva da dependência de recursos para explicar as conexões políticas das firmas na sua relação com o ambiente. Nesse contexto, foram investigadas três proxies que expressam ações políticas influentes no desempenho doação à campanha política; contratação de membros com background em política para compor a administração (diretoria e conselho); e atividades de board interlocking. O artigo apresenta um estudo longitudinal, estruturado de acordo com os mandatos presidenciais, compreendendo o período de análise de 1998 a 2009, composto por firmas não financeiras listadas na Bolsa de Valores de São Paulo (BM&FBovespa). Para o teste de hipóteses, foram empregados o modelo multivariado de dados em painel e o método de efeitos fixos (fixed effects), considerando a firma e o tempo. Os resultados apontam que a conectividade com o ambiente político importa em aumento de valor da firma, medidos pelo Q de Tobin (modelos 1 e 2) e Market-to-book (modelos 3 e 4). As firmas fazem uso mais intenso dessas ações em períodos de maior incerteza política. Tais ações políticas são percebidas pelo mercado e refletidas nesses indicadores, que estão associados ao risco e à incerteza.

Influence of board interlocking on earnings management

“…Later, Brey et al (2012) readdress the discussion of political connections by considering the interaction between Political Strategy Th eory and Agency Th eory, seeking to further examine the eff ects of political connections via ownership structure and the presence of the government as a shareholder. Camilo et al (2012) studied political connections and their eff ects on company performance using three proxies: donations to political campaigns, the hiring of members with political backgrounds to compose executive boards or boards of directors, and board interlocking activities. Costa et al (2013) verifi ed the infl uence of political connections in the diversifi cation of Brazilian business groups.…”

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

“…In research by Camilo, Marcon and Bandeira-de-Mello (2012) and Inoue, Lazzarini and Musacchio (2013), this relationship is found in a significant way, but it should be noted that the periods of analysis in these studies were from 1998 to 2009 and from 1995 to 2009. In the case of the cost of capital, its reduction was not confirmed. This result corroborates, in some respects, findings by Claessens, Feijen and Laeven (2008), because the variable is sensitive in some aspects in the reduction of the cost of capital; however it does not present statistical significance.…”

“…Once the relationship is established, it is clear: the politician "takes" the money and the company gains the favor (SAMUELS, 2001). Although we do not easily perceived many of these links with government, certain evidences are reflected in corporate performance (CAMILO;.…”

Research and theory of Corporate Political Activity (CPA): a bibliometric analysis

“…The publications address, among other issues, how the formal and informal mechanisms of political strategy affect the relations of multinational companies and the government in Brazil (Bachuzi et al, 2013) and suggest a model for the process of formulating and executing political strategies using as base the ethanol sector (Silva et al, 2014). The study of Camilo et al (2012) proposes that companies connected with the political environment tend to have a positive effect on profitability and make use of the connection in periods of greater uncertainty.…”