Uma nota sobre o impacto das operações anticorrupção no valor de mercado das empresas no Brasil

Fatores ambientais e internos da firma e o desempenho financeiro das empresas: um olhar sobre as empresas listadas na B3 sob a ótica da corrupção e da estabilidade político-econômica

“…In general, an increase in corruption control uncovers illicit activities and leads to scandals, which have a direct impact on the market value of publicly-traded companies that might be involved, reducing the distance between the accounting value and market value of organizations. According to Silva and Ribeiro (2021), the disclosure of information on investigations of corruption practices affects the market value of companies in different ways: private companies see a reduction in their market value, while state-owned organizations experience an increase in market value and shares. Considering that companies own intangibles in accordance with their operational and strategic characteristics, the impact of the perception of corruption in the business environment can affect companies in different ways, even reducing their degree of intangibility.…”

“…Baker, Bloom and Davis (2016) developed an index to measure political and economic uncertainty based on newspaper headlines and on the frequency of their publication, concluding that such instability affects the economy and has correlations with the volatility of share prices in the stock market, investment levels, and the increase in unemployment rates. Concurrently, Silva and Ribeiro (2021) assessed the impact of anti-corruption operations on the value of shares of companies listed in the Brazilian stock market, finding evidence that such operations have a negative effect on the market value of private companies and a positive effect on the value of public companies. Given the above, the following hypothesis seeks to capture the relationship between corruption control mechanisms and the financial performance of companies:…”