A independência das agências reguladoras e o investimento privado no setor de energia de países em desenvolvimento

Tiryaki, Gisele Ferreira

doi:10.1590/s1413-80502012000400007

Cited by 5 publications

(10 citation statements)

References 23 publications

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“…If the project does not go forward, the government absorbs the entire cost of the stage. This posture avoids damage to the designers, consultants and independent experts who assisted during the structuring stage. Guarantee of legal and regulatory security throughout the concession time span According to Tiryaki (2012), the targeted investments in infrastructure sectors have a long maturation period and assets with a specific use, which can cause a relative loss of bargaining power by the investor during negotiations. Economies of significant scale and scope imply the need for greater regulatory intervention by the government.…”

Section: Analysis and Resultsmentioning

confidence: 99%

Recommendations and guidelines for implementing PPP projects

Araújo

Piña

Aidar

et al. 2019

BEPAM

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Purpose The purpose of this paper is to propose recommendations and guidelines for the initiation phase of a public–private partnership (PPP), focusing on the electricity sector in Brazil. Design/methodology/approach A literature review allowed gathering international best practices, while brainstorming meetings and document research permitted acquiring data from the Brazilian electricity sector through a multiple case study of 12 projects. By applying benchmarking principles to compare findings, the paper proposes guidelines and recommendations, which culminated in a final framework for implementing PPPs. Findings The created framework structures a series of recommendations with application in PPP projects. Also, the paper gathers worldwide best practices, which could increase the rate of success by avoiding problems throughout the other phases of a PPP project. Research limitations/implications This paper addresses the electricity sector. Due to the singularity of such infrastructure enterprises, it is possible that the framework suggested is not entirely applicable to other enterprises, being a suggestion for future studies to perform an adherent test. Also, validating this framework is not in the scope of this project. Practical implications The use of a framework on PPP implementations brings attention to necessary efforts on previous phases of projects, which can avoid financial and technical problems, improving the reliability of PPPs. Originality/value The application of guidelines and recommendations on the electricity sector has not appeared with such focus in previous studies. The paper provides a practical manner to upgrade the process and suggests a model for implementing PPPs.

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Section: Analysis and Resultsmentioning

confidence: 99%

Recommendations and guidelines for implementing PPP projects

Araújo

Piña

Aidar

et al. 2019

BEPAM

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“…Finally, the highways concessionaires investigated in this study were a strategy adopted by the Brazilian government to respond to a crisis of investment in infrastructure. Moreover, they function as an attractive route for the contribution of foreign investment, which fosters the development of effective infrastructures and grants more stability to the macroeconomic sector (Bruno and Claessens, 2010;Tiryaki, 2012).…”

Section: Qualitative Results and Discussionmentioning

confidence: 99%

“…However, ownership concentration is beneficial to corporate valuation, given that large investors tend to better monitor the managers Lepore et al, 2017). Tiryaki (2012) reported that the government is interested in private capital, mainly in its participation in infrastructure projects, where there is regulation by a regulatory entity, which gives greater stability to the macroeconomic sector. Another important detail is that the government participation in the companies can lead to institutional development in the region (Wright et al, 2005).…”

Section: Final Considerationsmentioning

confidence: 99%

Foreign investors? The effects of the property structure and legal system as mechanisms of corporate governance in Brazilian regulated companies

Santos

Orso

Machado

et al. 2019

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Purpose This paper aims to contribute to research on corporate governance in regulated sectors, with emphasis in the field of activity of foreign investors through the ownership structure and legal system that regulates companies in Brazil. Design/methodology/approach In the first moment, the investigation had a quantitative approach of relational nature. Based on the data about the valuation of actions, statistical methods were applied to a secondary database containing measurable information provided by the organizations that operate the Brazilian stock-market and documentary evidence provided by the companies. In the second moment, a qualitative approach was adopted, resorting on the use of semi-structured interviews with investors and agents of the sector. Findings The results lead to two paths: presenting the perspective that foreign investors play a key role in improving governance practices because foreign ownership mitigates agency problems, provides adequate follow-up and optimizes the use of corporate resources; and evidencing the existence of a mitigation of operational risks in the face of the various obligations imposed by the concession contract with the regulatory agency, without direct interference under the ownership structure of regulated companies. Research limitations/implications The literature portrays a distinct economic scenario in Brazil, where stock control is pulverized and mechanisms of corporate governance and scope of action of investors and regulated sectors are well-defined and implemented. Practical implications A great part of the studies from this field discusses the same object: the impact of the adoption of corporate governance mechanisms on selected efficiency indicators or on the value of the companies' actions. This investigation, on the other hand, targeted a differentiated approach so that its contribution would lie in the investigation under the influence of the regulation on the legal attributions and the performance of the investors how many conflicts between the other shareholder/regulatory body, as the control measures import by the regulatory agent the concessionaires of the Brazilian highways and transportation sector. Social implications The identification of the presence of foreign investors as a determinant for: better performance of companies in Brazilian regulated sector in terms of market valuation; better mitigation of requirements with the regulatory framework for the agencies that regulate the concession sector, targeting a reduction in the asymmetry of information and transparency among all stakeholders. Originality/value The fact that Brazil is an emerging country that lacks a rigid legal system and corruption-control measures in corporate environments and public sectors, stresses the importance of the application of the “Best Codes of Corporate Governance Practices” in the main developed countries. This also stresses the need for effective supervisory bodies that contribute to a better financial performance of companies, guaranteeing investors the legal system.

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“…O setor elétrico é um serviço de utilidade pública, cujos segmentos de transmissão e distribuição no Brasil são caracterizados como monopólio natural (os consumidores não possuem alternativas para a substituição do serviço), que necessita de regulação de órgãos governamentais para evitar o abuso do poder de mercado das firmas que participam do setor (BASSO;SILVA, 2000). Essa regulação pode ser feita por administração indireta a partir de agências reguladoras que atuam em busca de conciliar preço do serviço, lucro do concessionário e distribuição de renda do usuário (MOREIRA, 2010;TIRYAKI, 2012). Ademais as agências reguladoras operam de forma independente do governo, ou seja, a independência das agências reguladoras está relacionada à forma como se desvincula da política as decisões voltadas para as concessões, dado que proporcionar maior independência às agências reguladoras confere maior credibilidade de que as decisões serão mantidas mesmo com alteração do cenário político do país (TIRYAKI, 2012).…”

Section: Regulação Do Setor Elétrico Crescimento Econômico Do Brasil E a Geração Distribuída Fotovoltaicaunclassified

“…Essa regulação pode ser feita por administração indireta a partir de agências reguladoras que atuam em busca de conciliar preço do serviço, lucro do concessionário e distribuição de renda do usuário (MOREIRA, 2010;TIRYAKI, 2012). Ademais as agências reguladoras operam de forma independente do governo, ou seja, a independência das agências reguladoras está relacionada à forma como se desvincula da política as decisões voltadas para as concessões, dado que proporcionar maior independência às agências reguladoras confere maior credibilidade de que as decisões serão mantidas mesmo com alteração do cenário político do país (TIRYAKI, 2012).…”

Section: Regulação Do Setor Elétrico Crescimento Econômico Do Brasil E a Geração Distribuída Fotovoltaicaunclassified

Avaliação do efeito da geração distribuída na tarifa de energia: aspectos conceituais, regulamentares, metodológicos e propostas para uma solução de equilíbrio

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Agradeço a Deus por minha saúde e por me permitir trilhar os caminhos que conduzem à sabedoria.Agradeço ao meu esposo pelo companheirismo, amor e compreensão em todos os momentos de minha caminhada.Agradeço à minha filha, Isabela, por me despertar o amor mais puro, me relembrar o valor da simplicidade e da naturalidade das coisas da vida e por dar novo significado à minha existência.Agradeço aos meus pais pela educação, pelos exemplos e pelo zelo que sempre tiveram comigo, minha irmã e agora também com nossas filhas.Agradeço à minha irmã e comadre pelo apoio, exemplo, realismo e incentivo.Agradeço à minha sogrinha por me acolher com tanto carinho e me apoiar em minhas empreitadas.Agradeço ao meu cunhado e compadre pelas reflexões sobre economia e órgãos governamentais.Agradeço à minha sobrinha/afilhada, Elisa, por me inspirar tanta alegria e disposição.Agradeço à minha orientadora pela sensatez, confiança, disponibilidade e dedicação.Agradeço aos colegas de PPGCC da minha turma 2018-1 pelas reflexões compartilhadas durante e após as aulas. Especialmente a Roberta Teruel, Tatiane Bento e Sabrina Rafaela, muito obrigada queridas! Agradeço ao colega de PPGCC da turma 2020-1 José Vieira Neto pelas dicas em relação ao setor de energia e ao mercado fotovoltaico.Agradeço aos professores do PPGCC pelos questionamentos, ensinamentos e reflexões durante as aulas.Agradeço aos membros das bancas de qualificação e defesa, professores Dorel, André, Eduardo e Marcelo, por aceitarem o convite, disporem seu tempo e elaborarem feedbacks e contribuições para esta tese.Agradeço aos técnicos do PPGCC pela presteza e suporte.Agradeço à UFU pelo acolhimento desde a graduação e por todas as oportunidades que me proporciona.Agradeço aos órgãos de fomento FAPEMIG e CAPES pelo apoio financeiro a partir da bolsa de estudos.

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A independência das agências reguladoras e o investimento privado no setor de energia de países em desenvolvimento

Cited by 5 publications

References 23 publications

Recommendations and guidelines for implementing PPP projects

Recommendations and guidelines for implementing PPP projects

Foreign investors? The effects of the property structure and legal system as mechanisms of corporate governance in Brazilian regulated companies

Avaliação do efeito da geração distribuída na tarifa de energia: aspectos conceituais, regulamentares, metodológicos e propostas para uma solução de equilíbrio

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