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 … Show more
“…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 participation of directors on more than one board is called "board interlocking". This phenomenon contributes to the spread of management and governance practices, through directors sharing their knowledge and experiences on other boards. Thus, directors could "carry" the earnings management practices present in one company into another in which they sit on the board. It is assumed that the greater directors' direct or indirect connections on boards, the greater the sharing of information, especially information that can be reflected in company earnings quality. In light of the above, the aim of this study is to verify the influence of board interlocking on earnings management in companies listed on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBovespa). The study is characterized as descriptive, quantitative, and documentary, and uses a sample of companies listed on the BM&FBOVESPA between 2011 and 2013. For earnings management, the model from Kang and Sivaramakrishnan (1995) was used, while for interlocking, degree centrality measures were used for direct board member connections, and intermediation centrality for indirect connections. The results indicate that earnings management is influenced by the interlocking of board members. It is concluded that the greater the degree centrality, the greater positive earnings management is, and that variations in positive and negative accruals are influenced by board member intermediation. The results reinforce the idea that earnings management behavior can be transferred between companies by the directors that make up their boards.
“…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 participation of directors on more than one board is called "board interlocking". This phenomenon contributes to the spread of management and governance practices, through directors sharing their knowledge and experiences on other boards. Thus, directors could "carry" the earnings management practices present in one company into another in which they sit on the board. It is assumed that the greater directors' direct or indirect connections on boards, the greater the sharing of information, especially information that can be reflected in company earnings quality. In light of the above, the aim of this study is to verify the influence of board interlocking on earnings management in companies listed on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBovespa). The study is characterized as descriptive, quantitative, and documentary, and uses a sample of companies listed on the BM&FBOVESPA between 2011 and 2013. For earnings management, the model from Kang and Sivaramakrishnan (1995) was used, while for interlocking, degree centrality measures were used for direct board member connections, and intermediation centrality for indirect connections. The results indicate that earnings management is influenced by the interlocking of board members. It is concluded that the greater the degree centrality, the greater positive earnings management is, and that variations in positive and negative accruals are influenced by board member intermediation. The results reinforce the idea that earnings management behavior can be transferred between companies by the directors that make up their boards.
“…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.…”
Section: Resultsmentioning
confidence: 83%
“…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;.…”
Section: Institutional Theory and Political Connectionsmentioning
“…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.…”
RESUMOAs atividades políticas corporativas (CPA, do inglês Corporate Political Activity) são formas pelas quais as empresas se utilizam para tentar influenciar as políticas e os ambientes regulatórios em favor de seus interesses. Este artigo tem como objetivo destacar a importância da CPA no contexto de as empresas buscarem alinhamento político para desenvolverem suas estratégias. Por meio de uma análise bibliométrica, realizada com base em 180 artigos, foi possível verificar que Estados Unidos, Canadá, China têm avançado efetivamente em pesquisas a respeito do tema. Pela necessidade de desenvolver mais estudos sobre o assunto no Brasil, sugestões de futuras pesquisas são apresentadas, pois se entende que, por meio de um maior número de estudos relacionados às CPAs, passa-se a compreender os motivos e formas pelas quais empresas se envolvem com o ambiente regulatório. O artigo contribui em clarear o campo das atividades políticas corporativas, sua classificação e implicações, avançando com as necessidades futuras para os pesquisadores desta comunidade.
ABSTRACTCorporate Political Activity (CPA) are ways in which companies use themselves to try to influence regulatory policies and environments in their interests. This article aims to highlight the importance of the CPA in the context of companies seeking political alignment to develop their strategies. Through a bibliometric analysis, based on 180 articles, it was possible to verify that the United States, Canada, and China have effectively advanced research on the subject. Due to the need to develop further studies on the subject in Brazil, suggestions for future research are presented, because it is understood that, through a greater number of studies related to CPAs, we will understand the reasons and forms by which companies are involved with the regulatory environment. The article contributes to clarify the field of corporate political activities, their classification, and implications, advancing with future needs for the researchers of this community.
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