Estilo de investimento de fundos de ações e regionalidade: explorando o efeito de notícias sobre empresas envolvidas em corrupção

Abstract

This work sought to verify the impacts caused by the divulgation of possible involvement in corruption of companies in the management of Stock's Investment Funds. Financial data from publicy traded companies and Stock's Investments Funds registered at the CVM were used, collected on the Economática database and B3 website, with observations between 2012 and 2019. Secondary data were used in relation to data collected of the news that publicize possible involvement in corporate corruption. The first work sought to analyze the effects of this possible involvement in the allocation of resources and turnover of Stock's Investment Funds portfolios, as well to assess the impact of Funds allocation in firms located in Triângulo Mineiro/Alto Paranaíba, due to the economic growth in recent years. Linear regression with painel data was used (random effect), and also tobit regression. Results showed, on average, Stock's Investment Funds invest less resources in companies that have had news related to corruption, reduce the percentage of their portfolios allocated to companies possibly involved in corruption, and Stock's Investment Funds with at least one company in the portfolio with news of possible involvement in corruption showed a higher turnover portfolio. In the period, the Stock's Investment Funds preferred to reduce the amount of resources allocated in companies with some relationship with Triângulo Mineiro/Alto Paranaíba regions. The second article aimed to assess if the Stock's Investment Funds performance's is damaged by the propagation of possible involvement in cases of corruption by the companies. Pooled and random effect OLS were used, and the work identified that Stock's Investment Funds wich have companies in their portfolio with news of possibly involvement in corruption's cases have their performance damaged. The study contributed to the literature related to the topic approaching how Stock's Investment Funds react to corporate corruption news and also helps companies and managers to evaluated their investments, aware of the impacts on the possible involvement of their assets in illicit activities. In addition, the present work also helps other types of investors (individuals, public agencies, among others) to analyze the impact of propagation of possible involvement is asset corruption, and how it can interfere in their investments.