Fatores determinantes da participação acionária do governo federal nas companhias brasileiras de capital aberto

Abstract

The relationship between government institutions and the private companies is the subject of some studies that have the purpose of identify, through equity participation and financial resources provided by institutions managed by the Brazilian government, determining factors for such decisions. The Theory of Public Choice (TEP) spells out the intrinsic relationship between government, business and society and the conflicts of interest arising from this interaction. This study is meant to examine the determinants of share ownership from the federal government in Brazilian publicly traded companies. The general hypothesis of the research seeks confirmation that there is a relationship between the resources invested by the federal government in Brazilian publicly-held companies and their business characteristics, financial and level of governance. The research methodology is characterized as descriptive, with quantitative data approach and that using the technique of logistic regression. The research population, based on the totality of publicly traded companies listed in Brazil at the end of 2013, includes 316 nonfinancial companies, making the initial sample, which demonstrated the existence of 100 companies that received investments in the Brazilian federal government through one or more of four public institutions selected in this research: Banco Nacional de Desenvolvimento Econômico e Social (BNDES), Caixa Econômica Federal (CEF), Fundação Petrobras de Seguridade Social (PETROS) e Caixa de Previdência dos Funcionários do Banco do Brasil (PREVI). For data measurement purposes, the data were used for the year ended 12/31/2013, available through the Financial Statements (DFP's) and Economática®. The business performance, measured by economic size and value, analyzed the variables ROE, ROA, EPS, MVA®, the market value and the listing segment of shares listed on the BM&FBOVESPA are possible determinants selected in research for decision investment. In general, the survey results indicate the existence of determining factors for investments made by BNDES and PREVI, unlike the results found for the CEF and PETROS, which could not find a statistical signaling for the choice of investments. It concludes that the profitability indicators and the level of corporate governance of Brazilian companies of open capital analyzed indicate relevance to the investment decision for half of the four public institutions evaluated in the survey, but it does not represent an explicit criterion for a decision of public investment to all government institutions, thereby denoting the conflict of interest highlighted by TEP.