Leviathan as a Minority Shareholder: A Study of Equity Purchases by the Brazilian National Development Bank (BNDES), 1995-2003

Página do item simplificado
dc.contributor.authorSERGIO GIOVANETTI LAZZARINI
dc.contributor.authorMusacchio, Aldo
dc.coverage.cidadeSão Paulopt_BR
dc.coverage.paisBrasilpt_BR
dc.creatorMusacchio, Aldo
dc.date.accessioned2023-07-17T18:47:32Z
dc.date.available2023-07-17T18:47:32Z
dc.date.issued2010
dc.description.otherThere is growing interest in how governments shape industries and influence firm performance. Using a database of 296 firms traded on the São Paulo stock exchange between 1995 and 2003, we find having BNDES (the Brazilian National Development Bank) as a minority owner to increase firms’ return on assets. This result is possibly due to the reduction in capital constraints provided by BNDES’ long-term equity. However, we find that the effect of BNDES’ equity is reduced when it is associated with stateowned and private-domestic pyramidal groups. Thus, our results suggest that minority stakes by a development bank can have a positive effect on performance as long as they promote long-term investments and are shielded from governmental interference and potential minority shareholder expropriation.pt_BR
dc.format.extent28 p.pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.issueBEWP 095/2010
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/5831
dc.language.isoInglêspt_BR
dc.publisherInsperpt_BR
dc.publisherIBMEC São Paulopt_BR
dc.relation.ispartofseriesInsper Working Paperpt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DO USUÁRIO VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.titleLeviathan as a Minority Shareholder: A Study of Equity Purchases by the Brazilian National Development Bank (BNDES), 1995-2003pt_BR
dc.typeworking paper
dspace.entity.typePublication
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeWorking Paperpt_BR
relation.isAuthorOfPublication4ee022f9-7466-405d-ae1a-6b1e33f611e8
relation.isAuthorOfPublication.latestForDiscovery4ee022f9-7466-405d-ae1a-6b1e33f611e8

Arquivos

Pacote original

Agora exibindo 1 - 1 de 1
N/D
Nome:
BEWP_095_2010_Leviathan_as_a_Minority_Shareholder_a_study_of_equity_purchases_by_the_Brazilian_National_Development_Bank_BNDES_1995_2003_TC.pdf
Tamanho:
312.54 KB
Formato:
Adobe Portable Document Format
Baixar

Coleções

Coleção Insper Business and Economics Working Papers