Governança corporativa e desempenho econômicouma análise das empresas estatais de controle direto da União à luz da Lei 13.303/2016 (Lei das Estatais)

Resumo

Purpose – This study aimed to understand the relationship between corporate governance and the economic-financial performance of state-owned enterprises under the direct control of the Union, according to the criteria set by the law 13.303/2016 (Law of the State-Owned Enterprises). In order to achieve this result, an evaluation was conducted on 41 out of 44 existing state-owned enterprises, considering 16 which rely on National Treasury resources, and 25 which do not, over the period from 2018 to 2022. Design/Methodology - The proxy which was applied to corporate governance was the State-Owned Enterprises Governance Index (IG-SEST), while performance was measured using the following variables: return on assets (ROA), return on equity (ROE), current liquidity (CL), total debt (TD), and net margin (NM). Control variables included the economic sector and dependence on Treasury resources. The methodology applied involved panel data regression, using Pooled, Fixed Effects, and Random Effects models, as they best suited the objectives of the study, and data features. A significance level of 5% was adopted for all models, and statistical analysis was conducted using RStudio. In order to stand the analysis, three hypotheses were established: H1. There is a positive relationship between corporate governance and the economic-financial performance of stateowned enterprises under the direct control of the Union. H2. There is a positive relationship between corporate governance and the economic-financial performance of state-owned enterprises dependent on National Treasury resources. H3. There is a positive relationship between corporate governance and the economic-financial performance of state-owned enterprises that do not depend on National Treasury resources. Findings – The regression results indicate that it is not possible to confirm a positive relationship between corporate governance and the economic-financial performance of state-owned enterprises under the direct control of the Union. The same findings were noticed for state-owned enterprises dependent on National Treasury resources. Nevertheless, for state-owned enterprises that do not rely on National Treasury resources, evidence suggests a positive relationship between corporate governance and economic-financial performance. In summary, the results indicate that there is some evidence—though not particularly strong— of the impact of corporate governance practices on the economic-financial performance of stateowned enterprises. Practical implications - In terms of contributions to academia, the empirical basis provided in this work may be useful for future theoretical and applied research, especially in the public sector, which lacks studies in this field. For researchers, the incorporation of new nuances, such as social objectives and sustainability, may be a distinguisher in studies on the relationship between governance and economic performance in the context of state-owned companies. For professionals who work with corporate governance, mainly in the public sector and mixed-capital companies, the finding that good corporate governance practices bring in better results for society as a whole may reinforce the culture of corporate governance and encourage various employees to seek more transparent management with accountability, greater responsibility and more efficient allocation of resources.

Ficha do documento

Tipo

Dissertação

Ano

2025

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/37077

Temas

EconomiaGestão PúblicaAdministração PúblicaGovernança

Palavras-chave

Governança corporativaEmpresas estataisLei das EstataisDesempenho econômico-financeiroEmpresas dependentesEmpresas não dependentesCorporate governanceState-owned enterprisesState-owned enterprises lawEconomic-financial performanceDependent enterprisesNon-dependent enterprisesAdministração públicaDesempenhoAnálise econômico-financeira