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O Impacto da Corrupção nas Decisões de Investimento das Firmas Brasileiras de Capital Aberto

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  • Pellicani, Aline Damasceno

Abstract

Esse estudo investiga como a corrupção afeta as decisões de investimento de firmas brasileiras de capital aberto. Os resultados mostram que a corrupção torna a sensibilidade do investimento ao fluxo de caixa fortemente negativa, evidenciando que as firmas tenderiam a adiar ou cancelar investimentos. Esses resultados são encontrados principalmente em firmas do setor de administração de empreendimentos, firmas familiares e firmas não controladas pelo Estado. Quando a corrupção é considerada, empresas estatais do setor de eletricidade, gás e água apresentam sensibilidade do investimento ao fluxo de caixa cerca de sete vezes superior ao de firmas não-estatais, indicando potenciais problemas de agência.

Suggested Citation

  • Pellicani, Aline Damasceno, 2017. "O Impacto da Corrupção nas Decisões de Investimento das Firmas Brasileiras de Capital Aberto," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 71(2), July.
    • Handle: RePEc:fgv:epgrbe:v:71:y:2017:i:2:a:65829
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