Governança Ineficiente: Uma Análise Das Transações Na Indústria Petroquímica Brasileira
Cross-holding (vertical quasi-integration) is often characterized as a major organizational failure in the Brazilian petrochemical industry. This paper aims to identify if there is governance misalignment in three periods: the end of the 1980's and 1990's, and after the founding of Braskem, in 2001. By means of an analysis of the determinants of the governance structure, in accordance with Williamson (1996), we have two main findings. First, vertical quasi-integration was an adequate solution for the transactions problems in the rise of Brazilian petrochemical industry. Given the need for aggregating complementary and non-tradable capabilities of state, domestic firms and multinationals, vertical quasi- integration was the mechanism that safeguarded the return on these capabilities. Moreover the lower level of production volatility during the 1980's made hybrid forms, such as vertical quasi-integration, more likely. However, this governance structure became misaligned during the 1990's because of changes in transaction attributes, particularly volatility and asset specificity. Second, there is some empirical support for path dependence on the organizational choice, as the expected decrease in vertical quasi-integration occurred only when an exogenous event created the opportunity for restructuring. As a consequence, industrial policy should take into account governance design particularly in industries that experienced deep changes in their transactions attributes.
|Date of creation:||2005|
|Contact details of provider:|| Postal: Secretaria da ANPEC Rua Prof Marcos Valdemar de Freitas Reis s/n Campus do Gragoatá Bloco F Niterói, RJ 24210-201 Brazil|
Phone: 55 21 3674 7952
Web page: http://www.anpec.org.br
More information through EDIRC
|Order Information:|| Postal: Secretaria da ANPEC Rua Prof Marcos Valdemar de Freitas Reis s/n Campus do Gragoatá Bloco F Niterói, RJ 24210-201 Brazil|
When requesting a correction, please mention this item's handle: RePEc:anp:en2005:102. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Rodrigo Zadra Armond)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.