There is no free lunch : efeitos das conexões políticas nos investimentos e no desempenho das empresas listadas no Brasil e no Canadá
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Notice bibliographique
Résumé
The study aims to analyze the effects of the political connections on investments and the performance of companies listed in Brazil and Canada between 2010 and 2017.The thesis consists of three independent articles that together add pieces to the puzzles that allow to understand the impact of the political background of members of the board of directors and executive boards on the investments and performance of publicly traded companies that trade on the Brazilian and Canadian stock exchanges.In the first article, it is conducted a systematic literature review to map the results of studies that analyze the effects of political connections and investments.It is noted that political systems shape the interrelationships between companies and the government, and it was identified the ways companies use to establish political connections.In addition, is evidenced that political connections positively influence investments and that effects are reflected in companies' accounting performance.In the second article it is analyzed the effects of political connections on the investments of companies listed in Brazil and Canada.The results indicate that the fact that the company is politically connected contributes to the increase in investments (Capex), while the increase in the number of connected members affects it negatively.The results suggest that managers with broad political capital are preferable to a greater number of politically connected agents.The announced effects are attributed to the Brazilian context and in Canada the same behavior was not observed.In the third article, it is examined the impact of political connections on the performance of companies listed in both countries.It is noted that the directors' political background is associated with the increase in ROIC for companies listed in Brazil and Canada.This result is particularly relevant because demonstrates that the directors, who work in the daily lives of companies, can be used as a strategic instrument to access government resources and produce competitive gains that are materialized in the increase in accounting performance in both countries.The thesis alerts stakeholders, especially investors, that political connections influence the behavior of companies and allow advantages that are reflected in investments and accounting performance.The study innovates by establishing the same metric to capture the political background of managers when analyzing all members of the board of directors and executive boards of companies listed in Brazil and Canada; and by demonstrating that these networks interfere in the business dynamics in both countries, even in the case of different institutional environments.
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Prédiction distillée sur la base complète
Imitation des enseignantsNi prévalence calibrée, ni vérité terrain. Validation humaine à venir. Apprise à partir de 10 348 étiquettes directes de Codex et de 10 348 étiquettes directes de Gemma. Le mode candidate est l'union des têtes enseignantes seuillées; le consensus est leur intersection. Ces sorties portent le statut machine_predicted_unvalidated et ne sont ni des étiquettes humaines ni des étiquettes directes de modèles de pointe.
Scores Codex et Gemma par catégorie
| Catégorie | Codex | Gemma |
|---|---|---|
| Métarecherche | 0,000 | 0,001 |
| Méta-épidémiologie (sens strict) | 0,002 | 0,002 |
| Méta-épidémiologie (sens large) | 0,002 | 0,001 |
| Bibliométrie | 0,001 | 0,001 |
| Études des sciences et des technologies | 0,002 | 0,001 |
| Communication savante | 0,003 | 0,005 |
| Science ouverte | 0,002 | 0,001 |
| Intégrité de la recherche | 0,001 | 0,001 |
| Charge utile insuffisante (le modèle a refusé de juger) | 0,009 | 0,040 |
Scores machine (provisoires)
Les deux têtes enseignantes du modèle étudiant, lues sur ce travail. Un score ordonne la base pour la relecture; il n'affirme jamais une catégorie, et le statut de validation accompagne chaque rangée tel quel.
Scores de référence d'un modèle non mature (critères de maturité non atteints, 7 itérations). Un score ordonne; il n'affirme jamais une catégorie.
score_only:v0-immature-baseline · tel quel depuis la passe de notation : score_only signifie que le nombre peut ordonner les travaux, et qu'aucune étiquette de catégorie n'en découle