There is no free lunch : efeitos das conexões políticas nos investimentos e no desempenho das empresas listadas no Brasil e no Canadá
Why this work is in the frame
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Bibliographic record
Abstract
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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Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.001 |
| Meta-epidemiology (narrow) | 0.002 | 0.002 |
| Meta-epidemiology (broad) | 0.002 | 0.001 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.002 | 0.001 |
| Scholarly communication | 0.003 | 0.005 |
| Open science | 0.002 | 0.001 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.009 | 0.040 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it