The Impact of BNDES’s Financial Resources on the Market Value of B3-Listed Companies

João José Ferreira Simões; Vitor Gonçalves de Souza; Rafael Cortezão de Mello; Antônio Artur de Souza; Bruno Pérez Ferreira

doi:10.51341/1984-3925_2021v24n1a2

Autores/as

João José Ferreira Simões Universidade Federal de Minas Gerais UFMG https://orcid.org/0000-0002-0095-0458
Vitor Gonçalves de Souza IBMEC RJ https://orcid.org/0000-0001-9138-1344
Rafael Cortezão de Mello Universidade Federal de Minas Gerais UFMG https://orcid.org/0000-0002-7046-0200
Antônio Artur de Souza Universidade Federal de Minas Gerais - UFMG https://orcid.org/0000-0002-4725-0758
Bruno Pérez Ferreira Universidade Federal de Minas Gerais UFMG https://orcid.org/0000-0002-1011-5253

DOI:

https://doi.org/10.51341/1984-3925_2021v24n1a2

Palabras clave:

capital markets, financing, BNDES, capital structure, market value

Resumen

Objective: Analyze whether Brazilian Development Bank (BNDES) financial support have increased Brazilian companies market value using a sample comprising 272 observations from 40 companies listed at B3 Stock Exchange, in 2003–2018.

Method: Panel data analysis using the One-step system GMM and a non-parametric Kruskal-Wallis H test followed by a Dunn test.

Relevance: The relevance of the current study is in its analysis of a possible association between BNDES-granted financing and changes in Brazilian companies’ market value.

Results: We did not observe that the financial support from BNDES could be associated with an increase in the market value of the companies. It was not possible to establish a causal relationship with respect to the financial support of BNDES and an impact on the corporate market value when we analyzed our full sample. However, we observe the existence of difference in the averages of the corporate market value when we analyzed in groups of companies. This result is not in line with recent financial scandals in Brazil involving companies that had obtained BNDES funding.

Theoretical Contributions: Our findings may assist in the elaboration of an efficient policy to finance Brazilian companies, as the analysis of BNDES performance is fundamental to determining whether the applicability of Brazilian financing policy has reached the proposed results.

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Biografía del autor/a

João José Ferreira Simões, Universidade Federal de Minas Gerais UFMG

Doutorando em Administração

Vitor Gonçalves de Souza, IBMEC RJ

Mestrando em Economia

Rafael Cortezão de Mello, Universidade Federal de Minas Gerais UFMG

Mestrando em Administração

Antônio Artur de Souza, Universidade Federal de Minas Gerais - UFMG

Ph.D. em Management Science pela Universidade de Lancaster , Inglaterra

Bruno Pérez Ferreira, Universidade Federal de Minas Gerais UFMG

Doutor em Administração

Citas

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