Desempenho e conexão política no Brasil: uma análise a partir das eleições de 2014

Abstract

The main objective of this study is to analyze the performance of publicly traded companies listed on the BM&FBovespa, which made a campaign donation in favor of the two candidates that would run the second round in the 2014 presidential elections, same economic sectors. It should be emphasized that the performance analysis was carried out between 2013 to 2015, since it seeks to verify the performance behavior of ex-ante, during and ex-post campaign donation. The hypothesis of the study consists in the assertion that companies with political connection present higher levels of corporate performance, being this hypothesis based on the theory of resource dependence and the theory of the corporate political strategy. The sample of the study brings together 306 companies, divided into five economic sectors, defined from the business sectors involved in donations to the presidential campaigns of the second round of the 2014 elections. From the secondary collections collected on the websites of BM&FBovespa and the Superior Electoral Court, a descriptive analysis of the data was performed, and the nonparametric Wilcoxon-Mann-Whitney comparison test was applied, in addition to the correlation analysis. In general, the results of the research indicate that the performance of the sample companies that make the political connection does not differ from the performance of the others. Among the findings, it is also highlighted that the size of the company and its level of corporate governance are correlated with the political connection.