Fatores ambientais e internos da firma e o desempenho financeiro das empresas: um olhar sobre as empresas listadas na B3 sob a ótica da corrupção e da estabilidade político-econômica

Abstract

Objective: to investigate the impact of corruption control and political-economic stability, combined with internal factors, defined by current liquidity, capital investments, size and debt, on the ROA, ROE and GI of publicly traded companies, listed on B3, in the period from 2011 to 2018.Methodology: multivariate regressions were applied with panel data using fixed effects on a sample of 270 publicly traded companies operating in B3 between 2011 and 2018. The sample considered annual, public data collected in the Economatica database.Originality: relatively few national studies dealt with the impact of corruption control mechanisms and political and economic stability on the financial performance of publicly traded Brazilian companies listed on B3. In addition, this work contributes as it seeks to expand the discussion on the analysis of business performance by incorporating an indicator of the companies' market value, defined by the degree of intangibility of the assets of the companies.Results: the corruption control mechanisms showed a positive correlation with the ROA and ROE, as expected, and a negative correlation with the GI, contrary to expectations, while the political and economic stability index, current liquidity, size and indebtedness were positively correlated with the ROA and ROE. Capital investments were not correlated with the financial performance of the companies studied.Theoretical contribution: to reinforce contemporary discussions on the influence of institutional factors, such as corruption and political and economic instability, and intra-firm factors, such as current liquidity, capital investments, size and indebtedness, in relation to economic-financial performance of companies, offering evidence for the formation of a theory capable of explaining the mechanisms of action of the perception of corruption and political-economic instability, together with microeconomic elements, on the performance of organizations.