Abstract
Resumo Utilizando o modelo Malmquist de análise envoltória de dados (Data Envelopment Analysis - DEA) de dois estágios, este artigo busca avaliar como o Banco Nacional de Desenvolvimento Econômico e Social (BNDES) impacta o desempenho da indústria siderúrgica. Para tanto, são conduzidas a decomposição do índice de Malmquist e a regressão não linear robusta para testar o impacto das variáveis contextuais consideradas. A hipótese da pesquisa de impacto positivo sobre a indústria siderúrgica não é suportada pelos resultados do modelo, indicando um coeficiente negativo sobre o efeito catching up. Pode-se destacar poucos exemplos de pesquisa quantitativa sobre o tema, a maioria com foco teórico ou qualitativo. Este artigo contribui com o campo de pesquisa ao adotar uma metodologia estabelecida para a identificação e a mensuração do desempenho de eficiência das firmas. Entretanto, em razão de limitações da amostra selecionada e da metodologia aplicada, há necessidade de novas pesquisas, principalmente para avaliar os resultados sociais desse tipo de política pública.
Highlights
This article examines the possible impacts on the efficiency of the firms resulting from financing offered by public banks of economic development
As for development banks, there is a gap of quantitative studies with the largest part of the research being in public banks in general (LA PORTA, LÓPEZ-differential evolution (DE)-SILANES and SHLEIFER, 2002; CARVALHO, 2014; YEYATI, MICCO and PANIZZA, 2007; ANDRIANOVA, DEMETRIADES and SHORTLAND, 2008), or following theoretical and qualitative scopes (BOND, 2013; BRUCK, 1998; GUTIERREZ, RUDOLPH, HOMA et al, 2011; HOCHSTETLER and MONTERO, 2013; TORRES and ZEIDAN, 2016)
The results for the Kullback-Leibler (KL) divergence test presented in Table 1 for conditional distributions of Malmquist Productivity Index (MPI) indicates that the differences between both the adjustments is minimal for most distributions assumed, sometimes favoring a distribution, which means a specific type of regression, in detriment to another
Summary
This article examines the possible impacts on the efficiency of the firms resulting from financing offered by public banks of economic development (development banks). This issue is part of a wider scope of public-private relations in which the State operates through institutional regulations or in a more active way either by public spending or by providing public financing. As for development banks, there is a gap of quantitative studies with the largest part of the research being in public banks in general (LA PORTA, LÓPEZ-DE-SILANES and SHLEIFER, 2002; CARVALHO, 2014; YEYATI, MICCO and PANIZZA, 2007; ANDRIANOVA, DEMETRIADES and SHORTLAND, 2008), or following theoretical and qualitative scopes (BOND, 2013; BRUCK, 1998; GUTIERREZ, RUDOLPH, HOMA et al, 2011; HOCHSTETLER and MONTERO, 2013; TORRES and ZEIDAN, 2016)
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