Ativismo dos investidores institucionais, valor, liquidez e governança corporativa: o caso do BNDES

Abstract

In recent years, the activismo of institutional investors on corporate governance has become an important feature of financial capital markets. Despite the increasing activism of institutional investors, there are few studies on its effects, particularly in developing countries. In this study, we analyzed the role of Banco Nacional de Desenvolvimento Econômico e Social (BNDES) in enhancing the value, liquidity and governance of Brazilian companies. Our goal is to assess whether BNDES has been able to achieve its goal of developing the Brazilian capital market, in particular, by improving corporate governance and increasing the liquidity and value of companies of its portfolio. Our results present evidence that governance, value and liquidity of companies with BNDES participation are higher than those of other listed companies.