A efetividade da ação estatal no domínio econômico: a atuação da BNDESPAR como agente de estado no fomento ao mercado de capitais brasileiro

Abstract

Purpose – This study aims to verify the effectiveness of the State in fostering capital market through the impact assessment of BNDESPAR performance in public offerings of investee companies. Design/Methodology – The survey cataloged data from IPOs and Follow-ons offerings at the Brazilian stock exchange from 2004 to 2018, comparing the group of companies with BNDESPAR's participation against the other companies. An impact assessment framework has been proposed, establishing performance indicators. For two of them, liquidity and volatility, individual regressions were performed, seeking to confirm the correlation and strengthen the model. Findings – The research shows that equity offerings by BNDESPAR's invested companies enhances capital market democratization and brings greater liquidity and less volatility, which suggests that elements pursued by the institution, such as increasing individual investors participation, may have influenced the result. Research limitations – The small number of observations regarding BNDESPAR's invested companies, compared to the study universe, makes it difficult to confirm the evidence found. Practical implications – The proposal of an impact assessment framework for BNDESPAR and the impact analysis in one business segment - divestments through public offerings, can help to develop most appropriate strategies in the future, based on evidence, which may result in further development for the domestic capital market. Social implications – The capital market strengthening may result in better resource allocation in the economy, enhancing domestic savings, mitigating the risk of crises and expanding funding sources for investment. Originality – To the author's knowledge, this is the first study that proposes a comprehensive approach to assessing the effectiveness of a state institution in the national capital market.