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Political connections and firm performance: evidence from Brazil
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Resumo(s)
This paper studies the influence of politically connected Board of Directors on Brazilian
firms’ future performance. We control for the drivers of firm performance on the Brazilian
market, the influence of a political related Board of Director’s member on future firm
performance and the differences of this influence between outperforming and underperforming
companies. Using a sample of 49 ibovespa companies’ Board of Directors from 2010 to 2015
we conclude that politically connected members of the Board have a positive influence on the
one-year-ahead firm performance. We also conclude that this influence is stronger in companies
that underperform the industry.
Descrição
Palavras-chave
Political connections Firm performance Board of directors Corporate governance