Can A Development Bank Improve The Governance Of Investee Companies? Evidence From Bndes In Brazil

Andre Luiz Carvalhal Da Silva, Fernanda Farah De Abreu Zorman
2013 Zenodo  
There are many studies in the literature on institutional investors- efforts to improve corporate governance, generally focused on the role of pension funds and private equity firms. There are only a few studies that analyze the influence of development banks in the governance of investee companies. The objective of this research is to examine the role of the Brazilian Development Bank (BNDES) in the governance of listed companies. Our analysis provides evidence that companies in which BNDES is
more » ... s in which BNDES is a shareholder have better governance.
doi:10.5281/zenodo.1332288 fatcat:mcn55lttlbhxdax6k4xyymvl3y