Corporate governance in federal mixed economy companies

analysis of the effects of Law 13.303/2016

Abstract

The objective of this article is to investigate the compliance of government-controlled companies by the Federal Government with Law 13.303/16, the so-called law of state-owned companies, establishing a comparison between the state of the art before and after the enactment of the law, with emphasis on four dimensions: management practices, accountability, risk management and compliance, and socio-environmental actions. In methodological terms, this work has a descriptive nature, as it aims to discover the existence of associations between variables, and a quantitative approach, making use of quantification and data treatment through statistical techniques. The theoretical framework is based on agency theory, notably on the possibility of conflicts of interest between “agents” and “principals”, or even between “principals”. Due to the social objectives of the companies investigated, other theoretical contributions were considered, such as a model oriented to stakeholders. Thirteen (13) companies were tested between 2012 and 2020, and statistical tests were performed to compare paired means, divided into two four-year periods. The statistical results indicate the retention of the hypotheses (h1) that the Statistics Law had positive effects on the governance of the companies demonstrated, with a statistical significance of 5%. This empirical result is the main contribution of the work.