A Lei das estatais e a governança corporativa no Brasil: uma análise das empresas listadas em bolsa no período 2012-2022

Abstract

The Law No. 13,303/2016, known as the State-Owned Enterprises Law, marks a pivotal moment in the management of state-owned companies in Brazil. This study investigated the

impact of the State-Owned Enterprises Law on the corporate governance of publicly listed state- owned enterprises in Brazil, given the strategic importance of these companies in the Brazilian

economy and considering the challenges they have faced over the years, such as cases of corruption and significant losses. It is essential to address and overcome these obstacles to strengthen the effectiveness and integrity of this sector. Using a quantitative research approach, financial indicators such as ROE, ROA, total assets, gross margin, net margin, ROIC, and net debt to equity were analyzed before and after the implementation of the law. The results revealed that, contrary to the initial hypothesis, companies did not show significant improvements after the enactment of the legislation. Some reasons may include extensive bureaucracy, the long implementation period of the law, and the Covid-19 pandemic. This study contributes to the understanding of the dynamics between legislation and governance practices.