A influência das subvenções e assistências governamentais no desempenho econômico das empresas do agronegócio brasileiro
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2021-07-27
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Universidade Federal de Goiás
Resumo
The granting of Government Grants and Assistance is part of the government's fiscal policy and its purpose, among many others, is to help companies to develop activities that are important for economic development, in addition to providing mechanisms that improve the social actions demanded by society. In this context, this research examines whether Government Grants and Assistance influence the economic performance of Brazilian agribusiness companies listed on B3 S.A (Brasil, Bolsa, Balcão). To reach the goal, 59 companies were analyzed in the period from 2014 to 2019, using the Return on Assets (ROA) and the Return on Equity (ROE) as performance variables. The independent variables that formed the Government Grants and Assistance were collected from the notes, from the tax incentive reserves and from subsidized loans obtained from the Banco Nacional de Desenvolvimento Econômico e Social (BNDES). As control variables, the size of assets (TAM), tax aggressiveness measured by the Book Tax Difference (BTD) and the Effective Tax Rate (ETR), net revenues (REC), region of location of subsidized companies (REG) were used and the classification of companies into groups upstream and downstream of the agricultural activity in relation to the agribusiness production chain (MAJ). The information was taken from Economatica® and from the BNDES website. The statistical technique adopted to analyze the data was through multiple regression analysis with panel data. The results indicate that subsidized loans impact the performance measured by ROA, which is not verified with other isolated grants; as for the variables that measure tax aggressiveness, the Book Tax Difference (BTD) showed positive statistical significance (1%) for the same performance indicator. Through the econometric models, it was noticed that the return on equity (ROE) indicator, in principle, is not effective to measure a possible influence relationship by Government Grants and Assistance. The variables net revenue (REC) and MAJ also showed statistical significance in part of the models, but the variables size (TAM) and region (REG) were not able to contribute, ceteris paribus, in explaining the influence of Government Grants and Assistance on performance of the companies studied. It is concluded that there is no evidence that Government Subsidies and Assistance, alone, influence the performance of companies, however, subsidized loans obtained from the BNDES demonstrate statistical significance for subsidized agribusiness companies.
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MAIA, Gilson Ribeiro. A influência das subvenções e assistências governamentais no desempenho econômico das empresas do agronegócio brasileiro. 2021. 91 f. Dissertação (Mestrado em Ciências Contábeis) - Universidade Federal de Goiás, Goiânia, 2021.