Impactos da Financeirização sobre o Padrão de Financiamento e a Governança das Empresas Não-Financeiras Brasileiras de Capital Aberto: período de 1995-2008.

Miranda, Bernardo Pádua Jardim de; Crocco, Marco; Santos, Fabiana Borges Texeira dos

doi:10.5380/re.v41i2.38669

Cited by 3 publications

(4 citation statements)

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“…For Brazil, a growing literature shows the changing financial behaviour of large Brazilian NFCs, which have increased their holdings of financial assets (including those of cash), financial income and expenditures, and have substituted bank lending for market funding, mostly offshore on international financial centres and in foreign currency (Almeida et al, 2016, Araujo et al, 2012, BCB (Central Bank of Brazil), 2015b, Cintra and da Silva Filho, 2013, Bruno et al, 2011, Miranda et al, 2009. Another characteristic of financialisation in Brazil is the (speculative) operations by NFCs and banks on the liquid, local derivatives market (Farhi and Borghi, 2009, Prates and Farhi, 2009, Oliveira de and Novaes, 2007.…”

Section: Financialisation and The Hierarchic Nature Of The International Monetary Systemmentioning

confidence: 99%

“…A small but growing literature documents similar changes in the financial practices and relations of economic agents in ECEs to those observed in CCEs (Demir, 2008, Demir, 2009, Ergüneş, 2012, Ertürk, 2003, Gabor, 2013, Painceira, 2008, Powell, 2013, Rethel, 2010, Bonizzi, 2013, Correa et al, 2012, Doucette and Seo, 2011, Karacimen, 2014, Levy-Orlik, 2012, FESSUD, 2013. Financialisation in Brazil has been analysed, among others, by Coutinho and Belluzzo (1998), Miranda et al (2009), Painceira (2011), Bruno et al (2011), Araujo et al (2012), andBin (2016). Few of these contributions though focus explic itly on the question of how financialisation in ECEs might differ from that in CCEs.…”

Section: Introductionmentioning

confidence: 99%

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Subordinated Financial Integration and Financialisation in Emerging Capitalist Economies: The Brazilian Experience

Kaltenbrunner

Painceira

2017

New Political Economy

133

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This paper analyses the recent changes in financial practices and relations in emerging capitalis t economies (ECEs) using the example of Brazil. It argues that in ECEs these financ ia l transformations, akin to the financialisation phenomena observed in Core Capitalist Economies (CCEs), are fundamentally shaped by their subordinated integration into a financialised and structured world economy. To analyse this subordinated financialisation the paper draws on the framework of international currency hierarchies. It shows by means of two specific processes how the existence of a hierarchic international monetary system has changed the financial behaviour of domestic economic agents and with it the structure of the financial system. The first process highlights the phenomenon of reserve accumulation and the changing behaviour of domestic banks. The second points to ECEs' sustained external vulnerability and its impact on the operations of Brazilian non-financial corporations. The paper also shows that not only were these financ ia l transformation shaped by ECEs' subordinated financial integration, but it was these financialisation tendencies themselves which contributed to cementing existing hierarchies and further deepened existing asymmetries between ECEs and CCEs.

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Section: Financialisation and The Hierarchic Nature Of The International Monetary Systemmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Subordinated Financial Integration and Financialisation in Emerging Capitalist Economies: The Brazilian Experience

Kaltenbrunner

Painceira

2017

New Political Economy

133

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“…The author observed an advance in the use of financial instruments, such as shares, debt securities, bank papers, and derivation, and the presence of investment funds as main shareholders. This recent study (Kaltenbrunner & Painceira, 2018) showed some evidence of how corporative ownership in the Brazilian economy is associated with financial logic (Bruno, Diawara, Araújo, Reis, & Rubens, 2011;Miranda, Crocco, & Santos, 2009;Miranda et al, 2017). Regarding the financialization process, we suggest proposition 2:…”

Section: Financialization and Hierarchical Capitalismmentioning

confidence: 70%

Corporate Ownership Network: The Hierarchical Capitalism in the Brazilian Context

2023

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Several studies have indicated a type of hierarchical capitalism in Latin America, characterized by the presence of multinational and state corporations, diversified multi-enterprise groups, low-skilled labor, and segmented labor markets. From the perspective of ownership networks, we explore who the owners of large Brazilian corporations are. These networks reveal actors and groups with prominent positions in the structure and ownership of companies. Thus, this article proposes to 1) describe the ownership network of the largest Brazilian corporations; 2) analyze the density, average degree, modularity, and the number of components connected in this network; 3) analyze measures of weighted degree centrality, intermediation, and eigenvector; 4) identify and analyze subgroups in the network, and 5) relate the configuration of the ownership network with hierarchical capitalism in the Brazilian context. The results point to prominent positions of financial shareholders, the Brazilian state (state-owned firms), and groups composed mostly of large multinationals, financial firms, families, and state-owned firms, confirming that the ownership structure is strongly linked to these players.

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“…Ao analisar o processo de financeirização da Embraer, Moraes (2017) identificou o domínio da forma fictícia sob a forma real e produtiva e o avanço da utilização de instrumentos financeiros, como ações, títulos de dívida, títulos bancários, derivativos e fundos de investimento, como principais acionistas. Estudo recente (Kaltenbrunner & Painceira, 2018) mostra algumas evidências sobre como a propriedade corporativa na economia brasileira está associada à lógica financeira (Bruno, Diawara, Araújo, Reis, & Rubens, 2011;Miranda, Crocco, & Santos, 2009;Miranda et al, 2017).…”

Section: Financeirização E Capitalismo Hierárquicounclassified

Rede De Propriedade Corporativa: Capitalismo Hierárquico No Contexto Brasileiro

2023

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RESUMO Vários estudos têm apontado para um tipo de capitalismo hierárquico na América Latina, caracterizado pela presença de corporações multinacionais, estatais, grupos multiempresariais diversificados, baixa qualificação da mão de obra e mercados de trabalho segmentados. A partir da perspectiva das redes proprietárias - que revelam atores e grupos com posições proeminentes na estrutura e propriedade das empresas - exploramos quem são os donos das grandes corporações brasileiras. Assim, este artigo propõe: 1) descrever a rede proprietária das maiores corporações brasileiras; 2) analisar a densidade, o grau médio, a modularidade e o número de componentes conectados nessa rede; 3) analisar medidas de centralidade de grau ponderado, intermediação e autovetor; 4) identificar e analisar subgrupos na rede e 5) relacionar a configuração da rede proprietária com o capitalismo hierárquico no contexto brasileiro. Os resultados indicam que acionistas financeiros, o Estado brasileiro (por meio de empresas estatais) e grupos compostos majoritariamente por grandes multinacionais, empresas financeiras, famílias e empresas estatais estão em posições proeminentes, confirmando que a estrutura de propriedade está fortemente atrelada a esses atores.

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Impactos da Financeirização sobre o Padrão de Financiamento e a Governança das Empresas Não-Financeiras Brasileiras de Capital Aberto: período de 1995-2008.

Cited by 3 publications

References 4 publications

Subordinated Financial Integration and Financialisation in Emerging Capitalist Economies: The Brazilian Experience

Subordinated Financial Integration and Financialisation in Emerging Capitalist Economies: The Brazilian Experience

Corporate Ownership Network: The Hierarchical Capitalism in the Brazilian Context

Rede De Propriedade Corporativa: Capitalismo Hierárquico No Contexto Brasileiro

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