Análise das características determinantes das empresas que usufruem de subvenções e assistências governamentais

Abstract

This study aimed to identify the characteristics of companies that receive government grants. We reviewed 791 notes to financial statements from 113 companies listed in the BM&FBovespa index IBRX-100, from 2008 to 2014. Descriptive analyzes indicate that 48 companies (43% of the sample) participated in some of the stablished Government Grant programs, totaling approximately R $ 30 billion, and shows that the most benefited sectors and regions are: i) Sectors: electricity, cyclical consumption, trade, construction and engineering, and metallurgy; and ii) Regions: São Paulo, Rio de Janeiro and Minas Gerais. The results from logistic regression applied indicate that there is a greater opportunity for subsidized companies with the following characteristics: more profitable companies; company size, funds raised from BNDES and being audited by a Big4 company. It should be clarified that the adoption of international standards has increased the level of disclosure of information regarding government grants and assistance programs, as well as the respective amounts traded.