The Respective Interests of Public and Private Shareholders in Brazilian Hybrid State-Owned Enterprises
DOI:
https://doi.org/10.5007/2175-8077.2020.e61504Abstract
Hybrid state-owned enterprises (SOEs) are companies whose capital is comprised of both public and private resources, with Government as the controlling shareholder. This article examines what motivates public and private investors, respectively, to invest and maintain capital in this kind of firm. Stakeholder theory and institutional theory provided the theoretical framework for conduct of this multiple case study and interpretation of its results. Hybrid SOEs analyzed in this qualitative, cross-sectional and exploratory study were Bank of Brazil, Eletrobras and Petrobras. Data – sourced from semi-structured interviews, articles published in the specialized economic media, and documents of mandatory publication made available on the respective company websites – was compiled and codified using Nvivo software. Objectives of the public and private shareholders, respectively, are identified and presented. It is concluded that these objectives are congruent with two distinct institutional logics, although both contain elements oriented to rent-seeking and to social welfare.
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