Petrobras: Política de Conteúdo Local, Natureza Jurídica, Governança Corporativa e Performance Econômica/Petrobras: Local Content Policy, Legal, Corporate Governance And Economic Performance

The delicate financial position of Petrobras, between the years 2006-2013, has determined the lowering of its credit metrics for the rating agencies. These agencies have identified as determining factors for that situation the company's aggressive investment program and its exposure to politica...

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Published in:Economic analysis of law review 2016-07, Vol.7 (2), p.530
Main Authors: de Jesus, Leonardo Bispo, Sarti, Fernando, Ferreira, Hamilton de Moura
Format: Article
Language:Portuguese
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Corporate governance
Credit ratings
Government
Intervention
Rating services
Stockholders
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description The delicate financial position of Petrobras, between the years 2006-2013, has determined the lowering of its credit metrics for the rating agencies. These agencies have identified as determining factors for that situation the company's aggressive investment program and its exposure to political interference, evidenced in dam-ming the prices of refined products and the requirement to comply with local content targets. Considering this background, the objective of the paper is to analyze why the local content policy is counter to the perspec-tive of maximization shareholder value of Petrobras, but not of the scope of action of a company with its le-gal status. The main conclusion is that the inefficiency generated by targeting the acquisition is inconsistent with the current dynamics of accumulation of large cor-porations, but not with the playing scope of a company with the legal status of Petrobras.
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subjects Corporate governance
Credit ratings
Government
Intervention
Rating services
Stockholders
title Petrobras: Política de Conteúdo Local, Natureza Jurídica, Governança Corporativa e Performance Econômica/Petrobras: Local Content Policy, Legal, Corporate Governance And Economic Performance
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