Geração e distribuição de valor adicionado de empresas de controle estatal e privado do setor elétrico brasileiro

Abstract

This paper sought to contribute to the discussion about privatization, comparing state and private controlled companies in the Brazilian electricity sector regarding their capacity to generate and distribute wealth in the years 2014 and 2015, allowing the analysis of these firms’ behavior in a year of Sector crisis (2014) and a year of economic recovery (2015). The main objective of the research was to identify, through the development of indicators that link informations from the Added Value Demonstration and the assets of firms, how state and private controlled electric power firms differentiate regarding their potential to use resources on generating added value to members of society. The present study, based on the agency theory, is relevant for helping to understand how firms with different controlling capital origins generate and add value through the use of their resources, as well as for identifying how they behave in a crisis scenario, generating wealth and distributing it. The results assist on the discussion about the benefits of privatization, providing new evaluation metrics and empirical evidence. For the comparison of the companies, the descriptive statistics of the data were used, as well as the Mann-Whitney test, which along with the developed indicators allowed the tests of the study’s hypotheses. The results contradict the premise that private companies have better financial performance and pay more taxes. In addition, they reinforce the view that state controlled enterprises focus on social indicators, such as income distribution and employment rates