CHART A: Political connection of companies
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Sztutman and Aldrighi (2012Sztutman, A. M; Aldrighi, D. M. (2012). Financiamento das campanhas eleitorais de 2006 por grupos econômicos e empréstimos do BNDES. National Meeting of Economics, ANPEC.) |
Donation to winning candidates that ran for federal deputy |
Financing |
Positive |
Sztutman and Aldrighi (2019Sztutman, A. M; Aldrighi, D. M. (2019). Political Connections and Access to Brazilian Development Bank’s Loans. Congresso da European Financial Management Association.) |
Donation to winning candidates that ran for federal deputy |
Financing |
Null |
Lazzarini et al. (2015Lazzarini, S. G; Musacchio, A; Bandeira-de-Mello, R; Marcon, R. (2015). What do state-owned development banks do? Evidence from BNDES, 2002-09. World Development, 66, 237-253.) |
Donation to winning candidates that ran for president, governor and senator |
Financing |
Null |
Donation to winning candidates that ran for federal deputy |
Financing |
Positive |
Donation to winning candidates that ran for president, governor and senator |
Shareholding |
Null |
Donation to winning candidates that ran for federal deputy |
Shareholding |
Null |
Astorino (2015Astorino, P. S. (2015). Consequências das conexões políticas para as empresas de capital aberto no Brasil: desempenho e acesso a crédito do BNDES. USP Master’s Dissertation.) |
Presence in the Board of Directors of a person who helda senior management position at BNDES |
Nonautomatic indirect and direct financing |
Null |
Lopes (2016Lopes, A. D. (2016). Financiamento de campanhas eleitorais e empréstimos do BNDES: lobby e interesses privados. UFG Master’s Dissertation.) |
Donation to winning candidates that ran for federal deputy |
Nonautomatic indirect and direct financing |
Positive |
Donation to winning candidates that ran for president and senator |
Nonautomatic indirect and direct financing |
Negative |
Donation to candidates, parties and campaign committees |
Nonautomatic indirect and direct financing |
Negative |
Donation to candidates, parties and campaign committees of the government base |
Nonautomatic indirect and direct financing |
Positive |
Kuronuma et al. (2018Kuronuma, C. R., Okimura, R. T., Sales, G. A. W. BNDES e Favorecimento às Empresas com Conexões Políticas. XVIII USP International Conference in Accounting.) |
Donation to candidates, parties and campaign committees |
Financing |
Positive |
Tabajara (2019Tabajara, R. B. (2019). Campaign Contributions and Credit: Evidence from Brazil. PUC-Rio Master’s Dissertation.) |
Donation to candidates, parties and campaign committees at the federal level |
Indirect financing by federal public banks |
Positive |
CHART B: Political alignment of mayors and governors
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Coniaric (2014Coniaric, P. M. (2014). Os efeitos do alinhamento partidário sobre empréstimos do BNDES para os municípios brasileiros. USP-RP Master’s Dissertation in Economics.) |
Mayor’s party belongs to the president’s support base |
Financing to municipalities |
Null |
Carvalho (2014Carvalho, D. (2014). The real effects of government-owned banks: Evidence from an emerging market. The Journal of Finance, 69(2), 577-609.) |
Governor’s party belongs to the president’s support base |
Financing to private companies |
Positive |
Pinto (2018Pinto, A. R; Grimaldi, D. S; Martini, R. A. (2018). Efeitos do apoio do BNDES à aquisição de máquinas e equipamentos sobre o emprego dos fabricantes de bens de capital. National Meeting of Economics, ANPEC.) |
Mayor’s party is the same as the president’s party and is different from the governor’s party |
Financing to municipalities |
Positive |