Banca de DEFESA: Tiago Moraes Silva

Uma banca de DEFESA de DOUTORADO foi cadastrada pelo programa.
STUDENT : Tiago Moraes Silva
DATE: 30/08/2023
TIME: 14:00
LOCAL: ECSA ELA
TITLE:

 

Managed by the financial markets: a comparative study of meat giants from Brazil and the United States

KEY WORDS:

Financialization, corporate governance, strategies, shareholder value maximization, meat majors and risk management.

 

PAGES: 300
BIG AREA: Ciências Humanas
AREA: Sociologia
SUBÁREA: Outras Sociologias Específicas
SUMMARY:

Since the 1990s and the first decades of the 21st century, there has been a continuous and extraordinary growth of financial wealth, surpassing the gross domestic product (nominal GDP) in many countries due to the rise in profits from financial activities. At the same time, there is a lasting decline in the economic growth rates, leading to rising unemployment and lower incomes, among other consequences. Both processes give rise to the phenomenon of financialization in contemporary capitalism. Due to the pervasive influence of financial markets, large publicly traded companies are changing corporate governance. Corporate governance approaches the logic of asset management that is far away from the managerial capitalism that prevailed in the post-war period. The ideology of maximizing shareholder value guides this new corporate governance, and the criteria of short-term financial returns are privileged. This thesis aims to understand the relationship between financialization and changes in corporate governance. The dissertation analyzes the business strategies and practices of meat agri-food corporations. The dissertation hypothesis is that internalizing companies' financial market strategies and practices lead to corporate management in which the firm's resources become financial assets. The method consisted of a case-oriented comparative study employing analytical techniques for understanding causal relationships within and between the cases. There are six cases, companies from Brazil and the United States - JBS, Marfrig, BRF, Minerva, Tyson, and WH Group - that dominate the meat value chain in the world. One of the findings of the thesis was to identify the path dependence of the financialization of companies, composed sequentially by the opening of capital, short-term practices, acquisitions and mergers, and oligomerization of the value chain. This dynamic becomes reinforced by changes in shareholder composition and the attraction of new investors dictated by the financial market. Another finding is that even in companies that do not belong entirely to the set of financialized companies, there is a strong presence of financialization practices. These large publicly traded companies maintain substantial family control but also adopt corporate governance associated with the logic of the financial market.

COMMITTEE MEMBERS:
Presidente - 1549147 - MOISES VILLAMIL BALESTRO
Interno - 2535838 - LUIZ GUILHERME DE OLIVEIRA
Externo à Instituição - SANDRO RUDUIT GARCIA - UFRGS
Externo à Instituição - SERGIO PEREIRA LEITE - UFRRJ