OWNERSHIP STRUCTURES AND INTERLOCKING DIRECTORATES AND BOARDS IN THE CONTEMPORARY BRAZILIAN BANKING SECTOR: an empirical analysis of the national financial elite
DOI:
https://doi.org/10.9771/ccrh.v37i0.59847Keywords:
Ownership structures, Interlocking directorates, Financial elite, Banking sector, Social Network Analysis (SNA)Abstract
In the article, we employ Social Network Analysis (SNA) to investigate the Brazilian financial elite, focusing on the intertwined ownership and board structures formed by 25 banking corporations that traded their shares on the B3 in 2022. The article utilizes the annual reference forms submitted by the companies to the Brazilian Securities and Exchange Commission (CVM), and analyzes the information on the executive boards and boards of directors of these companies with the assistance of the Gephi 0.10.1 software. Dealing with issues relating to the relationships between elites, conceiving markets as social spaces of continuous relations, and following the positional method developed by Wright Mills, the work demonstrates how the simultaneous participation of individuals in organizations (1), their common educational background (2), and their professional trajectory (3) give rise to a cohesive elite, which constitutes a necessary basis for the exercise of power. The work also identifies the institutional mechanisms through which this national financial elite sustains its relative insulation from individuals and groups of foreign and/or global financial elites, particularly the dual ownership structure that prevails in these corporations, indicating the political nature of the formation and preservation of the Brazilian financial elite.
Downloads
References
AGLIETTA, M.; REBÉRIOUX, A. Corporate Governance Adrift: A Critique of Shareholder Value. Cheltenham, UK: Edward Elgar, 2005.
AGUILERA, R. V.; CRESPI-CLADERA, R. Global corporate governance: On the relevance of firms’ ownership structure. Journal of World Business, [s. l.], v. 51, n. 1, p. 50-57, Jan. 2016.
AGUILERA, R. V.; JACKSON, G. The cross-national diversity of corporate governance: Dimensions and determinants. Academy of Management Review, [Briarcliff Manor, NY], v. 28, n. 3, p. 447-465, July 2003.
ARAÚJO, P. M. A elite da elite: formação acadêmica, trajetória política, experiência profissional e a participação dos senadores brasileiros na CCJ e na CAE. In: ENCONTRO ANUAL DA ANPOCS, 38., 2014, Caxambu, MG. Anais [...]. : Caxambu, MG: ANPOCS, 2014.
ARAÚJO, P. M. Comissões no Senado Federal: perfil social e trajetória política na triagem dos senadores no sistema comissional. Cadernos da Escola do Legislativo, Belo Horizonte, v. 19, n. 32, p. 97-138, jul./dez. 2017.
BAKER, W. E.; IYER, A. V. Information networks and market behavior. Journal of Mathematical Sociology, Philadelphia, PA, v. 16, n. 4, p. 305-332, 1992.
BARBERIS, P. The elite of the elite: permanent secretaries in the British higher civil service. Aldershot, EN: Dartmouth, 1996.
BARROS, T. S. de; CÁRDENAS, J.; MENDES-DA-SILVA, W. The effect of interlocking directorates on mergers and acquisitions in Brazil. Journal of Management and Governance, [s. l.] v. 25, n. 3, p. 811-839, 2021.
BERLE, A. A.; MEANS, G. C. A moderna sociedade anônima e a propriedade privada. 2. ed. São Paulo: Nova Cultural, 1987.
BURRIS, V. Interlocking directorates and political cohesion among corporate elites. American Journal of Sociology, Chicago, IL, v. 111, n. 1, p. 249-283, 2005.
CARROLL, W. K. The making of a transnational capitalist class: Corporate power in the 21st century. London: Zed Books, 2010.
CARROLL, W. K.; SAPINSKI, J. Organizing the 1%: How corporate power works. Halifax, NS: Fernwood, 2018. COASE, R. H. The nature of the firm. Economica, London, v. 4, n. 16, p. 386-405, 1937.
CODATO, A. et al. Os diretores do Banco Central sob o PSDB e o PT. In: CODATO, A.; ALBUQUERQUE, M. de (org.). Os mandarins da economia: presidentes e diretores do Banco Central do Brasil. São Paulo: Edições 70, 2023. p. 49-92.
CODATO, A.; ALBUQUERQUE, M. de (org.). Os mandarins da economia: presidentes e diretores do Banco Central do Brasil. São Paulo: Edições 70, 2023.
COSTA, F. N. da. Brasil dos bancos. São Paulo: Edusp, 2012.
DAVIS, G. F. Agents without principles? The spread of the poison pill through the intercorporate network. Administrative Science Quarterly, [London], v. 36, n. 4, p. 583-613, 1991.
DIAS, R. P. A Burguesia Financeira em Rede: As Conexões dos Grandes Grupos Financeiros Brasileiros. Curitiba: Appris, 2022.
DIAS, R. P. A representação dos banqueiros no Brasil: um estudo sobre a FEBRABAN. Teoria & Pesquisa: revista de ciência política, São Carlos, SP, v. 23, n. 2, p. 178-204, 2014.
DICKEN, P. Transnational Corporations: the primary “movers and shapers” of the global economy. In: DICKEN, P. Global Shift: mapping the changing contours of the world economy. 6th. ed. London: SAGE Publications, 2011. p. 109-168.
DREIFUSS, R. A. A internacional capitalista: estratégia e táticas do empresariado transnacional (1918-1986). Rio de Janeiro: Espaço e Tempo, 1986.
EDLING, C. R.; FARKAS, G. M.; RYDGREN, J. Integration of the Swedish Local Elite: The Role of Professional and Private Networks. Scandinavian Political Studies, [s. l.], v. 38, n. 1, p. 49-74, mar. 2015.
ELLERSGAARD, C. H.; LARSEN, A. G.; MUNK, M. D. A Very Economic Elite: The Case of the Danish Top CEOs. Sociology, [Durham, EN], v. 47, n. 6, p. 1051-1071, dez. 2013.
FLIGSTEIN, N. The Transformation of Corporate Control. Cambridge, MA: Harvard University Press, 1990.
FLIGSTEIN, N. The architecture of markets: An economic sociology of twenty-first-century capitalist societies. Princeton: Princeton University Press, 2001.
GONÇALVES, R. Grupos econômicos: uma análise conceitual e teórica. Revista Brasileira de Economia, Rio de Janeiro, v. 45, n. 4, p. 491-518, 1991.
GOYER, M. Corporate Governance. In: MORGAN, G. et al. (ed.). The Oxford Handbook of Comparative Institutional Analysis. Oxford: Oxford University Press, 2010. p. 423-451.
GRAMSCI, A. Cadernos do cárcere: Maquiavel: Notas sobre o Estado e a política. Rio de Janeiro: Civilização Brasileira, 2007. v. 3.
GRANOVETTER, M. Business groups and social organization. In: SMELSER, N. J.; SWEDBERG, R. (ed.). The Handbook of Economic Sociology. 2nd. ed. Princeton: Princeton University Press, 2010. p. 429-450.
GRANOVETTER, M. Getting a Job: A Study of Contacts and Careers. Chicago, IL: University of Chicago Press, 2018.
GRANOVETTER, M. S. The strength of weak ties. American Journal of Sociology, Chicago, IL, v. 78, n. 6, p. 1360-1380, May 1973.
HEEMSKERK, E. M. The rise of the European corporate elite: evidence from the network of interlocking directorates in 2005 and 2010. Economy and Society, [s.l.], v. 42, n. 1, p. 74-101, 2013.
HILFERDING, R. O Capital Financeiro. São Paulo: Nova Cultural, 1985.
HIRSCHMAN, A. O. Saída, voz e lealdade: reações ao declínio de firmas, organizações e estados. São Paulo: Perspectiva, 1973.
IBGC. O IBGC. São Paulo, c2024. Disponível em: https://www.ibgc.org.br/quemsomos. Acesso em: 6 mar. 2024. JACKSON, G.; PETRAKI, A. Understanding short-termism: the role of corporate governance. Stockholm: Glasshouse Forum, 2011.
KNAFO, S.; DUTTA, S. J. Patient capital in the age of financialized managerialism. Socio-Economic Review, [Oxford], v. 14, n. 4, p. 771-788, out. 2016.
MARKOWITZ, M. A. Bancos e banqueiros: empresas e famílias no Brasil. 2004. Dissertação (Mestrado em Antropologia Social) – Universidade Federal do Rio de Janeiro, Rio de Janeiro, 2004.
MARX, K. Capital: A Critique of Political Economy: Volume III: The Process of Capitalist Production as a Whole. Edited by Frederick Engels. New York: International Publishers, 1995. v. 3.
MILIBAND, R. O Estado na sociedade capitalista. Rio de Janeiro: Zahar, 1972.
MILLS, C. W. The Power Elite. Oxford: Oxford University Press, 1956.
MINELLA, A. C. Banqueiros: organização e poder político no Brasil. Rio de Janeiro: Espaço e Tempo, 1988.
MIZRUCHI, M. S. The Fracturing of the American Corporate Elite. Cambridge, MA: Harvard University Press, 2013.
MIZRUCHI, M. S. What Do Interlocks Do? An Analysis, Critique, and Assessment of Research on Interlocking Directorates. Annual Review of Sociology, San Mateo, v. 22, n. 1, p. 271-298, ago. 1996.
MIZRUCHI, M. S. Who controls whom? An examination of the relation between management and boards of directors in large American corporations. Academy of Management Review, [Briarcliff Manor, NY], v. 8, n. 3, p. 426-435, July 1983.
PERISSINOTO, R. et al. As redes sociais do Banco Central do Brasil. In: CODATO, A.; ALBUQUERQUE, M. de (org.). Os mandarins da economia: presidentes e diretores do Banco Central do Brasil. São Paulo: Edições 70, 2023. p. 163-189.
PERISSINOTTO, R. M.; CODATO, A. N. Como estudar elites. Curitiba: Editora UFPR, 2015.
PORTUGAL JR., J. G. Grupos econômicos: expressão institucional da unidade empresarial contemporânea. São Paulo: Fundação do Desenvolvimento Administrativo, Instituto de Economia do Setor Público, 1994.
POULANTZAS, N. Poder político e classes sociais do Estado capitalista. Porto: Portucalense, 1971. v. 2.
ROSSIER, T. et al. From integrated to fragmented elites. The core of Swiss elite networks 1910–2015. The British Journal of Sociology, London, v. 73, n. 2, p. 315-335, 2022.
SAES, D. Uma contribuição à crítica da teoria das elites. Revista de Sociologia e Política, Curitiba, n. 3, p. 7-19, 1994.
SALAS DÍAZ, R.; YOUNG, K. L.; VELAZCO, J. Q. The Role of Elite Education in the Global Power Structure. In: ANNUAL MEETING OF THE SOCIETY FOR THE ADVANCEMENT OF SOCIO-ECONOMICS, 2023, Rio de Janeiro. Proceedings [...]. Rio de Janeiro: SASE, 2023.
SANTOS, R. S. P. dos. A construção social de uma corporação transnacional: notas sobre a “nova ‘privatização’” da Vale S.A. Revista de Estudos e Pesquisas sobre as Américas, Brasília, D. F., v. 13, n. 2, p. 230-270, 2019.
SAPINSKI, J. P.; CARROLL, W. K. Interlocking directorates and corporate networks. In: NÖLKE, A.; MAY, C. (ed.). Handbook of the international political economy of the corporation. Cheltenham, UK: Edward Elgar, 2018. p. 45-60.
SCOTT, J. Social Network Analysis: a Handbook. 2nd. ed. London: SAGE Publications, 2000.
STEARNS, L. B.; MIZRUCHI, M. S. Banking and financial markets. In: SMELSER, N. J.; SWEDBERG, R. (ed.). The Handbook of Economic Sociology. 2nd. ed. Princeton: Princeton University Press, 2005. p. 284-306.
STONE, L. Prosopografia. Revista de Sociologia e Política, Curitiba, v. 19, n. 39, p. 115-137, jun. 2011.
THOMPSON, E. P. As peculiaridades dos ingleses e outros artigos. 2. ed. Campinas: Ed. UNICAMP, 2012.
TOKUMOTO, A. et al. A política dos especialistas: o caso do BNDES. In: CODATO, A.; ALBUQUERQUE, M. de (org.). Os mandarins da economia: presidentes e diretores do Banco Central do Brasil. São Paulo: Edições 70, 2023. p. 295-327.
UHLANER, L. M. Family business and corporate governance. In: WRIGHT, M. et al. (ed.). The Oxford Handbook of Corporate Governance. Oxford: Oxford University Press, 2013. p. 389-420.
USEEM, M. Executive Defense: Shareholder Power and Corporate Reorganization. Cambridge, MA: Harvard University Press, 1993.
VILA, M. L. et al. The configuration of the largest Brazilian banks’ board of directors: trajectories and capitals of Latin America’s financial elite. International Journal of Emerging Markets, [s. l.], 1 jan. 2023. Publicação antecipada.
WASSERMAN, S.; FAUST, K. Social Network Analysis: Methods and Applications. Cambridge, UK: Cambridge University Press, 1994.
ZORN, D. M. Here a chief, there a chief: The rise of the CFO in the American firm. American Sociological Review, [s. l.], v. 69, n. 3, p. 345-364, 2004.
ZORN, D. et al. Managing investors: How financial markets reshaped the American firm. In: KNORR CETINA, K.; PREDA, A. (ed.). The Sociology of Financial Markets. Oxford: Oxford University Press, 2005. p. 269-289.
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution 4.0 International License.
Todo o conteúdo da revista, exceto onde indicado de outra forma, é licenciado sob uma atribuição do tipo Creative Commons BY.
O periódico Caderno CRH on-line é aberto e gratuito.
