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CORPORATE OWNERSHIP NETWORK: THE HIERARCHICAL CAPITALISM IN THE BRAZILIAN CONTEXT

Wilton Vicente Gonçalves da Cruz (Universidade Federal de São Carlos), Mário Sacomano Neto (Universidade Federal de São Carlos), Evandro Marcos Saidel Ribeiro (Universidade de São Paulo, Centro de Ciências Matemáticas Aplicadas à Indústria)

Revista de Administração de Empresas
Licence : CC BY

Résumé : ABSTRACT Several studies have indicated a type of hierarchical capitalism in Latin America, characterized by the presence of multinational and state corporations, diversified multi-enterprise groups, low-skilled labor, and segmented labor markets. From the perspective of ownership networks, we explore who the owners of large Brazilian corporations are. These networks reveal actors and groups with prominent positions in the structure and ownership of companies. Thus, this article proposes to 1) describe the ownership network of the largest Brazilian corporations; 2) analyze the density, average degree, modularity, and the number of components connected in this network; 3) analyze measures of weighted degree centrality, intermediation, and eigenvector; 4) identify and analyze subgroups in the network, and 5) relate the configuration of the ownership network with hierarchical capitalism in the Brazilian context. The results point to prominent positions of financial shareholders, the Brazilian state (state-owned firms), and groups composed mostly of large multinationals, financial firms, families, and state-owned firms, confirming that the ownership structure is strongly linked to these players.

Publié le 01 Jan. 2023