Abstract
The aggressive investment program and exposure to local political interference, evidenced in the repression of prices of refined products and the requirement of targeted local content have been identified as crucial to the fragile economic and financial situation faced by Petrobras in the years 2006-2013, when there was a major fall in the market value and reduced profitability. Considering this background, the overall aim of the paper is to analyze why the local content policy is counter to the perspective of the maximization shareholder value of Petrobras. The main conclusion is that the inefficiency generated by directing the acquisitions is inconsistent with the dynamics of accumulation of large corporations in a context which prevails the logic of maximization shareholder value.
Keywords:
Petrobras; Government intervention; Local Content Policy; Maximization of Shareholder Value; Stakeholders theory