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Destinação de riqueza aos acionistas e aos empregados: comparação entre empresas estatais e privadas

Several empirical studies were made with objective to investigate effects of nature of capital control - public and private - on enterprise performance, motivated mainly for supposed inefficiency of public enterprises. However, few studies investigate effects of this variable for the enterprise contribution to society in the meaning of wealth distribution, which is the objective of this study. Assuming that enterprises that operate in the same sector offer similar products and are exposed to similar influences, this study examines the hypothesis that, during the period from 1998 to 2002, the structure of the wealth distribution to employees and shareholders of the firm which operates in public sector service could differ by the function of capital control influence, tested by Mann-Whitney and Kruskall-Wallis Test. Besides, we examine effects of the size of firms, orientated by the multivariate technique named Cluster Analysis. The variables analyzed were extracted from Statement of Value Added (SVA). Our results suggest that private enterprises pays a smaller portion of wealth created to employees than public enterprises, despite not found signs that remunerate more shareholders, differing of some similar studies.

value added; economic performance; capital control


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