Gama, Marina Amado Bahia; Bandeira-de-Mello, Rodrigo; Spuldaro, Juliano Danilo

doi:10.1016/j.rauspm.2017.06.001

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Sumário

Original Articles • RAUSP Manag. J. 53 (1) • Jan-Mar 2018 • https://doi.org/10.1016/j.rauspm.2017.06.001 copiar

Political strategy and the growth of business groups

Autoria SCIMAGO INSTITUTIONS RANKINGS

Resumo

Como as interações entre as firmas e governo afetam as decisões de crescimento dos business groups? Evidências empíricas existentes não explicam como as estratégias políticas afetam a expansão ou diversificação dos business groups. A principal contribuição é discutir as condições que afetam o crescimento dos business groups. Para responder isso foi realizado um estudo de campo em profundidade em seis grupos empresariais e foi analisado 17 exemplos de crescimento desses seis business groups. Quatro categorias emergiram a partir das entrevistas com diretores e presidentes e 480 fontes de dados secundários (categorias: origem de crescimento, relacionamento histórico, escopo do business group e estratégia política específica). Foi aplicado o método QCA para testar as categorias como sendo condições para o crescimento. Descobrimos que ter uma relação histórica entre o grupo empresarial e o governo é uma condição necessária, mas não suficiente para o crescimento grupo empresarial por meio da diversificação. Para prever a diversificação, a relação histórica deve ser somada com o interesse político governamental ou com o uso de um ou uma combinação de táticas políticas específicas da firma. Não foi encontrado nenhum conjunto de variáveis que possa explicar plenamente o crescimento via expansão.

Palavras-chave:
Grupos empresariais; Estratégia política; Diversificação

Interviewee code	Date	Experience
INT 1	June/13	Manager of relationship with investors, has worked for business group B for 10 years.
INT 2	July/13	International director, works directly with CEO, 10 years in this position. Group B.
INT 3	August/13	Managing director and marketing director of business group A. Responsible for institutional relations and institutional demands. Four years in this position.
INT 4	July/13	Institutional relations manager. Three years in this position; responsible for the development of this area in Group C.
INT 5	August/13	Institutional relations manager. Two years in this position and six years working in the group. Group F.
INT 6	August/13	Director of institutional relations. 15 years of experience in this area. Has worked for the group for six years. Group F.
INT 7	September/13	CEO of the group's holding company. 10 years working in Group E.
INT 8	August/13	Institutional relations director. Has worked for the group for 15 years, and in this position for one year. Group D.
INT 9	August/13	Director of a consulting firm that works for big companies, as a bridge between public banks and companies.
INT 10	August/13	Has worked for 40 years in the government as institutional relations specialist.
INT 11	August/13	Institutional relations specialist. Has worked for 10 years with multinationals and business groups, associations, and the government, as a facilitator in public policy matters.
INT 12	September/13	Owner of a public relations consulting firm for seven years.
INT 13	September/13	Worked for many years in the federal government. Currently, president of an economic consulting firm and member of directors' board of several business groups.
INT 14	October/13	Consultant. Former employee of a public financing institution. Has been in this institution for three years.
INT 15	October/13	Works as director of the main subsidiary of a business group, responsible for government relations.
INT 16	November/13	Chairman of the Board of Directors and entrepreneur. Worked for more than 30 years in one business group, is currently in another.

Questions
1. What is the structure of the business group?
2. How do business groups' firms compete in their industries?
3. How is the decision making process in a new business?
4. Could you give us examples of investments that have increased or decreased business group's diversification?
5. Could you give us examples of the group's institutional relations?
6. Which are the main activities of institutional relations with the government?
7. Could you give us examples of investments in new industries, in which the institutional relationship with the government has helped or embarrassed the investment decision?

Condition/outcome sets	Definition	Encoding
Growth strategy (outcome symbol: Y) Y: Diversification Y: Expansion	Diversification: entry into new sectors Expansion: portfolio expansion, new product development, internationalization, plant expansion (Ansoff, 1965Ansoff, I. (1965). Corporate strategy: An analytic approach to business policy for growth and expansion. Michigan: McGraw-Hill.; Cuervo-Cazurra, 2006Cuervo-Cazurra, A. (2006). Business groups and their types. Asia Pacific Journal of Management, (23), 419-437.; Donato & Rosa, 2005Donato, I., & Rosa, P. (2005). Growth diversification, and business group formation in entrepreneurial firms. Small Business Economics, 25, 65-82.; Kumar et al., 2012Kumar, V., Gaur, A. S., & Pattnaik, C. (2012). Product diversification and international expansion of business groups. Management International Review, 52, 175-192.; Schneider, 2009Schneider, B. R. (2009). A comparative political economy of diversified business groups, or how states organize big business. Review of International Political Economy, 16(2), 178-201.)	1:Diversification 0: Expansion
Origin of growth (condition symbol: O) O: Government o: Business Group	The origin of the diversification or expansion situation: government or business group	1: Government 0: Business Group
Historical relationship with government (condition symbol: R) R: Present r: Absent	The historical influence of the government on group's development (Bonelli, 1998Bonelli, R. (1998). As Estratégias dos grandes grupos industriais brasieliros nos anos 90. Instituto de Pesquisa Econômica Aplicada.; Bresser-Pereira, 2009Bresser-Pereira, L. C. (2009). Empresariado Industrial, Democracia e Poder Político.. São Paulo. Retrieved from http://hdl.handle.net/10438/2664 http://hdl.handle.net/10438/2664... ; Caldeira, 2012Caldeira, C. A. (2012). Aspectos cognitivos da formulação de estratégias políticas: um estudo de caso no setor de etanol brasileiro. Fundação Getúlio Vargas – EAESP.; Queiroz, 1972Queiroz, M. de. (1972). Grupos Econômicos e Modelo Brasileiro. USP.; Schneider, 2009Schneider, B. R. (2009). A comparative political economy of diversified business groups, or how states organize big business. Review of International Political Economy, 16(2), 178-201.)	1: Historical relationship present 0: Historical relationship absent
Business group diversification (condition symbol: N) N: >6 sectors n: ≤6 sectors	Number of sectors in which the group has businesses (Xavier et al., 2013Xavier, W. G., Marcon, R., & Bandeira-de-Mello, R. (2013). Institutional environment and business groups resilience in Brazil. Journal of Business Research.)	1: more than six sectors 0: six sectors or fewer
Specific political tactics (condition symbol: P) P: Present p: Absent	Long term cooperation contract; purchase agreement; lobbying; personal relationship; commissioned research projects; contributions to politicians or party; paid travel or personal service; public relations or advocacy advertisement; corporate donations to political campaigns; hiring politicians for the board; participation of businessmen in public life; joint venture with state-owned company; shareholding agreement with the government (Guillén, 2000Guillén, M. F. (2000). Business groups in emerging economies: A resource-based view. The Academy of Management Journal, 43(3), 362-380. Retrieved from http://amj.aom.org/content/43/3/362.short http://amj.aom.org/content/43/3/362.shor... ; Hoskisson, Johnson, Tihanyi, & White, 2005Hoskisson, R., Johnson, R., Tihanyi, L., & White, R. (2005). Diversified business groups and corporate refocusing in emerging economies. Journal of Management, 31(6), 941-965.; Johnson & Amsden, 2001Johnson, C., & Amsden, A. H. (2001). The rise of “the rest”: Challenges to the west from late-industrializing economies. The Journal of Asian Studies, 60http://dx.doi.org/10.2307/2700025 http://dx.doi.org/10.2307/2700025... ; Kock, Guillén, & Hall, 2001Kock, C. J., Guillén, M. F., & Hall, H. (2001). Strategy and structure in developing countries: Business groups as an evolutionary response to opportunities for unrelated diversification. Industrial and Corporate Change, 10(1), 77-113.; Schneider, 2009Schneider, B. R. (2009). A comparative political economy of diversified business groups, or how states organize big business. Review of International Political Economy, 16(2), 178-201.)	1: Use of specific tactics to achieve political strategies 0: Absence of specific tactics to achieve political strategies

Group	Sectors of activities	Political strategies often employed	Events	Description of diversification or expansion	Set of conditions linked to growth
A	(1) Agriculture, forestry, logging; (2) trade; (3) parts and accessories for motor vehicles; (4) financial intermediation and insurance; (5) transportation, storage, and postal services; (6) other services	Financial incentive strategy: campaign donation; personal services	(1) Reforestation sector	Origin of this diversification was a government initiative to develop the region through tax incentives. Group A was the first group to diversify in this region	Origin: Government; Number of sectors: 6; Specific political tactics: absent; Historical relationship: absent. rnOp
A			(2) Seaport	Business group started this diversification due to the need to export timber. In 2009 group asked for government support in the form of a long-term cooperation. Project was financed by a public pension fund - PREVI, with cheap credit. Group received R$ 750 million in support from the federal government. Moreover, local government backed the project by improving local infrastructure.	Origin: business group; Number of sectors: 6; specific political tactics: long-term cooperation contract; historical relationship: absent. rnoP
B	(1) Textile; (2) clothes and accessories; (3) agriculture, forestry, and logging; (4) electricity and gas; (5) construction; (6) real-estate services; (7) financial intermediation and insurance; (8) services to companies	Financial incentive strategy: campaign donation; personal services; information strategy: ex-politician on group's board	(3) Energy sector	Group has a strong historical relationship with government. It is the largest group in the sample. In 2001, Brazilian economy had grown less than expected due to electricity rationing. Due to a personal relationship, group diversified into the energy sector. Government originated this diversification, by choosing the group for a program to stimulate electricity generation, which gave the group access to natural gas for 20 years, at low prices.	Origin government; Number of sectors: 8; specific political tactics: absent; historical relationship: present. RNOp
			(9) Internationalization of the textile sector and entry into retail	The origin of this diversification was the group's interest for growing. Entry in the U.S. market took place through a partnership with a local manufacturer. The group was supported in this effort by cheap credit from BNDES-Exim, which provided U$ 40 million for a distribution center in that country. Business group participates in Brazil-USA CEOs' forum, which facilitated relationships and business development in that country.	Origin: business group; number of sectors: 8; specific political tactics: lobbying; historical relationship: present RNoP
			(14) Factory in the Northeast of Brazil	The origin of this diversification was the group's owner, and his business partner was a congressman. They asked for SUDENE's support to build the factory. In 1967, SUDENE and Minas Gerais Development Bank (BDMG) granted a loan of U$ 22.5 million of the 30 million needed	Origin: business group; Number of sectors: 8 sectors; specific political tactics: lobbying and personal relationship; historical relationship: present RNoP
			(15) Factory in the Northeast of Brazil	The government, through BNDES, was the origin of this expansion. The group had personal relationships with politicians. In 1983, BNDES invited the group to take over the assets of a company that had gone bankrupt. This expansion was supported by SUDENE, BDMG and Northeast tax incentives.	Origin: government; number of sectors: 8; specific political tactics: absent; historical relationship: present RNOp
			(16) Clothing and accessories	The origin of this diversification was the local government. The governor of one of the states in the Northeast of Brazil donated land to the group in an inner city of the state to build the new factory.	Origin: government; number of sectors: 8; specific political tactics: absent; historical relationship: present RNOp
C	(1) Energy and gas; (2) pulp and paper; (3) financial intermediation and insurance; (4) chemical; (5) transportation, storage, and postal services; and (6) services to business	Financial Incentive Strategy: campaign donation; personal services;	(4) Energy sector	One of the largest groups in the sample. Origin of this diversification was the group's interest in the energy sector. The group signed a long-term cooperation agreement with the government, and received investments and tax benefits.	Origin: business group; number of sectors: 6; specific political tactics: long-term cooperation contract; historical relationship: present Rnop
			(5) Chemical sector	The origin of this diversification was the federal government. Group had a partnership with other companies of the sector and BNDESPar, in a project to create an industrial pole in the Southeast of Brazil. Another group, controlled by the federal government, offered R$ 2.7 billion to buy the group's chemical arm (valued at R$ 1 billion) and got it	Origin: government; number of sectors: 6; specific political tactics: absent; historical relationship: present RnOp
			(12) Cellulose pulp factory in the Northeast of Brazil	The origin of this expansion was the group, which developed a relationship with federal and local governments to stimulate growth. There were family relationships between firm and state government, and a long-term contract was signed; state government offered special conditions for building the factory in the state	Origin: business group; number of sectors: 6; specific political tactics: lobbying; personal relationship; long-term contract; historical relationship: present RnoP
			(11) Pulp factory in the Northeast of Brazil	A joint venture with BNDES. The origin of this expansion event was the business group; BNDES holds 27% of the preferential shares in one of the group companies; a long-term contract was signed with state government, which offered special conditions for building the factory in the state. This expansion received federal tax incentives with a 75% exemption of income tax	Origin: business group; number of sectors: 6; specific political tactics: shareholding agreement with government; long-term contract; personal relationship; historical relationship: present RnoP
D	(1) Rubber and plastic; (2) parts and accessories for motor vehicles; (3) trade; (4) maintenance and repair of machinery; (5) chemicals; and (6) trucks and buses	Financial incentive strategy: campaign donation; personal services	(6) Financial sector	The origin of this diversification was the group, which opened a bank to finance its final customers. In order to get credit approval from BNDES, the group started to act as a direct representative of the bank in the market.	Origin: business group; number of sectors: 6; specific political tactics: joint-venture with state-owned firm; long-term contract; historical relationship: absent rnoP
			(8) Internationalization to Egypt	The origin of this expansion was the group's interest in internationalization. Group approached federal government through an industry association, thus developing a relationship, which led to financial support from BNDES.	Origin: business group; number of sectors: 6; specific political tactics: lobbying; historical relationship: absent rnoP
			(10) Portfolio product	The origin of this expansion was the group. It developed a relationship with the federal government, through an industry association and a personal relationship, which lobbied the government to convince it t to acquire a customized product for serving the rural population. Group was supported by BNDES, which financed the program, and received tax incentives and exemptions.	Origin: business group; number of sectors: 6; specific political tactics: lobbying; personal relationship; historical relationship: absent rnoP
E	(1) Machinery and equipment, including maintenance and repairs; (2) trade; (3) transport; (4) financial intermediation and insurance; (5) information services; (6) services to businesses; (7) repair and maintenance services; and (8) electronic material and communication equipment	Financial incentive strategy: campaign donation; personal services; information strategy: ex-politician on the group's board	(7) Electronic and communication equipment	Business group, one of the largest in our sample, has a strong historical relationship with the government. Group entered the satellite industry through a joint venture with a state-owned firm. The origin of this diversification was the federal government's National Program for Space Activities, through a direct request for a project that developed a geostationary satellite.	Origin: government; number of sectors: 8; specific political tactics: joint-venture with state-owned firm; historical relationship: present RNOP
E			(17) Equipment and machinery	Business group entered the submarine sector through partnership with a small Brazilian enterprise with expertise in nuclear generation of electricity. This enabled the group to participate in a Brazilian Navy project. The origin of this diversification was the government.	Origin: government; number of sectors: 8; specific political tactics: absent historical relationship: present RNOp
F	(1) Perfumery, hygiene, and cleaning; (2) transport; (3) information services; and (4) agriculture, forestry, and extractive	Information strategy: lobbying	(16) Expansion: increased product portfolio through the opening of two factories in the North of Brazil	The origin of this expansion was the business group. It approached federal and local governments, built relationships with politicians to enable the project, and developed public policies in the region; received tax exemption and benefits, along with permits from environmental authorities. Through a long-term contract, the group got tax reductions for all of the factories' products.	Origin: business group; number of sectors: 4; specific political tactics: lobbying; long-term contract; historical relationship: absent rnoP

Best fit	Freq.	Percent	Cum.
RNOp	5	29.41	29.41
RNoP	2	11.76	41.18
RnOp	1	5.88	47.06
RnoP	3	17.65	64.71
rnOp	1	5.88	70.59
rnoP	5	29.41	100.00
Total	17	100.00

	Y	R	N	O	P
Y	1.000
R	0.467	1.000
N	0.385	0.636	1.000
O	0.385	0.500	0.556	1.000
P	0.400	0.312	0.133	0.000	1.000

	Y	R	N	O	P
Y	1.000	0.636	0.455	0.455	0.545
R	0.636	1.000	0.636	0.545	0.455
N	0.714	1.000	1.000	0.714	0.286
O	0.714	0.857	0.714	1.000	0.000
P	0.600	0.500	0.200	0.000	1.000

Solution	Set	Raw coverage	Unique coverage	Solution Consistency
1	noP	0.364	0.273	0.500
2	nOp	0.182	0.091	1.000
3	RoP	0.273	0.182	0.600
4	ROp	0.364	0.273	0.667

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[1] * Corresponding author at: Rua Itapeva, 474, CEP 01331-000, São Paulo, SP, Brazil. abgama@gmail.com