The Board of Directors in Regulated Brazilian Companies: Political Connections and Their Performance
Ivan Luiz Ecco, Rosilene Marcon, Sílvio Parodi Oliveira Camilo, Rodrigo Bandeira-de-Mello Introduction Some factors characterize the regulation environment, restrict actions and make the degree of competition between companies more intense. For example, price limitation, availability and/or obstacles in subsidies use, rate variation and entry control (Stigler 1971). Asymmetric effects between producers, consumers and regulators also pressure companies and so the environment becomes turbulent (Mahon and Murray 1981).

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