Petrobras' financialization process from the perspective of corporate governance
This work makes an empirical analysis of the relationship between financialization and productive investment by Petrobras between the years 1999 and 2019. The financialization process has several characteristics, and the research will focus on the principle of corporate governance for generating value for the shareholder who has the strategy of distributing and reducing. Reduction of workforce and investments and distribution of free cash flow to shareholders. Petrobras was chosen because it was the most important state company for the country and of strategic importance. In this context, an investment function including real variables (retained earnings and operating income) and financial variables (payments and financial income) will be econometrically estimated through MGM.