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CAMPAIGN FINANCE AND CORPORATE GOVERNANCE: THE CASE OF BRAZIL
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Andre Carvalhal 
, Flavia Mourao Graminho
Abstract
Corporate governance mechanisms, such as transparency, accounting standards, responsibility, accountability, fairness, business ethics, efficient shareholder controls, and ownership rights are key tools in combating corruption. This paper investigates on a firm-level basis the relation between corporate governance practices and campaign finance in Brazil. We interpret campaign finance as a proxy for political influence by interest groups. Our results indicate that family-owned firms contribute significantly more for political campaigns, both in terms of proportion of firms and total amount spent to finance the candidates. Higher concentration of capital and the separation of ownership and control are positively related to campaign donations, while better corporate governance is negatively related to political contributions.
Keywords: Campaign Finance, Corruption, Corporate Governance, Brazil
How to cite this paper: Carvalhal da Silva, A., & Graminho, F. M. (2006). Campaign finance and corporate governance: The case of Brazil. Corporate Ownership & Control, 3(2), 125-136. https://doi.org/10.22495/cocv3i2p13
