【世界银行】巴西国有企业：对就业和商业活力的影响-2025.3_65页_2mb

Summary of "Businesses of the State in Brazil: The Impact on Employment and Business Dynamism"

Core Content

This working paper investigates the impact of Businesses of the State (BOS) in Brazil on employment and business dynamism. BOS are defined as firms with direct or indirect state participation of at least 10%, encompassing fully public enterprises, mixed-capital firms, and private firms with minority state ownership. The study uses a novel dataset combining information from the RAIS (Relação Anual de Informações Sociais) and the Orbis database, covering the period from 2010 to 2020.

Main Findings

1. Employment Characteristics of BOS

• BOS firms pay higher wages compared to private firms, both in hourly and total monthly terms.
• On average, BOS are older, larger, and more innovative than private firms.
• Participated firms (private firms with minority state participation) show the highest innovation and employment levels among BOS types.
• Public firms have the lowest average wages, while mixed firms have moderate wages.
• The average BOS employs 931 workers, compared to 12 workers for the average private firm.
• BOS have a higher share of technical and scientific workers (5.66% of employment) than the private sector (0.61%).

2. Wage Premium and Privatization Effects

• BOS, particularly public enterprises, are associated with a robust wage premium of 18.5%.
• When controlling for worker sorting via fixed effects, the wage premium drops to 4.5%.
• Privatization events lead to a significant decline in workers' wages, with a 10% drop in the first two years after the shock.
• Privatized firms tend to lay off more educated, older, and long-tenured workers.

3. Business Dynamism and Sector Impacts

• Higher BOS presence in a sector is negatively correlated with:
  • Young firm participation and exit rates
  • Job destruction rates
• BOS are also associated with:
  • Higher market concentration
  • Higher job creation rates
• In competitive industries, BOS presence is linked to lower firm exit rates, suggesting a stabilizing effect on the market.
• Overall, the presence of BOS reduces business dynamism, as they limit competition and reduce entrepreneurship.

Key Information

Classification of BOS

• Public firms: Fully state-owned (100% government ownership)
• Mixed firms: Government owns majority shares (≥51%)
• Participated firms: Private firms with minority state participation (<50%)

Data Sources

• RAIS: Annual census of formal employment in Brazil, covering 3 million establishments and 40 million workers
• Orbis: Used to identify state participation in private firms
• Sector Classification: Based on 4-digit CNAE codes and the sector taxonomy by Dall'Olio et al. (2022)

Sector Concentration

• BOS are most concentrated in infrastructure, extractive industries, and utilities.
• Competitive industries include manufacturing, chemicals, and motor vehicles.
• Natural monopolies and partially contestable industries are also areas of significant BOS presence.

Methodology

• The paper uses descriptive analysis, regression models, and event-study methodology.
• Innovation intensity is measured by the share of technical and scientific occupations (PoTec).
• Firm age is estimated based on the earliest observed admission year of workers.
• Employment growth is calculated using firm-level data and panel analysis.

Conclusion

The findings suggest that BOS have a significant impact on the labor market and business dynamics in Brazil. While they offer wage premiums and innovation, they also reduce competition and business dynamism, especially in competitive sectors. The study highlights the complex role of the state in the economy, emphasizing the need to consider both direct and indirect public investments when assessing the state's economic footprint.