Changes in the configurations of corporate governance and agency relationship: a longitudinal analysis in a privately held company

Abstract This article aims to identify the changes in corporate governance associated with the life cycle of companies. It is guided by the research problem of understanding what effects the maturity of the business has on its ownership structure, corporate relations, and other governance configurations. The study used longitudinal analysis of the changes that occurred in Transportadora Brasileira Gasoduto Bolivia-Brasil SA (TBG), a privately held company controlled by Petrobras Logística de Gás, with the participation of several state and private partners. The data were collected through document analysis and interviews with executives. The results identified the relationship between the stages of the business and the characteristics of the investors, ranging from an initial moment built around energy companies specialized in the business to the maturity phase when the investment became interesting to capitalist partners interested in financial results. In addition, planning before capital consolidation, the existence of a financing structure, clear criteria for selecting partners, and the presence of a second relevant shareholder, mitigates any problems of abuse of power or non-compliance with established rules, contributing to preserving the relationship between shareholders over time and the sustainability of corporate agreements. The study contributes to a new perspective on the analysis of corporate governance, considering necessary changes and adaptations over time and reflections on the corporate structures and priorities of the governance actors.

摘要 本研究旨在识别与企业生命周期相关的公司治理变革，以厘清企业成熟度对其股权结构、企业关系及其他治理架构的影响为核心研究问题。本研究采用纵向分析方法，对巴西玻利维亚-巴西天然气运输公司（Transportadora Brasileira Gasoduto Bolivia-Brasil SA，简称TBG）的变革展开研究；该企业为私营企业，由巴西石油天然气物流（Petrobras Logística de Gás）控股，并有多家国有与私营合作伙伴参与。研究数据通过文件分析与高管访谈两种方式采集。研究结果揭示了企业发展阶段与投资者特征之间的关联：从初期以深耕该领域的能源企业为核心参与者的阶段，直至成熟阶段，此时投资对于关注财务收益的资本类合作伙伴具备吸引力。此外，资本整合前的统筹规划、融资架构的搭建、明确的合作伙伴遴选标准，以及第二大股东的存在，可有效缓解权力滥用或违反既定规则的问题，有助于长期维系股东间关系并保障企业协议的可持续性。本研究为公司治理分析提供了全新视角，即需考量企业随时间推移所需的变革与适配，并反思治理主体的企业架构与优先级。