Graxa ou areia sobre rodas?: impacto da corrupção no preço da ação da Americanas S.A.

Abstract

This article aimed to analyze how corruption in the company Americanas S.A impacted the price of its shares, from the perspective of the Grease on Wheels and Sand on Wheels Theories. We sought to analyze the price of shares before and after the disclosure of the facts inherent to fraud, to verify which of the two theories best explains the results obtained, in addition to reporting the reaction of the market and investors. We opted for a descriptive, documentary, ex-post-facto bibliographical research with a qualiquantitative approach. For the theoretical basis, priority was given to choosing scientific articles classified by Qualis/CAPES, as well as the basis of theories (grease and sand). The sample included data relating to share prices collected on the InfoMoney website, from 01/11/2022 to 01/12/2024. An event of interest for analysis was defined as the publication, on 01/11/2023, by Americanas S.A, of the Relevant Fact regarding <accounting inconsistencies= found in its Balance Sheet. The research showed that these detected accounting inconsistencies were not simply errors, but rather intentional actions that aimed to falsify the entity's financial statements to deceive partners, investors and other interested parties. It is considered, therefore, that the corrupt practices in the company Americanas had a negative impact on its share price, validating the Sand on Wheels Theory, that is, that corruption, in this situation, is harmful to both the company and the economic development. Therefore, measures must be created to combat corrupt practices, promote transparency and strengthen the economy.