Does Less Bureaucracy Promote Foreign Direct Investment? Assessing the Impact of the Legal Framework for Startups

Detalhes bibliográficos
Ano de defesa: 2025
Autor(a) principal: SILVA, Estevão Miguel Cardoso da
Orientador(a): VAZ, Paulo Henrique Pereira de Menezes
Banca de defesa: Não Informado pela instituição
Tipo de documento: Dissertação
Tipo de acesso: Acesso aberto
Idioma: eng
Instituição de defesa: Universidade Federal de Pernambuco
Programa de Pós-Graduação: Programa de Pos Graduacao em Economia
Departamento: Não Informado pela instituição
País: Brasil
Palavras-chave em Português:
Startups
Foreing Investment
Legal Framework
Link de acesso: https://repositorio.ufpe.br/handle/123456789/68357
Resumo: Westudythe effect of the Legal Framework for Startups (LFS) in Brazil on the registration of foreign direct investment (FDI) by Brazilian startups. Leveraging the exogenous timing of the policy’s enactment, we employ a difference-in-differences design comparing startups affected by the policy to firms that were not. Using micro-identified records of foreign acquisitions from the Brazilian Central Bank and firm registers from the Brazilian Federal Revenue, we identify the timing of foreign operations and firm characteristics, respectively. We document an increase in the probability of startups registering foreign investment following the implementation of the LFS. These results remain consistent across different sectors and are robust to placebo tests, including altering the timing of the LFS implementation and randomizing firm assignments to treatment and control groups. However, our results should be interpreted with caution. Restricting the sample to include only firms established before the enactment of the LFS leads to a loss of statistical significance, suggesting that part of the LFS’s impact on FDI inflows is driven by the creation of new startups.
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spelling SILVA, Estevão Miguel Cardoso dahttp://lattes.cnpq.br/0825300762615162https://orcid.org/0000-0001-7543-1604VAZ, Paulo Henrique Pereira de Menezes2026-02-11T18:22:39Z2026-02-11T18:22:39Z2025-08-17SILVA, Estevão Miguel Cardoso da. Does less bureaucracy promote foreign direct investment? Assessing the impact of the legal framework for startups. 2025. Dissertação (Metrado em Economia) - Universidade Federal de Pernambuco, Recife, 2025.https://repositorio.ufpe.br/handle/123456789/68357Westudythe effect of the Legal Framework for Startups (LFS) in Brazil on the registration of foreign direct investment (FDI) by Brazilian startups. Leveraging the exogenous timing of the policy’s enactment, we employ a difference-in-differences design comparing startups affected by the policy to firms that were not. Using micro-identified records of foreign acquisitions from the Brazilian Central Bank and firm registers from the Brazilian Federal Revenue, we identify the timing of foreign operations and firm characteristics, respectively. We document an increase in the probability of startups registering foreign investment following the implementation of the LFS. These results remain consistent across different sectors and are robust to placebo tests, including altering the timing of the LFS implementation and randomizing firm assignments to treatment and control groups. However, our results should be interpreted with caution. Restricting the sample to include only firms established before the enactment of the LFS leads to a loss of statistical significance, suggesting that part of the LFS’s impact on FDI inflows is driven by the creation of new startups..engUniversidade Federal de PernambucoPrograma de Pos Graduacao em EconomiaUFPEBrasilhttps://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessStartupsForeing InvestmentLegal FrameworkDoes Less Bureaucracy Promote Foreign Direct Investment? 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dc.title.pt_BR.fl_str_mv Does Less Bureaucracy Promote Foreign Direct Investment? Assessing the Impact of the Legal Framework for Startups
title Does Less Bureaucracy Promote Foreign Direct Investment? Assessing the Impact of the Legal Framework for Startups
spellingShingle Does Less Bureaucracy Promote Foreign Direct Investment? Assessing the Impact of the Legal Framework for Startups
SILVA, Estevão Miguel Cardoso da
Startups
Foreing Investment
Legal Framework
title_short Does Less Bureaucracy Promote Foreign Direct Investment? Assessing the Impact of the Legal Framework for Startups
title_full Does Less Bureaucracy Promote Foreign Direct Investment? Assessing the Impact of the Legal Framework for Startups
title_fullStr Does Less Bureaucracy Promote Foreign Direct Investment? Assessing the Impact of the Legal Framework for Startups
title_full_unstemmed Does Less Bureaucracy Promote Foreign Direct Investment? Assessing the Impact of the Legal Framework for Startups
title_sort Does Less Bureaucracy Promote Foreign Direct Investment? Assessing the Impact of the Legal Framework for Startups
author SILVA, Estevão Miguel Cardoso da
author_facet SILVA, Estevão Miguel Cardoso da
author_role author
dc.contributor.authorLattes.pt_BR.fl_str_mv http://lattes.cnpq.br/0825300762615162
dc.contributor.authorORCID.pt_BR.fl_str_mv https://orcid.org/0000-0001-7543-1604
dc.contributor.author.fl_str_mv SILVA, Estevão Miguel Cardoso da
dc.contributor.advisor1.fl_str_mv VAZ, Paulo Henrique Pereira de Menezes
contributor_str_mv VAZ, Paulo Henrique Pereira de Menezes
dc.subject.por.fl_str_mv Startups
Foreing Investment
Legal Framework
topic Startups
Foreing Investment
Legal Framework
description Westudythe effect of the Legal Framework for Startups (LFS) in Brazil on the registration of foreign direct investment (FDI) by Brazilian startups. Leveraging the exogenous timing of the policy’s enactment, we employ a difference-in-differences design comparing startups affected by the policy to firms that were not. Using micro-identified records of foreign acquisitions from the Brazilian Central Bank and firm registers from the Brazilian Federal Revenue, we identify the timing of foreign operations and firm characteristics, respectively. We document an increase in the probability of startups registering foreign investment following the implementation of the LFS. These results remain consistent across different sectors and are robust to placebo tests, including altering the timing of the LFS implementation and randomizing firm assignments to treatment and control groups. However, our results should be interpreted with caution. Restricting the sample to include only firms established before the enactment of the LFS leads to a loss of statistical significance, suggesting that part of the LFS’s impact on FDI inflows is driven by the creation of new startups.
publishDate 2025
dc.date.issued.fl_str_mv 2025-08-17
dc.date.accessioned.fl_str_mv 2026-02-11T18:22:39Z
dc.date.available.fl_str_mv 2026-02-11T18:22:39Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.citation.fl_str_mv SILVA, Estevão Miguel Cardoso da. Does less bureaucracy promote foreign direct investment? Assessing the impact of the legal framework for startups. 2025. Dissertação (Metrado em Economia) - Universidade Federal de Pernambuco, Recife, 2025.
dc.identifier.uri.fl_str_mv https://repositorio.ufpe.br/handle/123456789/68357
identifier_str_mv SILVA, Estevão Miguel Cardoso da. Does less bureaucracy promote foreign direct investment? Assessing the impact of the legal framework for startups. 2025. Dissertação (Metrado em Economia) - Universidade Federal de Pernambuco, Recife, 2025.
url https://repositorio.ufpe.br/handle/123456789/68357
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv https://creativecommons.org/licenses/by-nc-nd/4.0/
info:eu-repo/semantics/openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by-nc-nd/4.0/
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Universidade Federal de Pernambuco
dc.publisher.program.fl_str_mv Programa de Pos Graduacao em Economia
dc.publisher.initials.fl_str_mv UFPE
dc.publisher.country.fl_str_mv Brasil
publisher.none.fl_str_mv Universidade Federal de Pernambuco
dc.source.none.fl_str_mv reponame:Repositório Institucional da UFPE
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