Governance Indicators for State-Owned Enterprises: a New Institutional Paradigm Based on Law 13.303/2016

Objective: This study aimed to develop corporate governance indicators for State-Owned Enterprises (SOEs) and Mixed-Capital Companies, based on the regulatory framework established by the Brazilian State-Owned Companies Law (Law No. 13.303/2016). The goal was to create an evaluative artifact (indicators) capable of assessing and comparing the governance structures of these entities in accordance with legal requirements. Theoretical Framework: The research is grounded in key concepts and theories related to corporate governance, with emphasis on agency theory and governance models tailored to the public sector. The study draws on Law No. 13.303/2016 and Decree No. 8.945/2016, which provide a robust normative foundation for understanding governance mechanisms in Brazilian state-controlled entities. Method: A qualitative approach was adopted, supported by the analysis of legal frameworks, decrees, theoretical literature, books, and academic articles. Based on this analysis, 64 corporate governance indicators were developed, organized into four analytical dimensions: (i) Management, Control, and Auditing; (ii) Information Transparency; (iii) Boards, Committees, and Executive Management; and (iv) Ethics and Conflict of Interest. These indicators aim to evaluate the governance structure through compliance analysis of governance instruments. Results and Discussion: The study resulted in the formulation of 64 governance indicators that enable the identification and assessment of governance structures in public organizations. These indicators are grouped into four dimensions and serve to evaluate the degree of compliance with governance regulations. However, it is important to note that the instrument focuses on compliance rather than effectiveness—that is, it verifies whether the governance instruments are aligned with the legal and normative requirements, not necessarily their practical outcomes. Research Implications: Theoretical and practical implications are discussed, offering insights into how these indicators can inform compliance and adjustment practices in corporate governance across state-owned and mixed-capital companies at both federal and subnational levels in Brazil. Originality/Value: This study contributes to the literature by proposing an original and comprehensive set of 64 corporate governance indicators specifically designed for Brazilian SOEs. These indicators not only expand upon existing frameworks but also align with the legal requirements of Law No. 13.303/2016, Decree No. 8.945/2016, and contemporary governance literature. Given the recent implementation of the State-Owned Companies Law and the ongoing process of institutional adaptation, the study fills a significant gap by providing a practical and replicable tool for governance assessment in a sector where such instruments remain scarce.