Integrity for English Eyes Only? Evidence of Means-Ends Decoupling in Brazilian Corporate Compliance

• 成果类型: Article; Early Access
• 署名作者: Portugal, Marco Antonio
• 署名单位: Centro Universitario da FEI
• 刊物名称: REGULATION & GOVERNANCE
• ISSN/ISSBN: 1748-5983; 1748-5991
• DOI: 10.1111/rego.70164
• 发表日期: 2026-04-14
• 关键词: CORPORATE GOVERNANCE; legal endogeneity; organizational decoupling

摘要

This study investigates whether the consolidation of corporate compliance in Brazil after Law No. 12.846/2013 resulted in substantial gains in effectiveness or reinforced predominantly symbolic compliance patterns. The research uses administrative data from the National Registry of Substantiated Complaints between 2009 and 2024 and applies a quasi-experimental strategy composed of interrupted time series, logistic regression with clustered errors, and fixed-effects models. The results show no structural break following the law and a statistically significant decrease in the probability of conflict resolution in the post-law period (OR = 0.941; 95% CI: 0.909-0.974). Additional robustness analyses with a balanced recurrent-firm panel point in the same direction, but the event-study specification does not fully satisfy the parallel-trends diagnostic (Wald p = 0.010). The findings therefore provide convergent evidence consistent with means-ends decoupling in the post-law regulatory environment, while suggesting caution in stronger causal interpretations. These findings contribute to debates on legal endogeneity, the audit society, and society-level compliance washing, showing that the expansion of formal integrity apparatuses has not been matched by verifiable gains in corporate responsiveness.