Uma análise do perfil e da dinâmica das empresas que usam o Cartão BNDES

Abstract

The BNDES Card is a credit line designed specifically to finance the acquisition of goods and services by Brazilian micro, small and medium-sized enterprises (MSME). Based on the idea of a regular credit card, the line experimented fast growth in its use during 2006-2012. This study uses firm-level data on labor market outcomes from Rais and on exports from Secex, both administrative databases from the Ministry of Economy, to descriptively analyze the characteristics of firms that used the card compared to those that did not for the 2006-2012 period. It also uses a Fixed-Effect Event Study approach to analyze the dynamics of firms before and after the use of the card in order to describe selection patterns to the credit line. The estimates indicate that firms supported by BNDES show different trends before and after treatment and that those differences are not constant over time (even in the pre-treatment period). Such evidence raises questions about the validity of the common trend assumptions in studies that employed a Difference-in-Differences approach to estimate BNDES Card’s effects, suggesting the need for more robust and causal evidence.