Petrobras narratives to investors
Challenges and competitiveness
DOI :
https://doi.org/10.12712/rpca.v.193.67894Résumé
The study analyzes how Petrobras communicates its strategy to the financial market, focusing on competitiveness and challenges in the annual earnings conferences held by the Investor Relations Department, between 2012 and 2022. Exploratory and qualitative in nature, the research employs a case study and thematic narrative analysis, organized around the themes "Competitive Petrobras" and "Petrobras – Factors Beyond Control." The results show that cohesive narratives align investor expectations with corporate objectives. The research contributes to understanding discursive practices in mixed capital companies, highlighting the role of narratives in building trust, shaping perceptions, and enhancing competitive positioning.
Téléchargements
Références
Abolafia, M. Y. (2010). Construction as sensemaking: How a central bank thinks. Organization Studies, 31(3), 349–367. https://doi.org/10.1177/0170840609357380
Ali, Z., & Mustafa, G. (2023). Dynamic external environment and value creation in small and medium-sized accounting practices: A sensemaking perspective. Journal of Accounting & Organizational Change. Advance online publication. https://doi.org/10.1108/JAOC-08-2021-0125
Bochner, A. P., & Riggs, N. A. (2014). Practicing narrative inquiry. In P. Leavy (Ed.), The Oxford handbook of qualitative research (pp. 195–222). Oxford University Press.
Bolt, R., & Tregidga, H. (2023). Materiality is…: Sensemaking and sensegiving through storytelling. Accounting, Auditing & Accountability Journal, 36(1), 403–427. https://doi.org/10.1108/AAAJ-06-2021-5314
Bose, S. (2020). Corporate communication and the role of integrated reporting: Addressing corporate legitimacy and stakeholders' trust. Journal of Business Ethics, 162(3), 545–561. https://doi.org/10.1007/s10551-018-3992-6
Braun, V., & Clarke, V. (2022). Thematic analysis: A practical guide. Sage.
Brown, L. D., Call, A. C., & Sharp, N. Y. (2018). Managing the narrative: Investor relations officers and corporate disclosure. Journal of Accounting and Economics, 67(1), 58–79. https://doi.org/10.1016/j.jacceco.2018.08.014
Bryman, A. (2012). Social research methods (4th ed.). Oxford University Press.
Busco, C., Frigo, M. L., Quattrone, P., & Riccaboni, A. (2020). Integrated reporting and management: Insights from leading practitioners, regulators, and academics. Springer.
Edgar, V. C., & Stewart, E. (2025). Making sense of climate change in central government annual reports and accounts: A comparative case study between the United Kingdom and Norway. Financial Accountability & Management, 41(1), 116–135. https://doi.org/10.1111/faam.12409
Favato, K. J., Neumann, M., Sanches, S. L. R., & Nogueira, D. R. (2020). Sensemaking of financial institution actors in the adoption and elaboration of integrated reporting. Revista Brasileira de Gestão de Negócios, 22(3), 553–570. https://doi.org/10.7819/rbgn.v22i3.4075
Gray, D. (2011). Pesquisa no mundo real (2nd ed.). Penso.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1–3), 405–440. https://doi.org/10.1016/S0165-4101(01)00018-0
IBRI – Instituto Brasileiro de Relações com Investidores. (2012). O estado da arte das relações com investidores no Brasil. IBRI.
Kunsch, M. M. K. (2008). Comunicação organizacional: Conceitos e dimensões dos estudos e das práticas. In M. Marchiori (Ed.), Faces da cultura e da comunicação organizacional (pp. 170–189). Difusão Editora.
Laskin, A. V. (2018). The handbook of financial communication and investor relations. John Wiley & Sons.
Maitlis, S. (2005). The social processes of organizational sensemaking. Academy of Management Journal, 48(1), 21–49. https://doi.org/10.5465/amj.2005.15993111
Maitlis, S., & Christianson, M. (2014). Sensemaking in organizations: Taking stock and moving forward. The Academy of Management Annals, 8(1), 57–125. https://doi.org/10.5465/19416520.2014.873177
Petrobras. (2023). Site de Relações com Investidores da Petrobras. Petrobras. Retrieved September 22,2023,from https://www.investidorpetrobras.com.br/
Petrobras. (2023). Portal de informação pública da empresa. Petrobras. Retrieved September 22,2023,from https://petrobras.com.br/
Petrobras. (2012). Petrobras Earnings Conference 2012 [Transcript]. Retrieved from https://mz-filemanager.s3.amazonaws.com/25fdf098-34f5-4608-b7fa-17d60b2de47d/central-de-resultadoscentral-de- downloads/e8d0117549874328809396c4563bb944ab9fef38ded27a0e0289f529b247b03a/transcricao_do_conference_callwebcast_2012.pdf
Petrobras. (2013). Petrobras Earnings Conference 2013 [Transcript]. Retrieved from https://mz-filemanager.s3.amazonaws.com/25fdf098-34f5-4608-b7fa-17d60b2de47d/apresentacoescentral-de-downloads/5e4a439d9fb59a1f1edab8b9aaabbd540dbeb9a60f2854595b7ab1ff3c567019/transcricao_pe_2030_png_201418_petrobras.pdf
Petrobras. (2014). Petrobras Earnings Conference 2014 [Transcript]. Retrieved from https://mz-filemanager.s3.amazonaws.com/25fdf098-34f5-4608-b7fa-17d60b2de47d/central-de-resultadoscentral-de-downloads/352d69c2a00753a08a6074b0e626f50d73ef57401a46af1b43d2e2771919288c/4q14_trancription.pdf.
Petrobras. (2015). Petrobras Earnings Conference 2015 [Transcript]. Retrieved from https://mz-filemanager.s3.amazonaws.com/25fdf098-34f5-4608-b7fa-17d60b2de47d/central-de-resultadoscentral-de-downloads/7073b3993572ca994b7e40b098eb194b8b1baebb0db489dda4e3866b76497f2f/transcricao_do_conference_callwebcast_2015.pdf.
Petrobras. (2016). Petrobras Earnings Conference 2016 [Transcript]. Retrieved from https://mz-filemanager.s3.amazonaws.com/25fdf098-34f5-4608-b7fa-17d60b2de47d/central-de-resultadoscentral-de-downloads/f4b180821f233191fef9685ce1198d64bec522a23a3718848c22c82df39f0a98/transcricao_do_conference_callwebcast_4t16.pdf.
Petrobras. (2017). Petrobras Earnings Conference 2017 [Transcript]. Retrieved from https://mz-filemanager.s3.amazonaws.com/25fdf098-34f5-4608-b7fa-17d60b2de47d/central-de-resultadoscentral-de-downloads/3f104b52398894569a98a356625f4d5b0b3a2e78593515132235a730799fdeab/transcricao_do_conference_callwebcast_2017.pdf.
Petrobras. (2018). Petrobras Earnings Conference 2018 [Transcript]. Retrieved from https://mz-filemanager.s3.amazonaws.com/25fdf098-34f5-4608-b7fa-17d60b2de47d/central-de-resultadoscentral-de-downloads/ed75fb2f0dcc055c341f67e13c89b23b3727f04b1116434c295b91400279f59d/transcricao_do_conference_callwebcast_2018.pdf.
Petrobras. (2019). Petrobras Earnings Conference 2019 [Transcript]. Retrieved from :https://mz-filemanager.s3.amazonaws.com/25fdf098-34f5-4608-b7fa-17d60b2de47d/central-de-resultadoscentral-de-downloads/597438334430f5a64fa71beeb03562743d568c53344fec73800bbda3ceb76bee/transcricao_da_teleconferencia_4t19.pdf.
Petrobras. (2020). Petrobras Earnings Conference 2020 [Transcript]. Retrieved from https://api.mziq.com/mzfilemanager/v2/d/25fdf098-34f5-4608-b7fa-17d60b2de47d/59120a64-1902-488b-0600-81b448b71f1b?origin=1.
Petrobras. (2021). Petrobras Earnings Conference 2021 [Transcript]. Retrieved from https://api.mziq.com/mzfilemanager/v2/d/25fdf098-34f5-4608-b7fa-17d60b2de47d/6f5aa2da-6934-5327-5b51-88da82f10674?origin=1.
Petrobras. (2022). Petrobras Earnings Conference 2022 [Transcript]. Retrieved from https://api.mziq.com/mzfilemanager/v2/d/25fdf098-34f5-4608-b7fa-17d60b2de47d/a3778fdf-0edd-95da-9d86-2f963586a30d?origin=1.
Rhodes, C., & Brown, A. D. (2005). Narrative, organizations and research. International Journal of Management Reviews, 7(3), 167–188. https://doi.org/10.1111/j.1468-2370.2005.00112
Riessman, C. K. (2014). Narrative methods for the human sciences. Sage.
Treiger, J. M. (2021). Introdução a relações com investidores: Um guia prático e conciso sobre a comunicação com o mercado de capitais. Alta Books.
Weick, K. E. (1995). Sensemaking in organizations. Sage.
Whitehouse, M. (2018). The language of numbers: Transdisciplinary action research and financial communication. AILA Review, 31(1), 81–112. https://doi.org/10.1075/aila.00014.whi
Whittle, A., Mueller, F., & Gilchrist, A. (2023). Organizational storytelling and sensemaking: The performative nature of narrative in the context of strategy. Organization Studies, 44(1), 67–91. https://doi.org/10.1177/01708406221111820
Whittle, A., Vaara, E., & Maitlis, S. (2023). The role of language in organizational sensemaking: An integrative theoretical framework and an agenda for future research. Journal of Management. Advance online publication. https://doi.org/10.1177/01492063221147295
Yin, R. K. (2010). Case study research: Design and methods (4th ed.). SAGE Publications.
Téléchargements
Publiée
Numéro
Rubrique
Licence
Os autores mantêm os direitos autorais e concedem à revista o direito de primeira publicação, com o trabalho simultaneamente licenciado sob a Creative Commons Attribution License, permitindo o compartilhamento do trabalho com reconhecimento da autoria e publicação inicial nesta revista.
A Revista usa o CC BY. Essa licença permite que outras pessoas distribuam, remixem, adaptem e desenvolvam seu trabalho, mesmo comercialmente, desde que sejam creditadas pela criação original. Essa é a licença mais flexível oferecida. Recomendado para máxima disseminação e uso de materiais licenciados.
Os autores têm autorização para assumir contratos adicionais separadamente, para distribuição não-exclusiva da versão do trabalho publicada nesta revista (ex.: publicar em repositório institucional ou como capítulo de livro), sempre com reconhecimento de autoria e publicação inicial nesta revista.
A Revista ulitiliza o DOI (Digital Object Identifier ) desde 2007 O DOI com a finalidade de autenticar cada artigo, portanto seu conteúdo digital.
