Capital concentration and financialization in Brazilian private higher education

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2017 (EN)
Capital concentration and financialization in Brazilian private higher education (EN)

de Carvalho, Cristina Helena Almeida; Universidade de Brasília

The main objective of this paper is to facilitate an understanding of the recent phenomenon of the growth of for-profit higher education institutions in Brazil, whose trajectory has been the adoption of various market strategies aimed at financialization and market concentration. The movement of capital concentration can be observed through the number of mergers and acquisitions in the educational sector. Brazil is now credited with the largest higher education company in the world due to a merger between Kroton and Anhanguera groups. Together they have had more than 1 million students. It holds 16.5% of the market share. The financialization in Brazilian private higher education can be observed in two different movements: the acquisitions carried out by private equity funds and the opening of capital of educational companies (IPOs) on the Brazilian stock exchange, which has been taking place  since 2007. The mechanisms of raising funds through the capital market allow the time-intensive capitalization of resources to subsidize the acquisitions and mergers, aiming at large-scale growth. There are more than 2,000 educational institutions, although, the four largest groups account for 34% of enrollments and 25% of net revenue. In conclusion, the process of financialization has fueled the concentration of capital in Brazilian private higher education. L'objectif principal de cet article est de comprendre le phénomène récent de la croissance des établissements d'enseignement supérieur à but lucratif au Brésil, dont la trajectoire a été l'adoption de diverses stratégies de marché en matière de financiarisation et de concentration du marché. Le mouvement de concentration du capital peut être observé par le nombre de fusions et acquisitions dans le secteur de l'éducation. Le Brésil est désormais crédité de la plus grande société d'enseignement supérieur du monde en raison d'une fusion entre les groupes Kroton et Anhanguera. De nos jours, ensemble, ils ont plus de 1 million d'étudiants. Ils détiennent 16,5% de la part de marché. La financiarisation de l'enseignement supérieur privé brésilien peut être observée dans deux mouvements différents: les acquisitions effectuées par les fonds de capital-investissement et l'ouverture du capital des sociétés d'éducation à la bourse brésilienne depuis 2007. Les mécanismes de collecte de fonds à travers le marché des capitaux permettent une capitalisation de ressources à forte intensité pour subventionner les acquisitions et les fusions, visant une croissance à grande échelle. Il existe plus de 2.000 établissements d'enseignement, mais les quatre plus grands groupes représentent 34% des effectifs et 25% des revenus nets. En conclusion, le processus de financiarisation a alimenté la concentration du capital dans l'enseignement supérieur privé brésilien. (EN)

Private Higher Education (EN)
Brazil (EN)
Financialization (EN)
Capital Concentration (EN)
Educational Sciences (EN)

Πανεπιστήμιο Πατρών (EL)
University of Patras (EN)



Hrray (EN)

Academia; Αρ. 10 (2017): Η ανώτατη εκπαίδευση στη Βρζιλία; 56-78 (EL)
Academia; Αρ. 10 (2017): Η ανώτατη εκπαίδευση στη Βρζιλία; 56-78 (EN)
Academia; Αρ. 10 (2017): Η ανώτατη εκπαίδευση στη Βρζιλία; 56-78 (FR)

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