Governance and efficiency in the Brazilian water utilities: A dynamic analysis in the process of universal access

- We analyse the effect of governance on the dynamic efficiency of water utilities.
- The deficit of capital for universalization is the principal factor of the inefficiency.
- The ownership type has no significant effect on efficiency.
- Regulatory agency has not ensured that utilities achieve better efficiency.
- Price-cap and revenue-cap regimes are associated with lower efficiencies.