# Governance and Dynamic Efficiency with Network Structure in the Brazilian Natural Gas Utilities
## 5 Conclusions  
This study analyzed the association between governance and dynamic intertemporal efficiency and network structure in Brazilian piped gas utilities, using the DNSBM model. Our findings indicate that while 48% of the distributors operate on the efficiency frontier, the overall performance of the sector is below optimal, with an average intertemporal efficiency of 74.9%. This result reflects the presence of a natural monopoly, in which the lack of competition limits utilities' efficiency. The hypothesis that corporate governance and private ownership would enhance the efficiency of the distributors was not confirmed, diverging from some of the international literature. This suggests that the Brazilian regulatory and market context may influence the relationship between governance and efficiency differently. These findings contribute to the literature by highlighting the importance of sector-specific characteristics and national context in dynamic (intertemporal) network efficiency analyses. The divisional analysis revealed that while the economic-financial division generally contributes more to overall efficiency, the technical-operational division also plays a role, albeit to a lesser extent. Notably, the two divisions are strongly correlated, indicating that improvements in one area are likely to positively impact the other. However, there is significant variation in performance across distributors over the years, highlighting the need for enhancements in both management and regulatory oversight. It is expected that Law No. 14.134 of 08/04/2021 will provide the anticipated advancement for the segment and universal access, with the possibility of a free market [22]. In the absence of this scenario, distributors restrict their capacity to make investments that promote new access, a major factor in inefficiency, and become exclusively dependent on government subsidies for their sustainable development. Expanding its contributions, this study allows for insights from multiple perspectives, especially focusing on how the piped gas segment still needs more robust scientific exploration both in the national context and from an international perspective. Furthermore, the fragility of the research restricts the capacity of policymakers, states, and regulatory bodies themselves to optimize a regulatory model, enabling convergence of around unique compliance measures for the sector. To obtain more solid information, it is fundamentally important to carry out steps that were not possible in this study due to the COVID-19 pandemic that is affecting the world. As an initial point, we suggest investigating the conditions of final product delivery, specifying losses incurred, supply interruptions, whether delivery pressure meets standards, and other factors that are impactful for measuring efficiency. This investigation is also necessary in all parts of the value chain that are part of the segment. This could enhance coordination and management, potentially improving results. Additionally, such an approach can be used to compare the efficiency of gas distributors with other network service distributors, such as electricity, telecommunications, and water. This study has some limitations. Understanding these limitations in future studies will make this study even more valuable, both for the segment and for guiding regulatory improvements. For example, it was impossible in this study to determine service quality based on user opinions. Obtaining this information on service quality will provide more robust accuracy in future studies, yielding more solid results. We conclude by offering three directions for future research. 1. [label=()]
2. Extend the dynamic model to a longer period, providing additional divisions that offer a broader view and delve further into the peculiar characteristics of the distributors in the piped gas segment. 3. Relate the national scenario to the international scenario in the piped gas segment, introducing countries that operate more efficiently. 4.