Purpose -This study seeks to investigate whether a good management environment in companies determines results in terms of country competitiveness. Additionally, it aims to verify if innovation plays a role in contributing to this.Design/methodology/approach -The study used structural equation modeling and data on 138 countries contemplated in The Global Competitiveness Report 2016. A number of theories have been used to relate competitiveness to innovation and to management practices. This discussion was expanded, taking these variables into account in a more comprehensive framework.
O presente artigo trata da relação entre as condições geográficas de uma determinada região e o surgimento de inovações, com o objetivo de analisar as causas para o atraso da América Latina nas questões referentes ao desenvolvimento tecnológico. O texto aborda o problema olhando para as maiores empresas da região, discutindo qual a explicação para o fato de estas raramente estarem nos setores classificados como de alta tecnologia. Para buscar essa explicação, o artigo percorre vários autores que se debruçaram sobre o tema detendo-se, principalmente, naqueles que fizeram comparações com outras regiões do globo, mormente os países asiáticos, tendo em vista caracterizar os aspectos geográficos decisivos para a ocorrência de inovações. O resultado é altamente preocupante, pois são raras as empresas da América Latina que conseguem projeção mundial e as mesmas, quase sempre, fazem parte de setores da economia de conteúdo tecnológico muito baixo.
The central proposition of this paper is to assess the performance of cross-border acquisitions made by Multilatinas. Applying the event study method to a sample of 607 announcements of acquisitions during the period 1989-2011 by 182 Multilatinas from Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela, we conclude that: (a) on average, these announcements have a neutral impact on the short-term returns to acquiring companies' shareholders; (b) cross-sectional analysis reveals that relative size of the deals have a negative and significant effect on investors' reactions and; (c) unlike the institutional distance between home and host countries, cultural distance matters, since it has a negative and significant effect on the perceptions that investors have regarding the expected economic impact of acquirers' cross-border merger and acquisition (M&A) decisions. Inasmuch as the market rationality assumption that underlies the event study method has been questioned, future research lines are proposed in order to search for alternative long-term performance constructs concerning M&A processes in general that can: (a) shed light on the reality of value creation (and destruction) from cross-border acquisitions made by Multilatinas; and (b) contribute to strategy, international business and M&A theories and practice.
Esta pesquisa só foi possível porque sete empresas brasileiras colaboraram intensamente. É mandatório que eu as agradeça. Faço, citando nominalmente, em cada uma, os dirigentes que se envolveram diretamente comigo na resposta dos questionários e na discussão do tema.
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