Onde investir nos BRICS? Uma análise sob o prisma da organização industrial

Albuja, Cristian Diego; Garcia, Fernando; Moreiras, Luiz Maurício Franco; Filho, Elmo Tambosi

doi:10.1590/s0034-75902011000400004

Cited by 6 publications

(5 citation statements)

References 41 publications

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“…Segundo Itani (1995) crescimento econômico do país e fomentam possibilidades, intensificando a internacionalização. O setor de Bens Industriais é atraente para investimentos em função da relação risco e retorno (Albuja, Garcia, Moreiras & Tambosi, 2011).…”

Section: Resultados E Discussõesunclassified

Qualidade Do Conselho De Administração Na Internacionalização De Companhias Brasileiras

2020

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A internacionalização proporciona oportunidades e impõe desafios, se constituindo em estratégia à sobrevivência no mercado interno e à expansão para o exterior. Nesse sentido, o estudo identificou a influência da Qualidade do Conselho de Administração na internacionalização de companhias brasileiras com ações negociadas na B3 (Brasil, Bolsa, Balcão) no período de 2012-2016. Para tanto, elaborou-se uma métrica para mapear o Índice de Qualidade do Conselho de Administração e utilizou a metodologia da UNCTAD/ONU para medir a internacionalização das empresas. A amostra do estudo utilizou 85 empresas, distribuídas em 5 unidades de corte transversal, totalizando 425 observações em painel balanceado. Os dados foram coletados na plataforma Bloomberg® e Formulários de Referência. Utilizando-se inferência estatística em modelo de regressão MQO, os achados permitiram confirmar a hipótese de que quanto maior o índice de Qualidade do Conselho de Administração maior a internacionalização das empresas. As variáveis de controle número de países e tamanho, explicam a internacionalização, ratificando a relação esperada com base no referencial teórico. Por outro lado, as variáveis tempo, segmentos diferenciados de listagem na Bolsa de Valores e alavancagem não se mostraram estatisticamente significantes para explicar a internacionalização. Na medida em que sinaliza que a Qualidade do Conselho de Administração atrai novos aportes de recursos internos e externos, expandindo as fronteiras, o estudo também destaca a amplitude e a relevância das discussões dessa temática.

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Section: Resultados E Discussõesunclassified

Qualidade Do Conselho De Administração Na Internacionalização De Companhias Brasileiras

2020

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“…It is a measure of a company's ability to generate profit by efficiently employing its asset to sustain its operations over a long duration of time Strouhal et al (2018). ROE was chosen as the metric to analyze because it gauges how well the firm generates profits for its shareholders (Albuja et al, 2011). Shareholders are a demographic that is of concern when we think of ESOP.…”

Section: Methodsmentioning

confidence: 99%

Do Employee Stock Ownership Plans Affect the Quest for Firm Profitability? Evidence from Tanzania

Mwenda

Ngollo

2023

J. Theor. Appl. Manage.

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Objective: The purpose of this research is to examine the impact of Employee Stock Ownership Plans (ESOP) on firms' profitability of Tanzanian publicly listed firms. Design/Methods/Approach: The research utilized a longitudinal research design by employing secondary data from firms listed in the Dar es Salaam Stock Exchange (DSE). The random effect model with two estimations was utilized to analyze data. Findings: Results suggest that ESOP has a positive and significant effect on the firm’s quest for profitability. Originality: The originality or uniqueness of this study lies in providing further understanding from a different economic and cultural perspective and enhancing the results of academic studies in this area. Practical/Policy implication: For business owners, the results of this study can be used as a root from which they can have a reason to grow their own ESOP and increase their wealth. For policymakers, it is a base for policy formulation that will enhance the profitable tax base.

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“…Why is it relevant to investigate only the companies of the transportation sector listed on BMF&Bovespa ( 2018) instead of all the companies in the regulated sector? The decision of choosing the companies of the transportation sector, specifically the highway concessionaires listed on the BM&FBovespa (2018), was based on the results of a study performed by Albuja et al (2011), which indicated that this sector is among the most attractive for the foreign investments in terms of the relationship risk-return. In addition to that, this sector is vital to the economy of a country, given that its well-functioning ensures the efficient delivery of public services to the population; which is in the best interest of the companies and community (Muskin, 1983).…”

Section: Final Considerationsmentioning

confidence: 99%

Foreign investors? The effects of the property structure and legal system as mechanisms of corporate governance in Brazilian regulated companies

Santos

Orso

Machado

et al. 2019

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Purpose This paper aims to contribute to research on corporate governance in regulated sectors, with emphasis in the field of activity of foreign investors through the ownership structure and legal system that regulates companies in Brazil. Design/methodology/approach In the first moment, the investigation had a quantitative approach of relational nature. Based on the data about the valuation of actions, statistical methods were applied to a secondary database containing measurable information provided by the organizations that operate the Brazilian stock-market and documentary evidence provided by the companies. In the second moment, a qualitative approach was adopted, resorting on the use of semi-structured interviews with investors and agents of the sector. Findings The results lead to two paths: presenting the perspective that foreign investors play a key role in improving governance practices because foreign ownership mitigates agency problems, provides adequate follow-up and optimizes the use of corporate resources; and evidencing the existence of a mitigation of operational risks in the face of the various obligations imposed by the concession contract with the regulatory agency, without direct interference under the ownership structure of regulated companies. Research limitations/implications The literature portrays a distinct economic scenario in Brazil, where stock control is pulverized and mechanisms of corporate governance and scope of action of investors and regulated sectors are well-defined and implemented. Practical implications A great part of the studies from this field discusses the same object: the impact of the adoption of corporate governance mechanisms on selected efficiency indicators or on the value of the companies' actions. This investigation, on the other hand, targeted a differentiated approach so that its contribution would lie in the investigation under the influence of the regulation on the legal attributions and the performance of the investors how many conflicts between the other shareholder/regulatory body, as the control measures import by the regulatory agent the concessionaires of the Brazilian highways and transportation sector. Social implications The identification of the presence of foreign investors as a determinant for: better performance of companies in Brazilian regulated sector in terms of market valuation; better mitigation of requirements with the regulatory framework for the agencies that regulate the concession sector, targeting a reduction in the asymmetry of information and transparency among all stakeholders. Originality/value The fact that Brazil is an emerging country that lacks a rigid legal system and corruption-control measures in corporate environments and public sectors, stresses the importance of the application of the “Best Codes of Corporate Governance Practices” in the main developed countries. This also stresses the need for effective supervisory bodies that contribute to a better financial performance of companies, guaranteeing investors the legal system.

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Onde investir nos BRICS? Uma análise sob o prisma da organização industrial

Cited by 6 publications

References 41 publications

Qualidade Do Conselho De Administração Na Internacionalização De Companhias Brasileiras

Qualidade Do Conselho De Administração Na Internacionalização De Companhias Brasileiras

Do Employee Stock Ownership Plans Affect the Quest for Firm Profitability? Evidence from Tanzania

Foreign investors? The effects of the property structure and legal system as mechanisms of corporate governance in Brazilian regulated companies

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