Alessandra Carvalho de Vasconcelos

A CAPACIDADE INOVATIVA E O DESEMPENHO ECONÔMICO-FINANCEIRO DE EMPRESAS INOVADORAS BRASILEIRAS

Com base nos pressupostos teoricos da Visao Baseada em Recursos (VBR), considerando a utilizacao de recursos disponiveis internamente nas organizacoes para manutencao de sua vantagem competitiva por meio da diferenciacao, a pesquisa analisa a relacao entre a capacidade inovativa e o desempenho economico-financeiro de empresas brasileiras. A amostra foi extraida a partir das empresas listadas na BM&FBovespa consideradas inovadoras, segundo o IBI. As variaveis de capacidade inovativa coletadas a partir das PINTECs 2005 e 2008 e de desempenho atraves do Economatica(r) foram tratadas por meio de analises de correlacao e de regressao. Os resultados indicam que os desempenhos economico (ROA) e operacional (EBITDA/Ativo Total) nao sao significativamente influenciados pela capacidade inovativa. No entanto, quando se separa a capacidade inovativa por seus componentes (inovacao de produto, processo, organizacional e marketing), observa-se uma influencia positiva de inovacao de produto sobre ambos os desempenhos. Por sua vez, o desempenho de valor (MVA) e influenciado positiva e significativamente pela capacidade inovativa. Esses resultados sugerem melhores resultados contabeis quando as empresas inovam no produto e maior geracao de valor pelo mercado ao possuir um portfolio diversificado de inovacao, ou seja, maior capacidade inovativa. Nao se pode, entretanto, negligenciar as inovacoes em processo, organizacional emarketing. A pouca relacao dessas inovacoes, perceptiveis no âmbito interno da empresa, com o desempenho pode residir nas diferentes estrategias inovativas adotadas em prol do objetivo principal de cada empresa.

Influência da estrutura de capital nos investimentos em inovação das indústrias listadas na BM&FBOVESPA

In this study the influence of the capital structure in the investments in innovation of 120 industries listed on the BM&FBovespa was analyzed in the period from 2013 to 2015. As proxies for capital structure, we consider short-term, long-term and total debt. In order to represent the investments in innovation, the number of registered patents and the percentage of expenditure in with R&D in relation to sales were considered. Through the Fischer LSD Test, it was possible to verify that companies that do not invest in innovation have higher debts. Through linear regression with panel data, it was verified that only the long-term and total debts have a positive influence on innovation investments through patents. Therefore, the results suggest that own resources may be insufficient to investments in innovation, leading third parties resources to contribute to the increase of investments in innovation through patent registration as stated by the Pecking Order Theory, as well as to collaborate to the reduction of agency costs, limiting the role of the managers, as proposed by the Agency Theory.

Complexidade e governança corporativa: uma análise das empresas listadas na BM&FBOVESPA

In light of the need to develop mechanisms of control, protection, and transparency regarding the relationships between principal and agent, and with the aim of eliminating or reducing the agency problem, corporate governance has emerged. Based on Agency Theory, separation of ownership and control of activities derives from the complexity of organizations. In this context, this study aims to analyze the relationship between dimensions of complexity and corporate governance in companies listed on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBOVESPA), in which contingency factors might influence organizational characteristics. The investigation gathers data from a sample of 162 companies listed on the BM&FBOVESPA. The following statistical tests were used in the data analysis: Factor Analysis, Multiple Linear Regression, Correspondence Analysis, and Correlation Analysis. For measuring complexity, contingency variables such as age, size, diversification, and internationalization were adopted; and, to assess corporate governance, a representative index of the adoption of good governance practices was used. The results show that organizational complexity is explained by the size and diversification variables, whereas operational complexity is explained by the size, diversification, and internationalization variables. It was observed that in the two dimensions of complexity – organizational and operational – corporate governance was influenced by the diversification, internationalization, and age variables, with the latter involving an inverse relationship. It is concluded that companies displaying more complexity, in its two dimensions, record a higher level of corporate governance, which confirms the research hypothesis.

Indicadores de governança mundial e sua relação com os indicadores socioeconômicos dos países do Brics

The purpose of this study is to investigate the relationship between the World Banks governance indicators and the socioeconomic development indicators of the Brics countries. The databases of a number of international organizations corresponding to the 2005-12 period were assessed using panel data analysis. The results suggested a positive relationship between the HDI and the Government Effectiveness and Control of Corruption indicators, and between GDP and the Control of Corruption indicator, as well as a negative relationship between GDP and the Voice and Accountability and the Political Stability indicators. The explanatory power of the governance indicator dimensions in relation to the HDI is greater when compared to that of the dimensions of governance indicators related to GDP, which can be understood by the fact that the latter index only deals with the economic dimension whereas the HDI takes other factors into account.The purpose of this study is to investigate the relationship between the World Banks governance indicators and the socioeconomic development indicators of the Brics countries. The databases of a number of international organizations corresponding to the 2005-12 period were assessed using panel data analysis. The results suggested a positive relationship between the HDI and the Government Effectiveness and Control of Corruption indicators, and between GDP and the Control of Corruption indicator, as well as a negative relationship between GDP and the Voice and Accountability and the Political Stability indicators. The explanatory power of the governance indicator dimensions in relation to the HDI is greater when compared to that of the dimensions of governance indicators related to GDP, which can be understood by the fact that the latter index only deals with the economic dimension whereas the HDI takes other factors into account.

Global Governance Indicators: how they relate to the socioeconomic indicators of the Brics countries

The purpose of this study is to investigate the relationship between the World Banks governance indicators and the socioeconomic development indicators of the Brics countries. The databases of a number of international organizations corresponding to the 2005-12 period were assessed using panel data analysis. The results suggested a positive relationship between the HDI and the Government Effectiveness and Control of Corruption indicators, and between GDP and the Control of Corruption indicator, as well as a negative relationship between GDP and the Voice and Accountability and the Political Stability indicators. The explanatory power of the governance indicator dimensions in relation to the HDI is greater when compared to that of the dimensions of governance indicators related to GDP, which can be understood by the fact that the latter index only deals with the economic dimension whereas the HDI takes other factors into account.The purpose of this study is to investigate the relationship between the World Banks governance indicators and the socioeconomic development indicators of the Brics countries. The databases of a number of international organizations corresponding to the 2005-12 period were assessed using panel data analysis. The results suggested a positive relationship between the HDI and the Government Effectiveness and Control of Corruption indicators, and between GDP and the Control of Corruption indicator, as well as a negative relationship between GDP and the Voice and Accountability and the Political Stability indicators. The explanatory power of the governance indicator dimensions in relation to the HDI is greater when compared to that of the dimensions of governance indicators related to GDP, which can be understood by the fact that the latter index only deals with the economic dimension whereas the HDI takes other factors into account.

Indicadores mundiales de gobernabilidad y su relación con los indicadores socioeconómicos de los países del Brics

The purpose of this study is to investigate the relationship between the World Banks governance indicators and the socioeconomic development indicators of the Brics countries. The databases of a number of international organizations corresponding to the 2005-12 period were assessed using panel data analysis. The results suggested a positive relationship between the HDI and the Government Effectiveness and Control of Corruption indicators, and between GDP and the Control of Corruption indicator, as well as a negative relationship between GDP and the Voice and Accountability and the Political Stability indicators. The explanatory power of the governance indicator dimensions in relation to the HDI is greater when compared to that of the dimensions of governance indicators related to GDP, which can be understood by the fact that the latter index only deals with the economic dimension whereas the HDI takes other factors into account.The purpose of this study is to investigate the relationship between the World Banks governance indicators and the socioeconomic development indicators of the Brics countries. The databases of a number of international organizations corresponding to the 2005-12 period were assessed using panel data analysis. The results suggested a positive relationship between the HDI and the Government Effectiveness and Control of Corruption indicators, and between GDP and the Control of Corruption indicator, as well as a negative relationship between GDP and the Voice and Accountability and the Political Stability indicators. The explanatory power of the governance indicator dimensions in relation to the HDI is greater when compared to that of the dimensions of governance indicators related to GDP, which can be understood by the fact that the latter index only deals with the economic dimension whereas the HDI takes other factors into account.

CONEXÕES POLÍTICAS NAS MAIORES COMPANHIAS LISTADAS NA BM&FBOVESPA

Political connections might be characterized as relations between companies and politicians, in which companies try to obtain advantages and politicians generally seek campaign funding. In this context, the present study aims at analyzing the relation between political connections from the largest companies listed on BM&FBovespa and their respective performances. Data from 132 companies have been assessed by means of descriptive statistics, average test and correspondence analysis. The political connection from each company was represented by the value of their donation to campaigns for the 2014 elections, and their performance was assessed by means of the Return on Equity (ROE). Results show that most of the funds donated to the campaign of 2014 was destined to the dispute for the presidency of the republic and the Partido dos Trabalhadores was the political party that received the most campaign donations from companies. JBS has donated over 65% of the total amount of funds provided by the companies in the sample. The state of Ceara was the state that received the most resources for candidatures in the 2014 elections. Amapa, Amazonas and Roraima were the only states where candidates did not receive funds for financing election campaigns from the investigated companies. The tests verified that there is no difference in performance when comparing companies with political connections to companies that do not have any political connections. It was found an association between high political connections and expressive company size.

LA CAPACIDAD INNOVATIVA Y EL DESEMPEÑO ECONÓMICO-FINANCIERO DE EMPRESAS INNOVADORAS BRASILEIRAS

Com base nos pressupostos teoricos da Visao Baseada em Recursos (VBR), considerando a utilizacao de recursos disponiveis internamente nas organizacoes para manutencao de sua vantagem competitiva por meio da diferenciacao, a pesquisa analisa a relacao entre a capacidade inovativa e o desempenho economico-financeiro de empresas brasileiras. A amostra foi extraida a partir das empresas listadas na BM&FBovespa consideradas inovadoras, segundo o IBI. As variaveis de capacidade inovativa coletadas a partir das PINTECs 2005 e 2008 e de desempenho atraves do Economatica(r) foram tratadas por meio de analises de correlacao e de regressao. Os resultados indicam que os desempenhos economico (ROA) e operacional (EBITDA/Ativo Total) nao sao significativamente influenciados pela capacidade inovativa. No entanto, quando se separa a capacidade inovativa por seus componentes (inovacao de produto, processo, organizacional e marketing), observa-se uma influencia positiva de inovacao de produto sobre ambos os desempenhos. Por sua vez, o desempenho de valor (MVA) e influenciado positiva e significativamente pela capacidade inovativa. Esses resultados sugerem melhores resultados contabeis quando as empresas inovam no produto e maior geracao de valor pelo mercado ao possuir um portfolio diversificado de inovacao, ou seja, maior capacidade inovativa. Nao se pode, entretanto, negligenciar as inovacoes em processo, organizacional emarketing. A pouca relacao dessas inovacoes, perceptiveis no âmbito interno da empresa, com o desempenho pode residir nas diferentes estrategias inovativas adotadas em prol do objetivo principal de cada empresa.

INNOVATIVE CAPACITY AND THE ECONOMIC AND FINANCIAL PERFORMANCE OF BRAZILIAN INNOVATIVE COMPANIES

Com base nos pressupostos teoricos da Visao Baseada em Recursos (VBR), considerando a utilizacao de recursos disponiveis internamente nas organizacoes para manutencao de sua vantagem competitiva por meio da diferenciacao, a pesquisa analisa a relacao entre a capacidade inovativa e o desempenho economico-financeiro de empresas brasileiras. A amostra foi extraida a partir das empresas listadas na BM&FBovespa consideradas inovadoras, segundo o IBI. As variaveis de capacidade inovativa coletadas a partir das PINTECs 2005 e 2008 e de desempenho atraves do Economatica(r) foram tratadas por meio de analises de correlacao e de regressao. Os resultados indicam que os desempenhos economico (ROA) e operacional (EBITDA/Ativo Total) nao sao significativamente influenciados pela capacidade inovativa. No entanto, quando se separa a capacidade inovativa por seus componentes (inovacao de produto, processo, organizacional e marketing), observa-se uma influencia positiva de inovacao de produto sobre ambos os desempenhos. Por sua vez, o desempenho de valor (MVA) e influenciado positiva e significativamente pela capacidade inovativa. Esses resultados sugerem melhores resultados contabeis quando as empresas inovam no produto e maior geracao de valor pelo mercado ao possuir um portfolio diversificado de inovacao, ou seja, maior capacidade inovativa. Nao se pode, entretanto, negligenciar as inovacoes em processo, organizacional emarketing. A pouca relacao dessas inovacoes, perceptiveis no âmbito interno da empresa, com o desempenho pode residir nas diferentes estrategias inovativas adotadas em prol do objetivo principal de cada empresa.

REPUTAÇÃO E QUALIDADE DA GOVERNANÇA CORPORATIVA DAS COMPANHIAS ABERTAS BRASILEIRAS

Considerando o inter-relacionamento das tematicas reputacao, responsabilidade social e governanca corporativa, definiu-se como objetivo da pesquisa analisar a relacao entre a reputacao corporativa, sob a otica da sustentabilidade, e a qualidade da governanca corporativa das maiores companhias abertas do Brasil. De natureza quantitativa, o estudo descritivo analisou Formularios de Referencia e Relatorios Anuais de 2011, e informacoes dos websites das 100 empresas da amostra. As empresas foram segregadas em dois grupos (1: Com Reputacao e 2: Sem Reputacao), a partir da participacao ou nao no ranking das empresas mais sustentaveis segundo a midia, proxy para reputacao. Para a avaliacao da associacao entre reputacao e governanca foram utilizados os testes do qui-quadrado de Pearson e de Mann-Whitney. Fundamentado nos resultados dos testes aplicados na amostra, nenhuma evidencia pode ser inferida sobre a relacao entre a reputacao e a qualidade da governanca corporativa, contrariando as indicacoes da literatura corrente sobre o assunto.