Diógenes Manoel Leiva Martin

Ativos intangíveis, ciclo de vida e criação de valor

The economic value of a company is a result of the sum of its tangible and intangible assets. The placing of significant importance on companies that use intangible assets intensively has shown the growing importance of these assets in the maintenance of their competitive advantages, and consequently of their economic values. This outlook is consistent with the Resource-based View. The relative influence of intangible assets on the value of companies can vary for several reasons: due to the industry, the life cycle of the product and company, the mission of companies and others. The main objective of this essay is to develop a theoretical analysis of the strategies that companies can develop in relation to their intangible assets, especially taking into account issues related to the life cycle of the product. In other words, the objective is to analyze how the life cycle can affect the strategies concerning each type of intangible asset, and consequently, the value creation process. The analysis suggests that different intangible assets influence the value of the company, depending on the life cycle phase of a given product.

Evaluation of contagion or interdependence in the financial crises of Asia and Latin America, considering the macroeconomic fundamentals

This article investigates the existence of contagion between countries on the basis of an analysis of returns for stock indices over the period 1994 to 2003. The econometrics methodology used is that of multivariate Generalized Autoregressive Conditional Heteroscedasticity (GARCH) family volatility models, particularly the Dynamic Conditional Correlation (DCC) models in the form proposed by Engle and Sheppard (2001). The returns were duly corrected for a series of country-specific fundamentals. The relevance of this procedure is highlighted in the literature by the work of Pesaran and Pick (2003). The results obtained in this article provide evidence favourable for the hypothesis of regional contagion in both Latin America and Asia. As a rule, contagion spread from the Asian crisis to Latin America, but not in the opposite direction.

Tangibilidade e intangibilidade na determinação do desempenho persistente de firmas Brasileiras

RBV states that resources and capabilities are heterogeneously distributed among firms and are the main drivers of their different performances. When these resources are rare, valuable and difficult to imitate and the firm has a suitable organizational structure for exploiting them, they have the potential to lead the firms to a persistent, above average performance. The aim of this article is to analyze whether the firms persistent performance is related to the intangibility or tangibility of their resources. The sample comprises Brazilian public companies listed on the Bovespa Stock Exchange in Sao Paulo. The statistical technique employed was the dynamic panel data, with estimates obtained by the generalized method of moments. The results show that, in the case of the Brazilian companies under study, the intangibility of resources was not a sustainable competitive advantage because these resources do not persistently contribute to the higher performance of firms. On the other hand, the tangibility of resources played a significant contribution to the persistent performance of firm operating in different industries.

Evaluation of Contagion or Interdependence in the Financial Crises of Asia and Latin America, Considering the Macroeconomic Fundamentals

This article investigates the existence of contagion between countries on the basis of an analysis of returns for stock indices over the period 1994 to 2003. The econometrics methodology used is that of multivariate Generalized Autoregressive Conditional Heteroscedasticity (GARCH) family volatility models, particularly the Dynamic Conditional Correlation (DCC) models in the form proposed by Engle and Sheppard (2001). The returns were duly corrected for a series of country-specific fundamentals. The relevance of this procedure is highlighted in the literature by the work of Pesaran and Pick (2003). The results obtained in this article provide evidence favourable for the hypothesis of regional contagion in both Latin America and Asia. As a rule, contagion spread from the Asian crisis to Latin America, but not in the opposite direction.

Factors that Influence Operating Performance through the use of Gainsharing Plans: Evidence in Brazil's Chemical Industry

Este trabajo tuvo el proposito de estudiar: 1) los programas de incentivos ofrecidos a los empleados, la Participacion en las Ganancias o Resultados y la Participacion en los Resultados en las industrias quimicas brasilenas 2) Los factores que influencian positivamente la mejora del desempeno operativo de las organizaciones que los adoptan. E} desempeno operativo contempla las siguientes variables dependientes: mejora de la calidad, mejora de la productividad, reduccion de los costos de produccion, mejora del proceso productivo e indice promedio de pago de bonos a los empleados. Las variables independientes consideradas en este estudio fueron: involucracion del empleado, metodo de medicion de la productividad, involucracion de consultores) pago del bono, voto del empleado, situacion financiera de la empresa, apoyo e involucracion del sindicado. Los resultados del analisis de los datos de 110 empresas, a traves del analisis Probit multivariada, nos permitieron comprobar la hipotesis de que los programas de incentivos afectan positivamente la percepcion gerencial sobre la mejora del desempeno operativo de las empresas.

Intellectual Capital and the Creation of Value in Brazilan Companies

This study makes usage of CIV (Calculated Intangible Value) and ICE (Intellectual Capital Efficiency) to measure IC stock and flows respectively. It applies static panel data models, to study the influence of IC on companies ROE (Return-on-Equity), ROA (Return-on-Assets) and ROS (Return-on-Sales) ratios. The research utilizes a sample with data for the 1,000 biggest companies in Brazil from the Maiores and Melhores annual survey database, covering the period between 2000 and 2005. Results found suggest the existence of a positive relation between both CIV and ICE and the dependent variables ROE, ROA and ROS.

Analysis of the dynamics of the adoption of technologies in the value chain

In this article, a mathematical model that allows the evaluation of the dynamics of the technological diffusion process will be derived, following specific premises. Based on real options concepts, an optimization model to identify the optimal time for the adoption of a technology will be developed, considering financial costs and benefits. Some interesting insights could be verified. For instance, when the interest rate is very high and overcomes the rate of evolution of the cost savings generated by the technology, there are incentives for a fast adoption of technologies. Conversely, situations in which the interest rate is very low can drive to a delay in the incorporation of new technologies. Considering other elements of the chain, the company can also obtain gains from the postponement of investments if their suppliers and customers adopt complementary technologies in advance. Therefore, there is a gain in productivity that can be appropriated by the company without indeed investing immediately in a given technology.

A ADOÇÃO DE UM PROGRAMA AMPLO DE PLANEJAMENTO E CONTROLE E SEU IMPACTO NO DESEMPENHO EMPRESARIAL

Planejar e controlar sao funcoes inerentes ao processo administrativo, sendo que existem determinados procedimentos basicos que norteiam estas atividades. O conjunto destes procedimentos compoe o modelo tradicional de planejamento e controle. Contudo, e crescente o questionamento no meio academico e empresarial, sobre a efetividade do modelo tradicional de planejamento e controle. Ao mesmo tempo vem surgindo metodologias alternativas para a execucao de tais funcoes, que sugerem uma analise critica dos procedimentos tradicionais, questionando a validade dos mesmos quanto a geracao de valor. Este estudo, conduzido junto a uma amostra de empresas brasileiras com acoes negociadas na Bovespa, objetivou evidenciar uma relacao estatistica entre a existencia de um programa sistematico de planejamento e controle (budgeting), e a obtencao de um resultado financeiro operacional superior. Paralelamente tambem foi pesquisada a aderencia de novas metodologias bem como o grau de satisfacao das empresas em relacao aos seus procedimentos de planejamento e controle.

Vertical Relationships and Financial Performance of Brazilian Companies in the Electricity Distribution Supplier Sector (2001-2003)

Competition and the quest for competitive advantages on the market are prompting companies to reshape the profiles of their relationships with their customers and suppliers. They are opting for approaches based more on cooperation, trust, loyalty and quality, instead of bargaining power or clout that that might well be used by vertical scope participants as a way opportunistically pressuring these relationships. Based on the constructs of Durand (1999), this paper investigated the relationship between the possibility of substituting relationships with suppliers and buyers, viewed as resources by companies in the power generator, transformer, electric motor and control and distribution equipment sectors, and the financial and market performance of these firms, grounded on a resource-based view. The findings demonstrated that the less substitutable their relationship with customers, the worst the financial performance of the companies in the target sectors. Inversely, the less substitutable the relationships with their main suppliers, the better their financial performance. Financial performance was measured by the following variables: return on assets, operating margin or return on sales and the profits generation capacity rating. Based on the homogeneity and specific characteristics of the target sectors, the findings may be explained by other theories, such as the Transaction Costs Theory and the industrial organisation itself, as noted by Porter (1980) and often neglected. These findings will certainly direct the academic community towards new research projects and reflections, in addition to offering a contribution to studies involving non-financial variables that affect the value creation of the companies, which is an international trend.