Leonardo Fernando Cruz Basso

Lean Production, Market Share and Value Creation in the Agricultural Machinery Sector in Brazil

By adopting Lean Manufacturing firms wants to see the value created in its results at the bottom line. The agricultural machinery and implements sector in Brazil had experienced in Lean and saw its results affected by the program. Using an established analytical model, the paper tests three hypotheses: H1: firms with a high degree of management commitment to the program simultaneously support this commitment with investments in support of the plant infrastructure and problem-solving groups; H2: firms that adopt lean principles have made changes in the direction of these principles; H3: firms that made continuous investments in plant infrastructure in to support lean principles have better performances. All hypotheses H1, H2 and H3 were fully accepted and corroborated.

Indicadores de desempenho como direcionadores de valor

This work determines the extend to which analysts use strategic performance measures in addition to traditional financial measures and in what intensity their use in a developing economy is influenced not only by the capacity to predict the value contained in information divulged by companies, but also by its ease of acquisition. The result of the survey was similar to the values obtained in the United States, referring to the predominance of traditional financial indicators, observing a trend for dependence on these indicators alone to change. The results obtained in the analysts view of strategic measures recommended by the balanced scorecard related to product quality, customer satisfaction and human resource management were not as high as expected. On the other hand corporate governance and process efficiency demonstrated a superior performance, which was not the case of social responsibility categories, which were among those with the worst performance. A communication gap between companies and investors was found and should be overcome by the dialogue between investment analysts and companies with the disclosure of non-financial measures.

Paradoxos em finanças: teoria moderna versus finanças comportamentais

This study discusses the Behavioral Finance, one of the most important and controversial innovations in finance, that confronts the traditionally accepted paradigm based on the Modern Finance Theory. Initially, a synthesis of potential problems of decision-making is carried through, with examples of some non-rational aspects that make up important paradoxes in finance. After a discussion of the prospect theory, the seminal experiments of Kahneman and Tversky are replicated in a Brazilian sample. Many situations that violate premises of the theory of the expected utility, base of the Modern Finance Theory, are presented. Empirical results show that evidences of many perception biases in decisionmaking are consistent, independently of aspects related with the evolution of the market and the culture or nationality of individuals. The separation between theory and practice in financial decisions suggests the Behavioral Finance as an alternative to explain attitudes of economic agents.

Determinantes da estrutura de capital das companhias abertas na América Latina: um estudo empírico considerando fatores macroeconômicos e institucionais

Recent researches have been evidenced that specific country factors, as legal, institutional and economical environments influence the capital structure of the companies. The present study investigates the determinants of capital structure using panel data, for a sample of 388 companies belonging to the seven larger economies of Latin America (Mexico, Brazil, Argentina, Chile and Peru), in the period 2001-2006. Starting from six indicators of leverage ratio, it was evidenced that the firm-specific factors: current liquidity, profitability, market to book value and size, present the most significant results. The theory of pecking order seems to be the one that best explains the obtained results. The results for macroeconomic and institutional factors were not so robust, but for the variable GDP growth, and at a lower degree for proxies about the relevance of the stock market, fiscal load and time of opening of a new business.

Estrutura de capital, dividendos e juros sobre o capital próprio: testes no Brasil

Capital structure and dividends have been frequently studied in corporate finance. In 2002, Fama and French simultaneously analyzed these two subjects in the context of tradeoff and pecking order theories. The simultaneous analysis means acknowledging that dividend influences capital structure and vice versa, leading to an endogeneity problem. Extending and adapting Fama and Frenchs study to the Brazilian environment and including yet another dependent variable, i.e. interest on equity, this article aims to analyze the relationship among capital structure, dividends and interest on equity in the context of Brazilian companies. The analysis comprises the period from 1995 to 2004. Results corroborate many of the predictions of tradeoff and pecking order theories, despite the fact that dividend payout in Brazil is low when compared to the United States. Profitability was the most significant variable in explaining dividend and leverage.

What Determines the Capital Structure of the Largest Brazilian Firms? An Empirical Analysis Using Panel Data

This paper sought to analyze some of the supposed determinants of capital structure of the largest Brazilian firms, in light of the Pecking Order theory and the Trade-Off theory, testing the empirical validity of these theories in the local scenario. The study is an adaptation of the paper developed by Gaud et al., (2005) in Switzerland, whose work served as a basis for the choice of some variables and of the econometric tests conducted, and uses the Panel Data methodology. Dynamic tests were carried out in addition to static tests, aiming to analyze the adjustment process of the capital structure over time, toward an assumed optimal target level. The tests were supplemented by analyses of variance. The results demonstrated that leverage is negatively related to the importance of tangible assets and to profitability, while it is positively related to business risk. They also demonstrated that foreign owned companies are more in debt than national firms. The analysis suggests that the Pecking Order theory is more consistent than the Trade-Off theory to explain the capital structure of the largest Brazilian firms. The dynamic analysis showed a slow adjustment process of the capital structure towards the target level, suggesting the existence of high adjustment costs and confirming the Pecking Order behavior of managers.

Ativos intangíveis e estrutura de capital: a influência das marcas e patentes sobre o endividamento

No que diz respeito a teoria de estrutura de capital, uma questao ainda permanece em aberto: existe uma estrutura otima de capital? Em caso afirmativo, o que determina essa estrutura? A literatura financeira lista uma serie de variaveis que influenciariam essa estrutura. Estudos recentes indicam que os gastos com pesquisa e desenvolvimento (P&D) e propaganda e publicidade exercem influencia importante sobre o endividamento, o que sugere que a estrutura de capital tambem pode sofrer a influencia dos ativos intangiveis. O objetivo principal neste artigo e analisar a relacao entre a estrutura de capital e as variaveis representativas de ativos intangiveis (quantidade de patentes, tempo medio de vida das patentes e quantidade de marcas). Os resultados indicam uma influencia negativa e estatisticamente significante das patentes sobre o nivel de endividamento das empresas analisadas. Esses resultados corroboram a hipotese de que as empresas intensivas em inovacao apresentam niveis mais baixos de endividamento.

Intangible Assets and Value Creation at Brazilian Companies: An Application for the Brazilian Textile Manufacturing Sector

This paper investigates the relationship between intellectual capital and value creation in the Textile Manufacturing Sector in Brazil. Through the access of the database from the Annual Industrial Research conducted by the Brazilian Institute of Geography and Statistics, we gathered 644 observations, from 2000 to 2006, with more than 100 employees To achieve the goal of the study, we consider intellectual capital as defined by Ante Pulic including human capital and structural capital. For the analysis of business performance, we used Pulic’s VAIC index as a measure of efficiency of the employed financial and intellectual capital. Regression models were run to verify the relationship among the efficiency in the use of intellectual capital and the profitability of Brazilian companies. The gross income, calculated as before selling, general and administrative expenses, depreciation expenses, amortization and interest expenses, was used as measure of the flows of value creation and the profitability was measured by the gross income to the total assets of the companies. We tested the following hypotheses: (i) there is a positive relationship between value creation and intellectual capital, (ii) there is a positive relationship between value creation and stock of intellectual capital, (iii) there is a positive relationship between value creation and efficiency of the employed capital, (iv) there is a positive relationship between value creation and efficiency of the human capital, (v) there is a positive relationship between value creation and efficiency of the structural capital. The results of the study, obtained through panel data analysis and through the use of static models, support the hypotheses that the intellectual capital of the companies, in its flow and stock dimensions, is positively and significantly related to value creation.

Redes sociais e o marketing de inovações

O entendimento da dinâmica da adocao de novas tecnologias pelos consumidores torna-se cada vez mais importante dada a velocidade de surgimento de inovacoes. Para a area de marketing, novos desafios surgem, pois o avanco tecnologico pode criar diferentes perfis de usuarios de produtos, implicando a necessidade de implementacao de novos mecanismos de sensibilizacao do consumidor. Considerando o marketing boca a boca num contexto de redes sociais, este artigo procura avaliar a difusao do uso de novas tecnologias. Por meio de uma modelagem estocastica, sao simuladas computacionalmente populacoes com graus diferentes de conexoes nas redes sociais, e e estimada a evolucao da proporcao de usuarios de uma nova tecnologia. O uso da modelagem estocastica permite a analise de fenomenos complexos que dificilmente poderiam ser avaliados de forma empirica, por causa da problematica de criacao de constructos, de levantamento de dados, de adequacao de estimativas de parâmetros a realidade de novas tecnologias e de limitacao das ferramentas estatisticas. Os resultados do modelo sugerem que o fortalecimento de vinculos entre individuos e a implementacao de programas de marketing que explorem as interacoes nas redes sociais constituem importantes estrategias para o aumento da velocidade de difusao de tecnologias.

A estrutura de capital das maiores empresas brasileiras: Análise empírica das teorias de "pecking order" e "trade-off", usando "panel data"

Research on capital structure of companies are considered among the most important in the area of finance. Several theoretical approaches have been tested and discussed in the financial literature. This study investigates the level of indebtedness of the largest companies in the light of the two main theories that deal with the subject, the Pecking Order Theory and the trade-off theory, testing its determinants. Pecking Order theory suggests the existence of a hierarchy in the use of sources, while the trade-off theory considers the existence of a target capital structure that would be pursued by the company. The study is adapted from the article by Gaud et al. (2005), whose work served as the basis and main reference for the choice of the main variables and econometric tests performed. As Gaud et al. (2005) developed the statistical analyzes using the methodology of Panel Data, which considers the data in cross-sectional and longitudinal form. In addition to static tests, dynamic tests were performed, aiming to analyze the adjustment process of capital structure over time, toward a supposed optimal target level. The results showed a negative relationship between the level of indebtedness and the degree of asset tangibility and profitability as well as positive relationship between risk and indebtedness. Also our results showed that foreign-funded enterprises are more leveraged than domestic firms. Overall, the results suggest that the Pecking Order theory is more consistent than the trade-off theory to explain the capital structure of Brazilian companies. In particular, we highlight the negative relationship between indebtedness and profitability, confirming several other research results in the Brazilian reality. The dynamic analysis showed low speed of the adjustment process of capital structure towards the target level, suggesting the existence of high transaction costs and confirming the presence of a behavior aligned with the Pecking Order theory.