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Desenvolvimento financeiro e restrição financeira nas decisões de investimento da firma: evidências para o Brasil; Financial development and financial constraint on firm's investment decisions: evidence for Brazil

Castro, Fernanda de
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 21/02/2011 PT
Relevância na Pesquisa
26.37%
Este trabalho tem como objetivo examinar os efeitos do desenvolvimento financeiro e das restrições financeiras nas decisões de investimento da firma considerando um conjunto de informações de 659 firmas brasileiras no período de 1998 a 2006. A investigação é realizada dentro de um contexto teórico e aplicado, considerando um modelo econométrico com dados longitudinais e assumindo que o desenvolvimento financeiro exerce impacto substancial nas restrições financeiras das firmas, o que está diretamente relacionado às suas decisões de investimento. Com o propósito de contribuir para a escassa literatura internacional e à inexistente literatura para o Brasil, este trabalho utilizou o índice KZ para classificação das firmas como financeiramente restritas e não restritas. Por meio do uso de dados macroeconômicos em uma análise microeconômica, empregou-se o modelo probabilístico logit para encontrar os principais fatores determinantes da probabilidade de restrição financeira das firmas brasileiras. Já para analisar a relação entre desenvolvimento financeiro, restrições financeiras e investimento da firma, estimou-se uma versão do modelo acelerador do investimento pelo método dos momentos generalizados (GMM) devido seu caráter dinâmico e à presença do problema de endogeneidade. Os principais resultados indicaram que...

The Digital Commons: Tragedy or Opportunity? The Effect of Crowdsourced Digital Goods on Innovation and Economic Growth

Nagle, Francis
Fonte: Harvard University Publicador: Harvard University
Tipo: Thesis or Dissertation; text Formato: application/pdf
EN
Relevância na Pesquisa
26.41%
The classic economic concept of the tragedy of the commons occurs when individuals overuse a public good, resulting in the complete depletion of the good. Comparatively, in the digital world public goods are non-rival and essentially infinitely abundant. However, the nearly infinite supply of a public digital good can still be tragic, albeit in a different manner. For example, the rise of the free crowdsourced digital good Wikipedia essentially destroyed billions of dollars of economic value in the encyclopedia industry. Despite this apparent destruction of value, the reduction in prices for many digital goods also represents a great opportunity. Firms are increasingly relying on the crowd to help shape future products, provide value for their customers, and build software crucial to the firm’s production process. This phenomenon is leading to a weakening of firm boundaries and a change in the nature of the firm’s innovative processes. My dissertation is comprised of four studies that explore this phenomenon to better understand the transformative nature of the digital commons. The first chapter, “Innovating Without Information Constraints: Organizations, Communities, and Innovation When Information Costs Approach Zero” (w/ Elizabeth Altman...

Do we need to use an accountant? The sales growth and survival benefits to family SMEs

Barbera, F.; Hasso, T.
Fonte: SAGE Publications Publicador: SAGE Publications
Tipo: Artigo de Revista Científica
Publicado em //2013 EN
Relevância na Pesquisa
36.06%
This article explores the relationship between the usage of an external accountant and family firm sales growth and survival. Using a longitudinal panel of Australian small and medium sized family enterprises, we find that external accountants have a positive impact on sales growth and survival. We also find that the degree to which the accountant is acquainted with the family and the firm’s needs, which we term as embeddedness, moderates these positive outcomes. Furthermore, we find that appropriate strategic planning processes are necessary to maximize the sales growth benefit; however, these processes are not necessary to gain the survival benefit.; Francesco Barbera and Tim Hasso

Growth opportunities and the effect of corporate diversification on value

de la Fuente, Gabriel; Velasco, Pilar; Andrés Alonso, Pablo de
Fonte: Elsevier España Publicador: Elsevier España
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
36.38%
This paper provides empirical evidence of how a firm’s growth opportunities shape the diversification–value relationship on a sample of U.S. companies between 1998 and 2010. Our findings suggest that the negative relationship between diversification and a firm’s value may reverse at high levels of diversification, and that such a U-form diversification–value relation is partly mediated by a firm’s growth opportunities. Results are robust to various model specifications and after controlling for endogenous self-selection of the diversification decision.

Determinantes de la emisión de deuda negociable en las empresas españolas

Nieto, María Jesús; Tribó, Josep A.
Fonte: Academia Europea de Dirección y Economía de la Empresa Publicador: Academia Europea de Dirección y Economía de la Empresa
Tipo: info:eu-repo/semantics/publishedVersion; info:eu-repo/semantics/article Formato: application/pdf
Publicado em //2000 SPA
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26.33%
En este trabajo analizamos los condicionantes de la emisión de deuda negociable (obligaciones y pagarés) por parte de las empresas españolas que cotizan en la bolsa. En particular, nos centramos en el impacto que tienen las expectativas de beneficios futuros en la· decisión de emitir o no deuda pública corporativa, así como en el montante de deuda emitida. El resultado principal es que las empresas con altas expectativas de crecimiento tienen pocos incentivos para emitir deuda negociable, prefiriendo, en cambio, otras fuentes de financiación. Este resultado está en sintonía con otros estudios en los que se aprecian rentabilidades anormalmente negativas a largo plazo en las acciones de compañías que pertenecen a sectores de alto crecimiento y que han emitido deuda corporativa negociable.-------------------------------------------------------------------------------; We analyze firm's decision to issue public corporate debt (short-term or long-term). We conduct our study making use of a sample of Spanish firms that quote in the stock market. We focus on the impact of firm's prospects of its future profitability on its decision to issue public corporate debt as well as in the amount of the debt issued. Our main result is that firms with high prospects of future profitability have low incentives to issue public debt. But...

Second IRIMA workshop Industrial Research and Innovation Monitoring and Analysis: Counting (and accounting) R&D and non-R&D intangibles, drivers of firm’s innovation and growth – Summary Report

HERVAS SORIANO FERNANDO
Fonte: Publications Office of the European Union Publicador: Publications Office of the European Union
Tipo: EUR - Scientific and Technical Research Reports Formato: Online
ENG
Relevância na Pesquisa
26.4%
In this second IRIMA Workshop the aim was to discuss the policy implications of new evidence obtained by the project on the role that R&D and non-R&D intangible assets (e.g. training, design, branding and reputation) have for companies’ innovation and growth in Europe. In particular, it focused on what accounting data at company level can actually reveal on the role of intangibles assets - both at the micro and at the macro level - and on what they miss-reveal or simply are not able to disclose. The informative and policy role of other kinds of (non-accounting) statistical sources - like dedicated surveys on firms’ intangible investments – was also central to the workshop. The workshop, titled "Counting (and accounting) R&D and non-R&D intangibles, drivers of firm's innovation and growth", was organised in two sessions: the first one was dedicated to the discussion of recent evidence on companies' R&D investments and the second one to the analysis of companies' investments on the broader set of intangibles assets which drive firm's innovative activities.; JRC.J.2-Knowledge for Growth

An Empirical Examination of Physical Asset Expenditure Announcements in Australia: Growth Opportunities, Free Cash Flow and Capital Market Monitoring

Yeoh, Daniel Ghee Chong
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Thesis (PhD); Doctor of Philosophy (PhD)
EN
Relevância na Pesquisa
36.04%
This thesis examines the stock market price variations associated with physical asset expenditure announcements in Australia. With the exception of the study of Chen and Ho (1997) in Singapore, most capital expenditure studies in other markets investigate the announcement effects associated with changes in budgeted capital expenditures. The fact that there is almost never any firm level capital budget announcement in Australia presents a unique opportunity to examine individual physical asset expenditure announcements. ¶ Three primary hypotheses pertaining to growth opportunities, free cash flow theory, and the capital market monitoring argument are developed and tested. ... ¶ This thesis makes the following contributions. First, this thesis presents the initial empirical evidence concerning physical asset expenditure announcements in Australia. Second, the thesis shows that the quality of a firm's growth opportunities is the key factor in determining the direction and magnitude of abnormal returns around physical asset expenditure announcements. These results also suggest that the equity market in Australia reacts to physical asset expenditure announcements which contain information pertaining to growth opportunities rather than the relative size of the physical asset expenditure transactions to firm value. Third...

Human Capital and University-Industry Linkages' Role in Fostering Firm Innovation : An Empirical Study of Chile and Colombia

Marotta, Daniela; Mark, Michael; Blom, Andreas; Thorn, Kristian
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
26.24%
A firm's absorptive capacity, human capital and linkages with knowledge institutions have been shown to increase the firm's probability of innovating in OECD economies. Despite its importance for national- and firm-level competitiveness, few papers examine the impact of the same variables for firms innovation in Latin America. This paper investigates the link between firm innovation and its absorption capacity as proxied by the presence of a R&D department, the firm's human capital, and its interaction with research centers and universities. We analyze the case of Chilean and Colombian manufacturing firms using data from innovation surveys. A probit regression model is applied to identify the determinants of innovation activity. We find that collaboration with university and research institutions is associated with an increase in the probability of introducing a new product in Chilean and Colombian firms of 29 and 44 percent, respectively, and it can increase up to 58 percent in the case of Colombian firms interacting with research centers. Moreover...

A Firm's-Eye View of Policy and Fiscal Reforms in Cameroon

Gauthier, Bernard; Soloaga, Isidro; Tybout, James
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research; Publications & Research :: Policy Research Working Paper
EN_US
Relevância na Pesquisa
35.96%
After decades of heavy trade restrictions, fiscal distortions, and currency overvaluation, Cameroon implemented important commercial and fiscal policy reforms. Almost simultaneously, a major CFA devaluation cut the international price of Cameroon's currency in half. The authors examine the effects of these reforms on the incentive structure that manufacturing firms face. Did they create a coherent set of new signals? Was the net effect to stimulate the production of tradable goods? Was the dispersion of tax burdens lessened? They address each of these questions using a cost function decomposition applied to detailed firm-level panel data. They observe that Cameroon's reforms appear to have sent clear new signals to manufacturers, as the effective rate of protection fell by between 80 and 120 percentage points. Unlike trade liberalization, neither tax reforms nor the CFA devaluation had a major systemic effect on profit margins. But the CFA devaluation did twist relative prices dramatically in favor of exportable goods, so export-oriented firms exhibited rapid output growth.

Russian Volatility : Obstacle to Firm Survival and Diversification

González, Alvaro S.; Iacovone, Leonardo; Subhash, Hari
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
26.36%
The need for economic diversification receives a great deal of attention in Russia. This paper looks at a way to improve it that is essential but largely ignored: how to help diversifying firms better survive economic cycles. By definition, economic diversification means doing new things in new sectors and/or in new markets. The fate of emerging firms, therefore, should be of great concern to policy makers. This paper indicates that the ups and downs -- the volatility -- of Russian economic growth are key to that fate. Volatility of growth is higher in Russia than in comparable economies because its slumps are both longer and deeper. They go beyond the cleansing effects of eliminating the least efficient firms; relatively efficient ones get swept away as well. In fact, an incumbency advantage improves a firm's chances of weathering the ups and downs of the economy, regardless of a firm's relative efficiency. Finally, firms in sectors where competition is less intense are less likely to exit the market...

Financial and Legal Constraints to Firm Growth : Does Size Matter?

Beck, Thorsten; Demirguc-Kunt, Asli; Maksimovic, Vojislav
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.11%
Using a unique firm-level survey data base, covering fifty four countries, the authors investigate whether different financial, legal, and corruption issues that firms report as constraints, actually affect their growth rates. The results show that the extent to which these factors constrain a firm's growth depends very much on its size, and that it is consistently the smallest firms that are most adversely affected by all these constraints. Firm growth is more affected by reported constraints in countries with underdeveloped financial, and legal systems, and higher corruption. So, policy measures to improve financial, and legal development, and reduce corruption are well justified in promoting firm growth, particularly the development of the small, and medium enterprise sector. But the evidence also shows that the intuitive descriptors of an "efficient" legal system, are not correlated with the components of the general legal constraints that predict firm growth. This finding suggests that the mechanism by which the legal system affects firm performance...

Acquisitions, joint ventures or arm's-length alliances? Analyzing the determinants of the choice of growth strategy in Brazil from 1996 through 2007

KAYO, Eduardo Kazuo; KIMURA, Herbert; PATROCÍNIO, Mauricio Réa; OLIVEIRA NETO, Luis Elesbão de
Fonte: Associação Nacional de Pós-Graduação e Pesquisa em Administração Publicador: Associação Nacional de Pós-Graduação e Pesquisa em Administração
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
36.28%
This paper analyses the determinants of the choice among different firm growth strategies: acquisitions, joint ventures or arm's-length alliances. Several theoretical perspectives offer a background to understanding how firms make this choice. However, most empirical studies in this field have been derived from firms in developed countries. In contrast, we turn our attention to the analysis of the growth process of firms in a particular developing country, Brazil. The results mostly support the learning perspective of the firm's choice. In general, a firm's previous experience in a specific strategy (e.g.: joint ventures) is significant to determine its future choice for the same strategy as a path to grow. Extending previous studies, we introduced some financial factors as explanatory variables but they showed no statistical significance.

Does innovation (really) matter for success? The case of an IC consultancy firm

Mamede, R.
Fonte: Dinâmia Publicador: Dinâmia
Tipo: Trabalho em Andamento
Publicado em //2002 ENG
Relevância na Pesquisa
36.24%
The paper discusses to what extent innovation is a crucial variable in explaining the success of NOVABASE, a Portuguese IT consultancy firm. In order to proceed with this discussion, the evolution of NOVABASE is described, emphasizing the most important steps in the firm’s trajectory, which are shown to result from the joint influences of upstream technological change, downstream market opportunities, and the firm’s strategic options. Then, the paper reviews some contributions stemming form studies of innovation in services, building on these to form the framework of analysis used in the empirical research. The main results of the empirical work are then presented, leading to the discussion of the possible answers to the question in title.

Essays on entrepreneurial transference of technology and patenting

Pereira, Dina Batista
Fonte: Universidade da Beira Interior Publicador: Universidade da Beira Interior
Tipo: Tese de Doutorado
Publicado em /05/2013 ENG
Relevância na Pesquisa
26.63%
The present dissertation consists of five studies on entrepreneurial transference of technology and patenting in the framework of industrial engineering. The focus is to show how the pattern of innovative behavior pursued by firms is determinant in several phases of the firm's lifecycle, starting with chapter 1 which consists of an introductory paper around the role of academies as accelerators of knowledge exploitation, their flows on the translation of science results into privately appropriable knowledge. The first paper makes a review of the theoretical background on the topics of technology transfer and innovation, taking as references the US and the European experiences. It functions as a theoretical basis for framing out a set of innovative papers on the general topic of entrepreneurial transference of technology and patenting. Chapter 2 studies the impact of a set of determinants for assessing the academic patent's value, based on two samples, 281 patents from Cambridge University, UK, and 160 patents from Carnegie Mellon University, US. Here, size of the patent family impacts positively on the value of the academic patent and the time to maturity and the geographical scope denote a negative influence. In addition, for spin-off firms from Carnegie Mellon University...

The effect of institutional development on the growth of Brazilian firms

Carvalho,Antonio Gledson de
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/12/2008 EN
Relevância na Pesquisa
56.46%
This article focuses on the determinants of firm's growth in Brazil. In particular it investigates the individual characteristics of firm that determine its growth; how institutional development affects firm's performance, and how institutional development differently affects small and large firms. We find that, consistently with the learning models, growth is decreasing on age and negatively correlated to size. As expected, firms that belong to an economic group, export and maintain operations abroad grow faster. Growth is negatively correlated to profitability. Furthermore, we observe that shortcomings in institutional development, when measured in terms of corruption, inefficiency of the judicial system and lack of financial development, have a negative impact on firms' growth. This negative impact of corruption and inefficiency of the judicial system is stronger for smaller firms. Large firms benefit the most with financial development. Overall our results indicate that improvement in institutions can be an important mechanism to promote growth. Furthermore, institutional underdevelopment has the perverse effect of promoting concentration.

Growth or Glamour? Fundamentals and Systematic Risk in Stock Returns

Campbell, John Y.; Polk, Christopher; Vuolteenaho, Tuomo
Fonte: Oxford University Press Publicador: Oxford University Press
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
26.32%
The cash flows of growth stocks are particularly sensitive to temporary movements in aggregate stock prices, driven by shocks to market discount rates, while the cash flows of value stocks are particularly sensitive to permanent movements, driven by shocks to aggregate cash flows. Thus, the high betas of growth (value) stocks with the market's discount-rate (cash-flow) shocks are determined by the cash-flow fundamentals of growth and value companies. Growth stocks are not merely “glamour stocks” whose systematic risks are purely driven by investor sentiment. More generally, the systematic risks of individual stocks with similar accounting characteristics are primarily driven by the systematic risks of their fundamentals.growth and value companies. Growth stocks are not merely "glamour stocks" whose systematic risks are purely driven by investor sentiment. More generally, accounting measures of firm-level risk have predictive power for firm's betas with market-wide cash flows, and this predictive power arises from the behavior of firm's cash flows. The systematic risks of stocks with similar accounting characteristics are primarily driven by the systematic risks of their fundamentals.; Economics

Acquisitions, joint ventures or arm's-length alliances? Analyzing the determinants of the choice of growth strategy in Brazil from 1996 through 2007

Kayo,Eduardo Kazuo; Kimura,Herbert; Patrocínio,Mauricio Réa; Oliveira Neto,Luis Elesbão de
Fonte: ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração Publicador: ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/12/2010 EN
Relevância na Pesquisa
36.28%
This paper analyses the determinants of the choice among different firm growth strategies: acquisitions, joint ventures or arm's-length alliances. Several theoretical perspectives offer a background to understanding how firms make this choice. However, most empirical studies in this field have been derived from firms in developed countries. In contrast, we turn our attention to the analysis of the growth process of firms in a particular developing country, Brazil. The results mostly support the learning perspective of the firm's choice. In general, a firm's previous experience in a specific strategy (e.g.: joint ventures) is significant to determine its future choice for the same strategy as a path to grow. Extending previous studies, we introduced some financial factors as explanatory variables but they showed no statistical significance.

Analyst forecast accuracy and firm growth

Siegel, Philip; Lessard, Jeffrey; Karim, Khondkar
Fonte: World Scientific Publicador: World Scientific
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
36.06%
This study examines the affect of business segment industry specialization as a supplement to portfolio complexity on forecast error and Tobin’s Q. After controlling for diversification and growth potential, forecast error is negatively related to business segment industry specialization. Diversification (high growth firms) increases (decreases) forecast error. High growth, focused firms are associated with noncomplex portfolios and business segment industry specialization. Within a simultaneous equation model, forecast error does not predict the firm’s Tobin Q ratio; however, Tobin’s Q does predict whether analysts forecast accurately.

Industry structure and economic growth. Essays on the impact of the production structure and openness on development.

Humberto Ortiz Quevado, Carlos
Fonte: London School of Economics and Political Science Thesis Publicador: London School of Economics and Political Science Thesis
Tipo: Thesis; NonPeerReviewed Formato: application/pdf
Publicado em //1993 EN
Relevância na Pesquisa
26.32%
This thesis contains five essays on the relationship between production structure and economic growth. The first chapter examines the conditions under which intermediate inputs can be net out from the production functions in order to relate primary factors of production with net output in each sector. We conclude that this transformation is not always possible, and this finding sets the agenda for the next three chapters. The second chapter augments Lucas' (1988) two-sector growth model of learning-by-doing by allowing for interindustry linkages between the sectors. Under certain conditions, the model reproduces a number of the key stylized facts of the industrialization process. We also examine the advantages and disadvantages of openness to world markets and the possibilities of an import-substitution strategy as a way of development. The third chapter analyses the effects of education on the process of economic diversification in underdeveloped countries. Under the assumption that most technological changes in underdeveloped countries are driven by imitation, we describe how a process of input-output deepening evolves and how this process increases real wages. In the fourth chapter we use cross-country regressions to show that the correlation between some measures of interindustry dependence and the growth rate of per capita GDP seems to be positive...

An expanded accounting framework for sustainable growth: Focus on the relationship between a focal firm and its stakeholders

Yoo,Taeyoung; Nam,Giseok
Fonte: South African Journal of Economic and Management Sciences Publicador: South African Journal of Economic and Management Sciences
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/01/2015 EN
Relevância na Pesquisa
36.04%
In contrast to current accounting principles, which have focused on financial information about the reporting entity, this study suggests that attention should be paid to the information about relationships between a focal firm and its stakeholders. That is, we could more accurately assess the sustainability of a firm's profit and growth by considering both its financial outcomes and business relationships. The rationale of the suggestion is that firms which facilitate mutual profitability between themselves and their stakeholders are more likely to achieve cooperative relationships and consequently enjoy better financial performance and sustainable growth than those who pursue their profitability in an exclusive way. This study therefore suggests that principles of accounting should embrace not only the incomes of a firm and its consolidations (subsidiaries, associates and joint arrangements) but also those of its stakeholders, such as suppliers.