Where to invest in BRICs? An analysis from the point of view of the industrial organization
Autor(a) principal: | |
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Data de Publicação: | 2011 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | por eng |
Título da fonte: | Revista de Administração de Empresas |
Texto Completo: | https://bibliotecadigital.fgv.br/ojs/index.php/rae/article/view/30910 |
Resumo: | The objective of this study is to identify the most interesting industries for investing in Brazil, Russia, India e China (BRICs), according to risk-return and value premises, based in the theory of Industrial Organization (IO) tradition. This work analyzed 2770 firms in the BRICs from 1995 until 2008. With this purpose were compared rates of performance as ROA (return on assets), ROE (return on shares), average price earnings, market value over book value and Tobin’s Q of the companies. The results support studies from Fama and French (1992), Mohanram (2005) and Goldszmidt, Brito and Vasconcelos (2007), although deviates from World Bank (2008) as to risk-return enhancing in China. Results show that the most attractive sectors for investment using the risk-return approach, filtering by value indicators, would be oil & gas in Russia and mining in Brazil, India and China, while the least interesting industries would be textile, motor vehicle parts, tools & accessories and telecommunications in Brazil. |
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Where to invest in BRICs? An analysis from the point of view of the industrial organization¿Dónde invertir en los BRICs? Un análisis bajo el prisma de la organización industrialOnde investir nos BRICs? Uma análise sob o prisma da organização industrialInvestmentsentrepreneurshipBRICsindustry sector analysisrisk-returnInversióndesarrollo empresarialBRICsanálisis sectorialriesgo y retornoInvestimentoempreendedorismoBRICsanálise setorialrisco e retornoThe objective of this study is to identify the most interesting industries for investing in Brazil, Russia, India e China (BRICs), according to risk-return and value premises, based in the theory of Industrial Organization (IO) tradition. This work analyzed 2770 firms in the BRICs from 1995 until 2008. With this purpose were compared rates of performance as ROA (return on assets), ROE (return on shares), average price earnings, market value over book value and Tobin’s Q of the companies. The results support studies from Fama and French (1992), Mohanram (2005) and Goldszmidt, Brito and Vasconcelos (2007), although deviates from World Bank (2008) as to risk-return enhancing in China. Results show that the most attractive sectors for investment using the risk-return approach, filtering by value indicators, would be oil & gas in Russia and mining in Brazil, India and China, while the least interesting industries would be textile, motor vehicle parts, tools & accessories and telecommunications in Brazil.El presente estudio tiene como objetivo identificar los sectores más atractivos para inversión del Brasil, Rusia, India y China (BRICs) según la relación riesgo-retorno y generación de valor, teniendo como base de estudios la teoría de Organización Industrial (OI). Para eso, ese trabajo analizó 2.770 empresas en los BRICs entre 1995 y 2008. Así, fueron averiguados y comparados índices de desempeño como retorno sobre los activos (ROA), retorno sobre las acciones (ROE), índice precio-lucro, valor de mercado sobre valor contable y Q de Tobin de las empresas. Los resultados obtenidos refuerzan los de Fama y French (1992), Mohanram (2005) y Goldszmidt, Brito y Vasconcelos (2007), pero divergen del World Bank (2008) cuanto a China. Se constató que los sectores más atractivos en la perspectiva de riesgo-retorno sobre el patrimonio líquido serían aceite & gas en la Rusia y minería en el Brasil, India y China, mientras aquellos con menor atractivo serían los sectores textil, motores, máquinas & herramientas y telecomunicaciones en el Brasil.O presente estudo tem como objetivo identificar os setores mais atrativos para investimento do Brasil, Rússia, Índia e China (BRICs) conforme a relação risco-retorno e geração de valor, tendo como base de estudos a teoria de Organização Industrial (OI). Para isso, este trabalho analisou 2.770 empresas nos BRICs entre 1995 e 2008. Assim, foram investigados e comparados índices de desempenho como retorno sobre ativo (ROA), retorno sobre ações (ROE), índice preço-lucro, valor de mercado sobre valor contábil e Q de Tobin das empresas. Os resultados obtidos reforçam os de Fama e French (1992), Mohanram (2005) e Goldszmidt, Brito e Vasconcelos (2007), porém divergem do World Bank (2008) quanto à China. Constatou-se que os setores mais atrativos na perspectiva de risco-retorno sobre o patrimônio líquido seriam óleo & gás na Rússia e mineração no Brasil, Índia e China, enquanto aqueles com menor atratividade seriam os setores têxtil, motores, máquinas & ferramentas e telecomunicações no Brasil.RAE - Revista de Administracao de Empresas RAE - Revista de Administração de EmpresasRAE-Revista de Administração de Empresas2011-07-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfhttps://bibliotecadigital.fgv.br/ojs/index.php/rae/article/view/30910RAE - Revista de Administracao de Empresas ; Vol. 51 No. 4 (2011): julho-agosto; 349-369RAE - Revista de Administração de Empresas; Vol. 51 Núm. 4 (2011): julho-agosto; 349-369RAE-Revista de Administração de Empresas; v. 51 n. 4 (2011): julho-agosto; 349-3692178-938X0034-7590reponame:Revista de Administração de Empresasinstname:Fundação Getulio Vargas (FGV)instacron:FGVporenghttps://bibliotecadigital.fgv.br/ojs/index.php/rae/article/view/30910/29729https://bibliotecadigital.fgv.br/ojs/index.php/rae/article/view/30910/39772Albuja, Cristian DiegoGarcia, Fabio GalloMoreiras, Luiz Maurício FrancoTambosi Filho, Elmoinfo:eu-repo/semantics/openAccess2016-08-17T18:32:30Zoai:bibliotecadigital.fgv.br:article/30910Revistahttps://rae.fgv.br/raeONGhttps://old.scielo.br/oai/scielo-oai.phprae@fgv.br||ilda.fontes@fgv.br||raeredacao@fgv.br2178-938X0034-7590opendoar:2016-08-17T18:32:30Revista de Administração de Empresas - Fundação Getulio Vargas (FGV)false |
dc.title.none.fl_str_mv |
Where to invest in BRICs? An analysis from the point of view of the industrial organization ¿Dónde invertir en los BRICs? Un análisis bajo el prisma de la organización industrial Onde investir nos BRICs? Uma análise sob o prisma da organização industrial |
title |
Where to invest in BRICs? An analysis from the point of view of the industrial organization |
spellingShingle |
Where to invest in BRICs? An analysis from the point of view of the industrial organization Albuja, Cristian Diego Investments entrepreneurship BRICs industry sector analysis risk-return Inversión desarrollo empresarial BRICs análisis sectorial riesgo y retorno Investimento empreendedorismo BRICs análise setorial risco e retorno |
title_short |
Where to invest in BRICs? An analysis from the point of view of the industrial organization |
title_full |
Where to invest in BRICs? An analysis from the point of view of the industrial organization |
title_fullStr |
Where to invest in BRICs? An analysis from the point of view of the industrial organization |
title_full_unstemmed |
Where to invest in BRICs? An analysis from the point of view of the industrial organization |
title_sort |
Where to invest in BRICs? An analysis from the point of view of the industrial organization |
author |
Albuja, Cristian Diego |
author_facet |
Albuja, Cristian Diego Garcia, Fabio Gallo Moreiras, Luiz Maurício Franco Tambosi Filho, Elmo |
author_role |
author |
author2 |
Garcia, Fabio Gallo Moreiras, Luiz Maurício Franco Tambosi Filho, Elmo |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Albuja, Cristian Diego Garcia, Fabio Gallo Moreiras, Luiz Maurício Franco Tambosi Filho, Elmo |
dc.subject.por.fl_str_mv |
Investments entrepreneurship BRICs industry sector analysis risk-return Inversión desarrollo empresarial BRICs análisis sectorial riesgo y retorno Investimento empreendedorismo BRICs análise setorial risco e retorno |
topic |
Investments entrepreneurship BRICs industry sector analysis risk-return Inversión desarrollo empresarial BRICs análisis sectorial riesgo y retorno Investimento empreendedorismo BRICs análise setorial risco e retorno |
description |
The objective of this study is to identify the most interesting industries for investing in Brazil, Russia, India e China (BRICs), according to risk-return and value premises, based in the theory of Industrial Organization (IO) tradition. This work analyzed 2770 firms in the BRICs from 1995 until 2008. With this purpose were compared rates of performance as ROA (return on assets), ROE (return on shares), average price earnings, market value over book value and Tobin’s Q of the companies. The results support studies from Fama and French (1992), Mohanram (2005) and Goldszmidt, Brito and Vasconcelos (2007), although deviates from World Bank (2008) as to risk-return enhancing in China. Results show that the most attractive sectors for investment using the risk-return approach, filtering by value indicators, would be oil & gas in Russia and mining in Brazil, India and China, while the least interesting industries would be textile, motor vehicle parts, tools & accessories and telecommunications in Brazil. |
publishDate |
2011 |
dc.date.none.fl_str_mv |
2011-07-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://bibliotecadigital.fgv.br/ojs/index.php/rae/article/view/30910 |
url |
https://bibliotecadigital.fgv.br/ojs/index.php/rae/article/view/30910 |
dc.language.iso.fl_str_mv |
por eng |
language |
por eng |
dc.relation.none.fl_str_mv |
https://bibliotecadigital.fgv.br/ojs/index.php/rae/article/view/30910/29729 https://bibliotecadigital.fgv.br/ojs/index.php/rae/article/view/30910/39772 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
RAE - Revista de Administracao de Empresas RAE - Revista de Administração de Empresas RAE-Revista de Administração de Empresas |
publisher.none.fl_str_mv |
RAE - Revista de Administracao de Empresas RAE - Revista de Administração de Empresas RAE-Revista de Administração de Empresas |
dc.source.none.fl_str_mv |
RAE - Revista de Administracao de Empresas ; Vol. 51 No. 4 (2011): julho-agosto; 349-369 RAE - Revista de Administração de Empresas; Vol. 51 Núm. 4 (2011): julho-agosto; 349-369 RAE-Revista de Administração de Empresas; v. 51 n. 4 (2011): julho-agosto; 349-369 2178-938X 0034-7590 reponame:Revista de Administração de Empresas instname:Fundação Getulio Vargas (FGV) instacron:FGV |
instname_str |
Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Revista de Administração de Empresas |
collection |
Revista de Administração de Empresas |
repository.name.fl_str_mv |
Revista de Administração de Empresas - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
rae@fgv.br||ilda.fontes@fgv.br||raeredacao@fgv.br |
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1766160818705006592 |