Os componentes da variância da taxa de crescimento da firma
Autor(a) principal: | |
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Data de Publicação: | 2005 |
Tipo de documento: | Tese |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/2579 |
Resumo: | One of the main characteristics of strategy as a field of research is its focus on the individuality of firms in contrast with economics where the focus moves to the industry. Firms differ in several dimensions and these differences constitute the essence of the research interest in strategy. One of these dimensions is the rate at which firms increase or decrease in size – firm growth. This dissertation analyzed the structure of variability of firm growth rates with the objective of identifying groups of factors that determine this variability and its relative influence. The research was done using an international sample of 13,221 firms, from 47 countries and 216 industries during the period of 1994 to 2002. Data was obtained from the Compustat Global database, maintained by Standard and Poor’s. The raw data was made comparable by accounting for inflation and currency changes using indexes form the World Bank Development Indicators. The variance components technique, normally used in field such as genetics and biology to study the naturally occurring variability, was used to understand the variance composition of firm growth rates. The main finding was that individual, idiosyncratic factors of each firm are responsible for the greatest portion of explained variance. Firm effects dominate the explanation of observed variance while country and industry effects have shown a much smaller influence. The predominance of firm effects has relevant theoretical implications. First, it offers a strong support to the approach of Penrose (1959) to firm growth, who considered growth as a natural, endogenous process, deriving from the use of firm specific resources. It can also be used to question the relevance of some economic approaches to firm growth that prioritize effects associated to industry like industry evolution and concentration. This connection between firm growth and individual firm resources also allows one to see growth as an additional dimension of competitive advantage linking this research with the resource-based view of strategy (RBV). One of the managerial implications of this finding relates to the efficacy of public policies to promote firm growth. Industry effects were found to be generally small, often smaller than country effects. Public policies targeted at industry level may then be affecting a less significant source of variation in firm growth rates. The results suggest that policies targeted at the individual firm level, and their individual resources may be much more effective in promoting growth. Even policies that address country infrastructure, like health, education, transport may be more effective than industry oriented policies due to the higher relevance of country effects in relation to industry effects in most cases. Besides its main contribution, the study also explored several other aspects about growth rates and their variability allowing several secondary conclusions. |
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Brito, Luiz Artur LedurEscolas::EAESPSicsú, Abraham LaredoMariotto, Fábio L.Fishmann, Adalberto AméricoMoraes, Walter Fernando Araújo deVasconcelos, Flávio Carvalho de2010-04-20T20:48:02Z2010-04-20T20:48:02Z2005-04-08BRITO, Luiz Artur Ledur. Os componentes da variância da taxa de crescimento da firma. Tese (Doutorado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2005.http://hdl.handle.net/10438/2579One of the main characteristics of strategy as a field of research is its focus on the individuality of firms in contrast with economics where the focus moves to the industry. Firms differ in several dimensions and these differences constitute the essence of the research interest in strategy. One of these dimensions is the rate at which firms increase or decrease in size – firm growth. This dissertation analyzed the structure of variability of firm growth rates with the objective of identifying groups of factors that determine this variability and its relative influence. The research was done using an international sample of 13,221 firms, from 47 countries and 216 industries during the period of 1994 to 2002. Data was obtained from the Compustat Global database, maintained by Standard and Poor’s. The raw data was made comparable by accounting for inflation and currency changes using indexes form the World Bank Development Indicators. The variance components technique, normally used in field such as genetics and biology to study the naturally occurring variability, was used to understand the variance composition of firm growth rates. The main finding was that individual, idiosyncratic factors of each firm are responsible for the greatest portion of explained variance. Firm effects dominate the explanation of observed variance while country and industry effects have shown a much smaller influence. The predominance of firm effects has relevant theoretical implications. First, it offers a strong support to the approach of Penrose (1959) to firm growth, who considered growth as a natural, endogenous process, deriving from the use of firm specific resources. It can also be used to question the relevance of some economic approaches to firm growth that prioritize effects associated to industry like industry evolution and concentration. This connection between firm growth and individual firm resources also allows one to see growth as an additional dimension of competitive advantage linking this research with the resource-based view of strategy (RBV). One of the managerial implications of this finding relates to the efficacy of public policies to promote firm growth. Industry effects were found to be generally small, often smaller than country effects. Public policies targeted at industry level may then be affecting a less significant source of variation in firm growth rates. The results suggest that policies targeted at the individual firm level, and their individual resources may be much more effective in promoting growth. Even policies that address country infrastructure, like health, education, transport may be more effective than industry oriented policies due to the higher relevance of country effects in relation to industry effects in most cases. Besides its main contribution, the study also explored several other aspects about growth rates and their variability allowing several secondary conclusions.Uma das principais características da estratégia como campo de conhecimento é o seu foco no estudo da individualidade das empresas em contraste com a economia que foca prioritariamente os ramos de negócios. As empresas diferem entre si em várias dimensões e estas diferenças constituem a essência do interesse de pesquisa em estratégia. Uma destas dimensões é a velocidade com que as empresas crescem ou diminuem de tamanho. Esta tese analisou a estrutura de variabilidade das taxas de crescimento das empresas tendo como objetivo identificar grupos de fatores que influem nesta variabilidade e a magnitude relativa desta influência. O estudo foi feito sobre uma amostra internacional com 13.221 empresas de 47 países e 216 ramos de negócios diferentes no período 1994 a 2002. Os dados originais foram obtidos da base de dados Compustat Global, mantida pela Standard and Poor’s, e combinados com índices do World Bank Development Indicators para considerar o efeito de inflação e mudanças de moedas nos vários países. A técnica de componentes de variância, normalmente utilizada para analisar a variabilidade natural em áreas como genética e biologia, foi usada para entender a composição da variância das taxas de crescimento. O principal achado foi que os aspectos individuais, idiossincráticos a cada empresa, respondem pela maior parcela da variância. Outros fatores como o país e o ramo de negócios têm uma influência menor. No plano teórico, a predominância do efeito empresa individual na explicação da variabilidade das taxas de crescimento oferece suporte empírico à abordagem de Penrose (1959) que considera o crescimento como um processo natural, endógeno decorrente dos recursos da empresa e se contrapõe a abordagens econômicas que usam efeitos prioritariamente associados ao ramo de negócios como determinantes do crescimento das firmas. Estes resultados também permitem ver o crescimento como um dos resultados do uso de recursos superiores e, portanto, como uma dimensão adicional do construto vantagem competitiva, ligando o trabalho à visão baseada em recursos da estratégia (RBV). Uma das possíveis implicações gerenciais da pesquisa refere-se à eficácia de políticas públicas de crescimento. Sendo o efeito do ramo de negócios no crescimento tão pequeno, estes dados colocam em dúvida a eficácia de políticas setoriais e indica que políticas que dêem recursos à empresa individual ou que se direcionem ao fortalecimento de instituições de infraestrutura do país, como educação, transporte, saúde, possam ter maior eficácia em promover o crescimento das empresas através do efeito país. Além da contribuição principal o estudo permitiu várias conclusões secundárias sobre o a variabilidade das taxas de crescimento das empresas.porResource-based viewGrowth of the firmVariance componentsVisão baseada em recursosCrescimentoComponentes de variânciaAdministração de empresasEmpresas - CrescimentoAnálise de variânciaPlanejamento estratégicoVantagem competitivaOs componentes da variância da taxa de crescimento da firmainfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessTHUMBNAIL127134.pdf.jpg127134.pdf.jpgGenerated Thumbnailimage/jpeg2487https://repositorio.fgv.br/bitstreams/35c0ef02-ae62-44c6-b8e5-c4662ad1aa2c/download3bbc9a76d875a27f2486ac61bd8a64bdMD56TEXT127134.pdf.txt127134.pdf.txtExtracted texttext/plain102760https://repositorio.fgv.br/bitstreams/0c06943e-c29a-4ebd-bad3-d0b6df1bd8d9/download8dfb09961a06447f447264ce3b555b15MD55ORIGINAL127134.pdfapplication/pdf3942764https://repositorio.fgv.br/bitstreams/0fdd7616-029a-48b4-9de6-6fa9779c13f4/downloadab6d5ef911934f9ff2a64b24c336789bMD5310438/25792023-11-28 11:42:01.525open.accessoai:repositorio.fgv.br:10438/2579https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742023-11-28T11:42:01Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false |
dc.title.por.fl_str_mv |
Os componentes da variância da taxa de crescimento da firma |
title |
Os componentes da variância da taxa de crescimento da firma |
spellingShingle |
Os componentes da variância da taxa de crescimento da firma Brito, Luiz Artur Ledur Resource-based view Growth of the firm Variance components Visão baseada em recursos Crescimento Componentes de variância Administração de empresas Empresas - Crescimento Análise de variância Planejamento estratégico Vantagem competitiva |
title_short |
Os componentes da variância da taxa de crescimento da firma |
title_full |
Os componentes da variância da taxa de crescimento da firma |
title_fullStr |
Os componentes da variância da taxa de crescimento da firma |
title_full_unstemmed |
Os componentes da variância da taxa de crescimento da firma |
title_sort |
Os componentes da variância da taxa de crescimento da firma |
author |
Brito, Luiz Artur Ledur |
author_facet |
Brito, Luiz Artur Ledur |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EAESP |
dc.contributor.member.none.fl_str_mv |
Sicsú, Abraham Laredo Mariotto, Fábio L. Fishmann, Adalberto Américo Moraes, Walter Fernando Araújo de |
dc.contributor.author.fl_str_mv |
Brito, Luiz Artur Ledur |
dc.contributor.advisor1.fl_str_mv |
Vasconcelos, Flávio Carvalho de |
contributor_str_mv |
Vasconcelos, Flávio Carvalho de |
dc.subject.eng.fl_str_mv |
Resource-based view Growth of the firm Variance components |
topic |
Resource-based view Growth of the firm Variance components Visão baseada em recursos Crescimento Componentes de variância Administração de empresas Empresas - Crescimento Análise de variância Planejamento estratégico Vantagem competitiva |
dc.subject.por.fl_str_mv |
Visão baseada em recursos Crescimento Componentes de variância |
dc.subject.area.por.fl_str_mv |
Administração de empresas |
dc.subject.bibliodata.por.fl_str_mv |
Empresas - Crescimento Análise de variância Planejamento estratégico Vantagem competitiva |
description |
One of the main characteristics of strategy as a field of research is its focus on the individuality of firms in contrast with economics where the focus moves to the industry. Firms differ in several dimensions and these differences constitute the essence of the research interest in strategy. One of these dimensions is the rate at which firms increase or decrease in size – firm growth. This dissertation analyzed the structure of variability of firm growth rates with the objective of identifying groups of factors that determine this variability and its relative influence. The research was done using an international sample of 13,221 firms, from 47 countries and 216 industries during the period of 1994 to 2002. Data was obtained from the Compustat Global database, maintained by Standard and Poor’s. The raw data was made comparable by accounting for inflation and currency changes using indexes form the World Bank Development Indicators. The variance components technique, normally used in field such as genetics and biology to study the naturally occurring variability, was used to understand the variance composition of firm growth rates. The main finding was that individual, idiosyncratic factors of each firm are responsible for the greatest portion of explained variance. Firm effects dominate the explanation of observed variance while country and industry effects have shown a much smaller influence. The predominance of firm effects has relevant theoretical implications. First, it offers a strong support to the approach of Penrose (1959) to firm growth, who considered growth as a natural, endogenous process, deriving from the use of firm specific resources. It can also be used to question the relevance of some economic approaches to firm growth that prioritize effects associated to industry like industry evolution and concentration. This connection between firm growth and individual firm resources also allows one to see growth as an additional dimension of competitive advantage linking this research with the resource-based view of strategy (RBV). One of the managerial implications of this finding relates to the efficacy of public policies to promote firm growth. Industry effects were found to be generally small, often smaller than country effects. Public policies targeted at industry level may then be affecting a less significant source of variation in firm growth rates. The results suggest that policies targeted at the individual firm level, and their individual resources may be much more effective in promoting growth. Even policies that address country infrastructure, like health, education, transport may be more effective than industry oriented policies due to the higher relevance of country effects in relation to industry effects in most cases. Besides its main contribution, the study also explored several other aspects about growth rates and their variability allowing several secondary conclusions. |
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2005 |
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2005-04-08 |
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2010-04-20T20:48:02Z |
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2010-04-20T20:48:02Z |
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BRITO, Luiz Artur Ledur. Os componentes da variância da taxa de crescimento da firma. Tese (Doutorado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2005. |
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http://hdl.handle.net/10438/2579 |
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BRITO, Luiz Artur Ledur. Os componentes da variância da taxa de crescimento da firma. Tese (Doutorado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2005. |
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