Value drivers analysis in brazilian firms
Autor(a) principal: | |
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Data de Publicação: | 2010 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | RAM. Revista de Administração Mackenzie |
Texto Completo: | https://editorarevistas.mackenzie.br/index.php/RAM/article/view/1783 |
Resumo: | Competitive strategies are formulated and implemented with the purpose of creating shareholder value. This paper intends to identify and analyze the most significant value drivers for all firms included in the sampling and for each industry – manufacturing, service and commerce. We use the Shareholder Value Added (SVA) approach in order to identify the potential firm value drivers. In the literature review, we describe different return measures which intend to capturethe value creation and their limitations; in addition, we detail the SVA approach. It is hypothesized that there is not significant statistical differences among the most prominent value drivers of firms competing in different industries. The data to calculate the firm value and the value drivers are obtained from a sample of Brazilian firms, including the period of 2001-2005. The statistical technique of panel data is applied. The main implication of these results is that the value driver “Operational Income” and “Investment in Working Capital” are the mostprominent value drivers for all firms. Moreover, there is significant statistical difference among the most prominent value drivers across different industries – manufacturing and service; therefore, we could not confirm the research hypothesis. The conclusion is that firms competing in different industries emphasize different value drivers with the purpose of creating shareholder value. This paper contributes to the accounting research on this topic by identifying the key value drivers by industry level and also the differences in terms of the most relevant value drivers across industry level, based on a quantitative approach. |
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Value drivers analysis in brazilian firmsAnalisis de los conductores del valor em firmas brasileñasAnálise dos direcionadores de valor em empresas brasileirasShareholder valueValue driversOperational incomeInvestment in working capitalPanel dataValor para lo acionistaConductores del valorIngresos operacionalesInversión em capital de trabajoDatos de panelValor para o acionistadirecionadores de valorlucro operacionalinvestimento em capital de girodados em painelCompetitive strategies are formulated and implemented with the purpose of creating shareholder value. This paper intends to identify and analyze the most significant value drivers for all firms included in the sampling and for each industry – manufacturing, service and commerce. We use the Shareholder Value Added (SVA) approach in order to identify the potential firm value drivers. In the literature review, we describe different return measures which intend to capturethe value creation and their limitations; in addition, we detail the SVA approach. It is hypothesized that there is not significant statistical differences among the most prominent value drivers of firms competing in different industries. The data to calculate the firm value and the value drivers are obtained from a sample of Brazilian firms, including the period of 2001-2005. The statistical technique of panel data is applied. The main implication of these results is that the value driver “Operational Income” and “Investment in Working Capital” are the mostprominent value drivers for all firms. Moreover, there is significant statistical difference among the most prominent value drivers across different industries – manufacturing and service; therefore, we could not confirm the research hypothesis. The conclusion is that firms competing in different industries emphasize different value drivers with the purpose of creating shareholder value. This paper contributes to the accounting research on this topic by identifying the key value drivers by industry level and also the differences in terms of the most relevant value drivers across industry level, based on a quantitative approach.Las estrategias competitivas se formulan y se ponen en ejecución con el propósito de crear valor para los accionistas. Este trabajo tiene como objetivo identificar y analizar los conductores más significativos del valor para las firmas de la amostra y para cada industria – fabricación, servicio y comercio. Usamos el enfoque de generación del valor para los accionistas (SVA) con el fin de identificar los posibles conductores del valor de una empresa. En la revisión de la literatura, sedescriben las diversas medidas de retorno que tienen como objetivo la captura de la creación de valor y sus limitaciones; además, se detalla el enfoque SVA. Se presume que no hay diferencias estadísticas significativas entre los conductores más importantes del valor de las firmas que compiten en diferentes industrias. Fue obtenido el valor de las firmas y los conductores del valor de una muestra de firmas brasileñas, incluyendo el período de 2001-2005. La técnica estadística de datos de panel fue aplicada. La principal implicación de estos resultados esque el conductor de valor “ingresos operacionales” y “inversión en capital de trabajo” son más importantes para todas las firmas. Por otra parte, hay diferencia estadística significativa entre los conductores más importantes del valor entre las diversas industrias – fabricación y servicio –, no permitiendo la confirmación de la hipótesis de investigación. La conclusión es que las firmas que compiten en diversas industrias acentúan diversos conductores del valor con el propósitode crear valor para los accionistas. Este estudio contribuye a la investigación contable sobre el tema porque identifica los conductores del valor en diferentes sectores de la actividad económica y, también, las diferencias entre los conductores de valor más representativos entre los sectores de actividad, basado en um enfoque cuantitativo.Estratégias competitivas são formuladas e implementadas com a finalidade de gerar valor para o acionista. Este estudo pretende identificar e analisar os direcionadores de valor mais representativos para o conjunto de empresas incluídas na amostra e por setor – indústria, serviços e comércio. Utiliza-se a abordagem da geração de valor para o acionista (SVA) para a identificação dos potenciais direcionadores de valor de uma empresa. Na revisão da literatura, são descritas diferentes medidas de retorno que pretendem capturar a criação de valor e suas limitações; além disso, faz-se um detalhamento da abordagem SVA. Testa-se a hipótese de que não existem diferenças estatisticamente significantes entre os principais direcionadores de valor de empresas atuando em diferentes setores. Foram coletados dados referentes ao valor da empresa e aos direcionadores de valor no período de 2001-2005. Emprega-se a técnica estatística de dados em painel. Os resultados demonstram que os direcionadores de valor mais relevantes para o conjunto das empresas foram ‘Lucro Operacional’ e ‘Investimento em Capital de Giro’. Além disso, existem diferenças entre empresas atuando em diferentes setores – indústria e serviços – quanto aos principais direcionadores de valor; portanto, não foi possível confirmar a hipótese de pesquisa. A principal implicação desses resultados é que firmas atuando em diferentes setores enfatizam diferentes direcionadores de valor com a finalidade de gerar valor para o acionista. Este estudo contribui para a pesquisa em contabilidade sobre o tema ao identificar os principais direcionadores de valor por setor de atividades e, ainda, as diferenças quanto aos direcionadores de valor mais representativos entre os setores de atividade, sob uma abordagem quantitativa.Editora Mackenzie2010-06-07info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionEmpíricoapplication/pdfhttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/1783Revista de Administração Mackenzie; Vol. 12 No. 2 (2011)Revista de Administração Mackenzie; Vol. 12 Núm. 2 (2011)Revista de Administração Mackenzie (Mackenzie Management Review); v. 12 n. 2 (2011)1678-69711518-6776reponame:RAM. Revista de Administração Mackenzieinstname:Universidade Presbiteriana Mackenzie (MACKENZIE)instacron:MACKENZIEporhttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/1783/2757Copyright (c) 2015 Revista de Administração Mackenzieinfo:eu-repo/semantics/openAccessde Aguiar, Andson BragaPimentel, Renê CoppeRezende, Amaury JoseCorrar, Luiz João2011-10-11T18:37:21Zoai:ojs.editorarevistas.mackenzie.br:article/1783Revistahttps://editorarevistas.mackenzie.br/index.php/RAM/PUBhttps://editorarevistas.mackenzie.br/index.php/RAM/oairevista.adm@mackenzie.br1678-69711518-6776opendoar:2024-04-19T17:00:39.711076RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (MACKENZIE)false |
dc.title.none.fl_str_mv |
Value drivers analysis in brazilian firms Analisis de los conductores del valor em firmas brasileñas Análise dos direcionadores de valor em empresas brasileiras |
title |
Value drivers analysis in brazilian firms |
spellingShingle |
Value drivers analysis in brazilian firms de Aguiar, Andson Braga Shareholder value Value drivers Operational income Investment in working capital Panel data Valor para lo acionista Conductores del valor Ingresos operacionales Inversión em capital de trabajo Datos de panel Valor para o acionista direcionadores de valor lucro operacional investimento em capital de giro dados em painel |
title_short |
Value drivers analysis in brazilian firms |
title_full |
Value drivers analysis in brazilian firms |
title_fullStr |
Value drivers analysis in brazilian firms |
title_full_unstemmed |
Value drivers analysis in brazilian firms |
title_sort |
Value drivers analysis in brazilian firms |
author |
de Aguiar, Andson Braga |
author_facet |
de Aguiar, Andson Braga Pimentel, Renê Coppe Rezende, Amaury Jose Corrar, Luiz João |
author_role |
author |
author2 |
Pimentel, Renê Coppe Rezende, Amaury Jose Corrar, Luiz João |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
de Aguiar, Andson Braga Pimentel, Renê Coppe Rezende, Amaury Jose Corrar, Luiz João |
dc.subject.por.fl_str_mv |
Shareholder value Value drivers Operational income Investment in working capital Panel data Valor para lo acionista Conductores del valor Ingresos operacionales Inversión em capital de trabajo Datos de panel Valor para o acionista direcionadores de valor lucro operacional investimento em capital de giro dados em painel |
topic |
Shareholder value Value drivers Operational income Investment in working capital Panel data Valor para lo acionista Conductores del valor Ingresos operacionales Inversión em capital de trabajo Datos de panel Valor para o acionista direcionadores de valor lucro operacional investimento em capital de giro dados em painel |
description |
Competitive strategies are formulated and implemented with the purpose of creating shareholder value. This paper intends to identify and analyze the most significant value drivers for all firms included in the sampling and for each industry – manufacturing, service and commerce. We use the Shareholder Value Added (SVA) approach in order to identify the potential firm value drivers. In the literature review, we describe different return measures which intend to capturethe value creation and their limitations; in addition, we detail the SVA approach. It is hypothesized that there is not significant statistical differences among the most prominent value drivers of firms competing in different industries. The data to calculate the firm value and the value drivers are obtained from a sample of Brazilian firms, including the period of 2001-2005. The statistical technique of panel data is applied. The main implication of these results is that the value driver “Operational Income” and “Investment in Working Capital” are the mostprominent value drivers for all firms. Moreover, there is significant statistical difference among the most prominent value drivers across different industries – manufacturing and service; therefore, we could not confirm the research hypothesis. The conclusion is that firms competing in different industries emphasize different value drivers with the purpose of creating shareholder value. This paper contributes to the accounting research on this topic by identifying the key value drivers by industry level and also the differences in terms of the most relevant value drivers across industry level, based on a quantitative approach. |
publishDate |
2010 |
dc.date.none.fl_str_mv |
2010-06-07 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Empírico |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://editorarevistas.mackenzie.br/index.php/RAM/article/view/1783 |
url |
https://editorarevistas.mackenzie.br/index.php/RAM/article/view/1783 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://editorarevistas.mackenzie.br/index.php/RAM/article/view/1783/2757 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2015 Revista de Administração Mackenzie info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2015 Revista de Administração Mackenzie |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Editora Mackenzie |
publisher.none.fl_str_mv |
Editora Mackenzie |
dc.source.none.fl_str_mv |
Revista de Administração Mackenzie; Vol. 12 No. 2 (2011) Revista de Administração Mackenzie; Vol. 12 Núm. 2 (2011) Revista de Administração Mackenzie (Mackenzie Management Review); v. 12 n. 2 (2011) 1678-6971 1518-6776 reponame:RAM. Revista de Administração Mackenzie instname:Universidade Presbiteriana Mackenzie (MACKENZIE) instacron:MACKENZIE |
instname_str |
Universidade Presbiteriana Mackenzie (MACKENZIE) |
instacron_str |
MACKENZIE |
institution |
MACKENZIE |
reponame_str |
RAM. Revista de Administração Mackenzie |
collection |
RAM. Revista de Administração Mackenzie |
repository.name.fl_str_mv |
RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (MACKENZIE) |
repository.mail.fl_str_mv |
revista.adm@mackenzie.br |
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1796794717304782849 |