The moderating role of market structure on the relationship between firm operational performance and degree of operating leverage

Detalhes bibliográficos
Autor(a) principal: Lourenço, Wesley da Silva
Data de Publicação: 2017
Tipo de documento: Dissertação
Idioma: por
Título da fonte: Repositório Institucional da Universidade Federal do Espírito Santo (riUfes)
Texto Completo: http://repositorio.ufes.br/handle/10/8869
Resumo: This thesis investigates the moderation role of market structure on the relationship between operational performance and firms’ costs composition. The Herfindahl-Hirschman Index (HHI) were adopted as proxy for market structure; for operational performance, Return on Invested Capital (ROIC); and for firms’ cost choices, the Degree of Operating Leverage (DOL). The database covers non-financial firms at Brazilian market from 1996 to 2016, third quarter. The output points toward to market structure moderation of the relationship between ROIC and DOL with an increase of the effect when markets comes near to a monopolistic structure. Overall results suggests the existence of a relation between firms’ operational performance and cost behavior, indicated by a negative relationship between ROIC and DOL. Furthermore, we notice a moderating role of Size on market structure (HHI) moderation role on the relationship between ROIC and DOL, in the extent that market structure moves towards a higher concentration level configuration, the moderating effect of HHI becomes more latent.
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spelling Louzada, Luiz CláudioLourenço, Wesley da Silvahttps://orcid.org/0000-0002-0760-7644Moreira, Ricardo RamalheteCunha, Luis Cláudio2018-08-01T23:39:45Z2018-08-012018-08-01T23:39:45Z2017-05-03This thesis investigates the moderation role of market structure on the relationship between operational performance and firms’ costs composition. The Herfindahl-Hirschman Index (HHI) were adopted as proxy for market structure; for operational performance, Return on Invested Capital (ROIC); and for firms’ cost choices, the Degree of Operating Leverage (DOL). The database covers non-financial firms at Brazilian market from 1996 to 2016, third quarter. The output points toward to market structure moderation of the relationship between ROIC and DOL with an increase of the effect when markets comes near to a monopolistic structure. Overall results suggests the existence of a relation between firms’ operational performance and cost behavior, indicated by a negative relationship between ROIC and DOL. Furthermore, we notice a moderating role of Size on market structure (HHI) moderation role on the relationship between ROIC and DOL, in the extent that market structure moves towards a higher concentration level configuration, the moderating effect of HHI becomes more latent.Esta dissertação investiga o papel de moderação da estrutura de mercado na relação entre desempenho operacional e composição dos custos das empresas. Como proxy para a estrutura de mercado, adotou-se o Índice Herfindahl-Hirschman (HHI); para o desempenho operacional, foi utilizado como proxy o retorno sobre o capital investido (ROIC); e para composição dos custos das empresas, o Grau de Alavancagem Operacional (DOL). A base de dados abrange empresas não financeiras no mercado brasileiro de 1996 a 2016, terceiro trimestre. Resultados apontam que a estrutura de mercado modera a relação entre ROIC e DOL, tendo maior efeito há medida que os mercados se aproximam de uma estrutura monopolística. Resultados em geral, sugerem a existência de relação entre o desempenho operacional das empresas e comportamento dos custos, indicado por uma relação negativa entre ROIC e DOL. Observa-se, também, um papel moderador significativo do Tamanho na função de moderação da estrutura de mercado (HHI) na relação entre ROIC e DOL, na medida em que a estrutura do mercado avança para configurações próximas do monopólio, o efeito moderador HHI torna-se mais latente.CAPESTexthttp://repositorio.ufes.br/handle/10/8869porUniversidade Federal do Espírito SantoMestrado em Ciências ContábeisPrograma de Pós-Graduação em Ciências ContábeisUFESBRCentro de Ciências Jurídicas e EconômicasGrau de alavancagem operacionalRetorno no capital investidoEstruturas de mercadoTamanhoModeraçãoMercado de capitaisAlavancagem (finanças)Organização industrialFinançasCiências Contábeis657The moderating role of market structure on the relationship between firm operational performance and degree of operating leverageinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional da Universidade Federal do Espírito Santo (riUfes)instname:Universidade Federal do Espírito Santo (UFES)instacron:UFESCAPESORIGINALtese_10960_DISSERTACAO - WESLEY LOURENCO.pdfapplication/pdf1180702http://repositorio.ufes.br/bitstreams/b679a70b-02bf-4fe3-8d9c-1d4324c0b057/download92a5bf3209b7bd23e332624e387fdd69MD5110/88692024-07-02 21:22:43.953oai:repositorio.ufes.br:10/8869http://repositorio.ufes.brRepositório InstitucionalPUBhttp://repositorio.ufes.br/oai/requestopendoar:21082024-07-02T21:22:43Repositório Institucional da Universidade Federal do Espírito Santo (riUfes) - Universidade Federal do Espírito Santo (UFES)false
dc.title.none.fl_str_mv The moderating role of market structure on the relationship between firm operational performance and degree of operating leverage
title The moderating role of market structure on the relationship between firm operational performance and degree of operating leverage
spellingShingle The moderating role of market structure on the relationship between firm operational performance and degree of operating leverage
Lourenço, Wesley da Silva
Grau de alavancagem operacional
Retorno no capital investido
Estruturas de mercado
Tamanho
Moderação
Mercado de capitais
Alavancagem (finanças)
Organização industrial
Finanças
Ciências Contábeis
657
title_short The moderating role of market structure on the relationship between firm operational performance and degree of operating leverage
title_full The moderating role of market structure on the relationship between firm operational performance and degree of operating leverage
title_fullStr The moderating role of market structure on the relationship between firm operational performance and degree of operating leverage
title_full_unstemmed The moderating role of market structure on the relationship between firm operational performance and degree of operating leverage
title_sort The moderating role of market structure on the relationship between firm operational performance and degree of operating leverage
author Lourenço, Wesley da Silva
author_facet Lourenço, Wesley da Silva
author_role author
dc.contributor.authorID.none.fl_str_mv https://orcid.org/0000-0002-0760-7644
dc.contributor.advisor1.fl_str_mv Louzada, Luiz Cláudio
dc.contributor.author.fl_str_mv Lourenço, Wesley da Silva
dc.contributor.referee1.fl_str_mv Moreira, Ricardo Ramalhete
dc.contributor.referee2.fl_str_mv Cunha, Luis Cláudio
contributor_str_mv Louzada, Luiz Cláudio
Moreira, Ricardo Ramalhete
Cunha, Luis Cláudio
dc.subject.por.fl_str_mv Grau de alavancagem operacional
Retorno no capital investido
Estruturas de mercado
Tamanho
Moderação
Mercado de capitais
Alavancagem (finanças)
Organização industrial
Finanças
topic Grau de alavancagem operacional
Retorno no capital investido
Estruturas de mercado
Tamanho
Moderação
Mercado de capitais
Alavancagem (finanças)
Organização industrial
Finanças
Ciências Contábeis
657
dc.subject.cnpq.fl_str_mv Ciências Contábeis
dc.subject.udc.none.fl_str_mv 657
description This thesis investigates the moderation role of market structure on the relationship between operational performance and firms’ costs composition. The Herfindahl-Hirschman Index (HHI) were adopted as proxy for market structure; for operational performance, Return on Invested Capital (ROIC); and for firms’ cost choices, the Degree of Operating Leverage (DOL). The database covers non-financial firms at Brazilian market from 1996 to 2016, third quarter. The output points toward to market structure moderation of the relationship between ROIC and DOL with an increase of the effect when markets comes near to a monopolistic structure. Overall results suggests the existence of a relation between firms’ operational performance and cost behavior, indicated by a negative relationship between ROIC and DOL. Furthermore, we notice a moderating role of Size on market structure (HHI) moderation role on the relationship between ROIC and DOL, in the extent that market structure moves towards a higher concentration level configuration, the moderating effect of HHI becomes more latent.
publishDate 2017
dc.date.issued.fl_str_mv 2017-05-03
dc.date.accessioned.fl_str_mv 2018-08-01T23:39:45Z
dc.date.available.fl_str_mv 2018-08-01
2018-08-01T23:39:45Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://repositorio.ufes.br/handle/10/8869
url http://repositorio.ufes.br/handle/10/8869
dc.language.iso.fl_str_mv por
language por
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv Text
dc.publisher.none.fl_str_mv Universidade Federal do Espírito Santo
Mestrado em Ciências Contábeis
dc.publisher.program.fl_str_mv Programa de Pós-Graduação em Ciências Contábeis
dc.publisher.initials.fl_str_mv UFES
dc.publisher.country.fl_str_mv BR
dc.publisher.department.fl_str_mv Centro de Ciências Jurídicas e Econômicas
publisher.none.fl_str_mv Universidade Federal do Espírito Santo
Mestrado em Ciências Contábeis
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instname:Universidade Federal do Espírito Santo (UFES)
instacron:UFES
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instacron_str UFES
institution UFES
reponame_str Repositório Institucional da Universidade Federal do Espírito Santo (riUfes)
collection Repositório Institucional da Universidade Federal do Espírito Santo (riUfes)
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repository.name.fl_str_mv Repositório Institucional da Universidade Federal do Espírito Santo (riUfes) - Universidade Federal do Espírito Santo (UFES)
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