Transferências financeiras em grupos de negócios: evidências em meio a crise econômica brasileira de 2020
Ano de defesa: | 2022 |
---|---|
Autor(a) principal: | |
Orientador(a): | |
Banca de defesa: | , |
Tipo de documento: | Dissertação |
Tipo de acesso: | Acesso aberto |
Idioma: | por |
Instituição de defesa: |
Universidade Federal de Santa Maria
Centro de Ciências Sociais e Humanas |
Programa de Pós-Graduação: |
Programa de Pós-Graduação em Administração
|
Departamento: |
Administração
|
País: |
Brasil
|
Palavras-chave em Português: | |
Palavras-chave em Inglês: | |
Área do conhecimento CNPq: | |
Link de acesso: | http://repositorio.ufsm.br/handle/1/26786 |
Resumo: | The formation of business groups occurs from the diversification of operations and the expansion of the complexity of the chain of command. The literature assesses that this formation benefits from the diversification and the scale gain that the structure provides. However, the majority partners can act for their own benefit to obtain greater gains, transferring resources between companies of the same group. This research evaluates, through a quasi-experiment, using the Difference-inDifferences (DID) method, the possibility that these intra-group transfers of resources are more common in times of economic crisis, such as the one generated in 2020 by the spread of coronavirus. This crisis was used as a framework for an exogenous shock. Thus, it was possible to verify the effect of the investment before and after the crisis, measuring its impact. The results revealed changes in the investment structures of companies belonging to groups. Group controllers transfer resources from companies with fewer investment opportunities to companies with greater opportunities. The results found also indicate that companies belonging to groups have a better internal and market performance during the crisis compared to companies that do not have this type of affiliation. This result allows the minority investor to have better arguments to invest in companies belonging to groups in times of economic crisis. |
id |
UFSM-20_2bf4d8a04bdc6e6583fd90cbd5e3eabe |
---|---|
oai_identifier_str |
oai:repositorio.ufsm.br:1/26786 |
network_acronym_str |
UFSM-20 |
network_name_str |
Manancial - Repositório Digital da UFSM |
repository_id_str |
|
spelling |
2022-11-07T20:00:42Z2022-11-07T20:00:42Z2022-10-21http://repositorio.ufsm.br/handle/1/26786The formation of business groups occurs from the diversification of operations and the expansion of the complexity of the chain of command. The literature assesses that this formation benefits from the diversification and the scale gain that the structure provides. However, the majority partners can act for their own benefit to obtain greater gains, transferring resources between companies of the same group. This research evaluates, through a quasi-experiment, using the Difference-inDifferences (DID) method, the possibility that these intra-group transfers of resources are more common in times of economic crisis, such as the one generated in 2020 by the spread of coronavirus. This crisis was used as a framework for an exogenous shock. Thus, it was possible to verify the effect of the investment before and after the crisis, measuring its impact. The results revealed changes in the investment structures of companies belonging to groups. Group controllers transfer resources from companies with fewer investment opportunities to companies with greater opportunities. The results found also indicate that companies belonging to groups have a better internal and market performance during the crisis compared to companies that do not have this type of affiliation. This result allows the minority investor to have better arguments to invest in companies belonging to groups in times of economic crisis.A formação de grupos de negócios ocorre a partir da diversificação de operações e a ampliação da complexidade da cadeia de comando. A literatura avalia que essa formação se beneficia com a diversificação e com o ganho de escala que a estrutura proporciona. Entretanto, os sócios majoritários podem agir em benefício próprio para obter maiores ganhos, transferindo recursos entre empresas do mesmo grupo. Esta pesquisa avalia, através de um quase-experimento, por meio do método Diferençaem-Diferenças (DID), a possibilidade de que essas transferências de recursos intragrupos sejam mais comuns em épocas de crise econômica, como a gerada em 2020 pela disseminação do coronavírus. Esta crise foi utilizada como marco de choque exógeno. Assim, foi possível verificar o efeito do investimento antes e depois da crise, medindo o impacto da mesma. Os resultados revelaram mudanças nas estruturas de investimento das empresas pertencentes a grupos. Os controladores dos grupos transferem recursos de empresas com menores oportunidades de investimento para empresas com maiores oportunidades. Os resultados encontrados também indicam que as empresas pertencentes a grupos têm um desempenho interno e de mercado melhor durante a crise em comparação com empresas que não tem esse tipo de afiliação. Este resultado possibilita que o investidor minoritário tenha melhores argumentos para investir em empresas pertencentes a grupos em momentos de crise econômica.porUniversidade Federal de Santa MariaCentro de Ciências Sociais e HumanasPrograma de Pós-Graduação em AdministraçãoUFSMBrasilAdministraçãoAttribution-NonCommercial-NoDerivatives 4.0 Internationalhttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessHoldingsBusiness groupsEconomic crisisGrupos de negóciosCrise econômicaCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAOTransferências financeiras em grupos de negócios: evidências em meio a crise econômica brasileira de 2020Financial transfers in business groups: evidence in the middle of the brazilian economic crisis of 2020info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisSonza, Igor Bernardihttp://lattes.cnpq.br/0001554374469356Flores , Silvia Amelia MendonçaDegenhart , Larissahttp://lattes.cnpq.br/8157647126085721Stoever, Erick Pires6002000000066006006006006001c0ef05b-2862-4582-9f9d-e14724de30b33ab71f45-bf10-478a-a8ba-0d5d561ac049447c24c4-0c82-4ddc-843f-c4931ec6eb1f9b6a0a84-0bb9-402e-944a-4e37e6cd7684reponame:Manancial - Repositório Digital da UFSMinstname:Universidade Federal de Santa Maria (UFSM)instacron:UFSMCC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; charset=utf-8805http://repositorio.ufsm.br/bitstream/1/26786/2/license_rdf4460e5956bc1d1639be9ae6146a50347MD52ORIGINALDIS_PPGADMINISTRAÇÃO_2022_STOEVER_ERICK.pdfDIS_PPGADMINISTRAÇÃO_2022_STOEVER_ERICK.pdfDissertação de mestradoapplication/pdf1690740http://repositorio.ufsm.br/bitstream/1/26786/1/DIS_PPGADMINISTRA%c3%87%c3%83O_2022_STOEVER_ERICK.pdfa008723a950f9c1498cdf9a17912a553MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-81956http://repositorio.ufsm.br/bitstream/1/26786/3/license.txt2f0571ecee68693bd5cd3f17c1e075dfMD531/267862022-11-07 17:00:42.595oai:repositorio.ufsm.br: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ório Institucionalhttp://repositorio.ufsm.br/PUBhttp://repositorio.ufsm.br/oai/requestopendoar:39132022-11-07T20:00:42Manancial - Repositório Digital da UFSM - Universidade Federal de Santa Maria (UFSM)false |
dc.title.por.fl_str_mv |
Transferências financeiras em grupos de negócios: evidências em meio a crise econômica brasileira de 2020 |
dc.title.alternative.eng.fl_str_mv |
Financial transfers in business groups: evidence in the middle of the brazilian economic crisis of 2020 |
title |
Transferências financeiras em grupos de negócios: evidências em meio a crise econômica brasileira de 2020 |
spellingShingle |
Transferências financeiras em grupos de negócios: evidências em meio a crise econômica brasileira de 2020 Stoever, Erick Pires Holdings Business groups Economic crisis Grupos de negócios Crise econômica CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
title_short |
Transferências financeiras em grupos de negócios: evidências em meio a crise econômica brasileira de 2020 |
title_full |
Transferências financeiras em grupos de negócios: evidências em meio a crise econômica brasileira de 2020 |
title_fullStr |
Transferências financeiras em grupos de negócios: evidências em meio a crise econômica brasileira de 2020 |
title_full_unstemmed |
Transferências financeiras em grupos de negócios: evidências em meio a crise econômica brasileira de 2020 |
title_sort |
Transferências financeiras em grupos de negócios: evidências em meio a crise econômica brasileira de 2020 |
author |
Stoever, Erick Pires |
author_facet |
Stoever, Erick Pires |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Sonza, Igor Bernardi |
dc.contributor.advisor1Lattes.fl_str_mv |
http://lattes.cnpq.br/0001554374469356 |
dc.contributor.referee1.fl_str_mv |
Flores , Silvia Amelia Mendonça |
dc.contributor.referee2.fl_str_mv |
Degenhart , Larissa |
dc.contributor.authorLattes.fl_str_mv |
http://lattes.cnpq.br/8157647126085721 |
dc.contributor.author.fl_str_mv |
Stoever, Erick Pires |
contributor_str_mv |
Sonza, Igor Bernardi Flores , Silvia Amelia Mendonça Degenhart , Larissa |
dc.subject.eng.fl_str_mv |
Holdings Business groups Economic crisis |
topic |
Holdings Business groups Economic crisis Grupos de negócios Crise econômica CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
dc.subject.por.fl_str_mv |
Grupos de negócios Crise econômica |
dc.subject.cnpq.fl_str_mv |
CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
description |
The formation of business groups occurs from the diversification of operations and the expansion of the complexity of the chain of command. The literature assesses that this formation benefits from the diversification and the scale gain that the structure provides. However, the majority partners can act for their own benefit to obtain greater gains, transferring resources between companies of the same group. This research evaluates, through a quasi-experiment, using the Difference-inDifferences (DID) method, the possibility that these intra-group transfers of resources are more common in times of economic crisis, such as the one generated in 2020 by the spread of coronavirus. This crisis was used as a framework for an exogenous shock. Thus, it was possible to verify the effect of the investment before and after the crisis, measuring its impact. The results revealed changes in the investment structures of companies belonging to groups. Group controllers transfer resources from companies with fewer investment opportunities to companies with greater opportunities. The results found also indicate that companies belonging to groups have a better internal and market performance during the crisis compared to companies that do not have this type of affiliation. This result allows the minority investor to have better arguments to invest in companies belonging to groups in times of economic crisis. |
publishDate |
2022 |
dc.date.accessioned.fl_str_mv |
2022-11-07T20:00:42Z |
dc.date.available.fl_str_mv |
2022-11-07T20:00:42Z |
dc.date.issued.fl_str_mv |
2022-10-21 |
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.ufsm.br/handle/1/26786 |
url |
http://repositorio.ufsm.br/handle/1/26786 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.cnpq.fl_str_mv |
600200000006 |
dc.relation.confidence.fl_str_mv |
600 600 600 600 600 |
dc.relation.authority.fl_str_mv |
1c0ef05b-2862-4582-9f9d-e14724de30b3 3ab71f45-bf10-478a-a8ba-0d5d561ac049 447c24c4-0c82-4ddc-843f-c4931ec6eb1f 9b6a0a84-0bb9-402e-944a-4e37e6cd7684 |
dc.rights.driver.fl_str_mv |
Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Universidade Federal de Santa Maria Centro de Ciências Sociais e Humanas |
dc.publisher.program.fl_str_mv |
Programa de Pós-Graduação em Administração |
dc.publisher.initials.fl_str_mv |
UFSM |
dc.publisher.country.fl_str_mv |
Brasil |
dc.publisher.department.fl_str_mv |
Administração |
publisher.none.fl_str_mv |
Universidade Federal de Santa Maria Centro de Ciências Sociais e Humanas |
dc.source.none.fl_str_mv |
reponame:Manancial - Repositório Digital da UFSM instname:Universidade Federal de Santa Maria (UFSM) instacron:UFSM |
instname_str |
Universidade Federal de Santa Maria (UFSM) |
instacron_str |
UFSM |
institution |
UFSM |
reponame_str |
Manancial - Repositório Digital da UFSM |
collection |
Manancial - Repositório Digital da UFSM |
bitstream.url.fl_str_mv |
http://repositorio.ufsm.br/bitstream/1/26786/2/license_rdf http://repositorio.ufsm.br/bitstream/1/26786/1/DIS_PPGADMINISTRA%c3%87%c3%83O_2022_STOEVER_ERICK.pdf http://repositorio.ufsm.br/bitstream/1/26786/3/license.txt |
bitstream.checksum.fl_str_mv |
4460e5956bc1d1639be9ae6146a50347 a008723a950f9c1498cdf9a17912a553 2f0571ecee68693bd5cd3f17c1e075df |
bitstream.checksumAlgorithm.fl_str_mv |
MD5 MD5 MD5 |
repository.name.fl_str_mv |
Manancial - Repositório Digital da UFSM - Universidade Federal de Santa Maria (UFSM) |
repository.mail.fl_str_mv |
|
_version_ |
1801224010466328576 |