ANÁLISE DA ASSOCIAÇÃO DE OPERAÇÕES DE CAPITALIZAÇÃO DE PRIVATE EQUITY E VENTURE CAPITAL NO DESEMPENHO DE EMPRESAS COM AÇÕES NA BOVESPA

A vantagem competitiva e o desempenho organizacional são conceitos administrativos estreitamente ligados à competitividade das empresas e sua permanência no mercado a longo prazo. Para que alcancem tal objetivo, de acordo com os fundamentos da RBV, as capacidades organizacionais dessas empresas devem ser dinâmicas, o que significa estar à frente das mudanças ambientais, mantendo, criando e desenvolvendo novas capacidades. Um dos caminhos para que isso se realize é a aposta na sua capitalização, que pode ocorrer com a captação de recursos de terceiros ou recursos próprios, com maior ou menor grau de risco. A captação de recursos com capital de terceiros acontece, principalmente, via instituições financeiras e factorings. A captação por meio de capital próprio pode ocorrer por retenção de lucros ou pelo underwriting. A emissão feita via mercado primário configura a oferta pública inicial de ações ou Initial Public Offering (IPO). No Brasil, a escolha dos fundos de Private Equity e Venture Capital, segmentos do mercado financeiro que consistem fundamentalmente em aporte temporário de capital, vem crescendo consideravelmente nos últimos anos. Contudo, existem poucas pesquisas a respeito da utilização e do desempenho financeiro que esses fundos trazem para as empresas. O presente estudo procura averiguar se as empresas que estavam listadas na BOVESPA no período de 2002 a 2008 e que receberam recursos via Private Equity e Venture Capital com IPO desenvolveram desempenho financeiro superior às que receberam ou não outros tipos de financiamento no mesmo período. Foram selecionados dados secundários como: balanços patrimoniais, demonstração de resultados e valores das ações, utilizando-se da base de dados da Economática. Tomando o logaritmo do Q de Tobin como variável dependente e log_Ativo, Debt to Equity, ROA, crescimento de vendas, crescimento de investimentos, crescimento investimento Fama e CrescInv_endividamento como variáveis de controle, foram aplicados testes estatísticos, comparando a média dos índices, seguidos de análise por setor econômico, subsetor e segmento. Os resultados encontrados apontam que as empresas que receberam recursos via Private Equity e Venture Capital com IPO, tornaram-se diferentes das demais empresas que estavam listadas na BOVESPA naquele período. O presente trabalho busca, dessa forma, contribuir para o enriquecimento de conhecimento acadêmico acerca do tema.(AU)

Equity market integration in the Asia-Pacific region:a smooth transition analysis

We use a smooth transition logistic function to test for equity market integration in a sample of Asia-Pacific countries. This allows us to gauge the speed at which a market is becoming integrated. Of the countries we examine we find that Thailand has the fastest pace of global integration. When we examine the extent to which local integration is taking place, we find that Singapore is experiencing the fastest rise in market integration. © 2004 Published by Elsevier Inc.

Modeling equity market integration using smooth transition analysis:a study of Eastern European stock markets

This paper assesses the extent to which the equity markets of Hungary, Poland the Czech Republic and Russia have become less segmented. Using a variety of tests it is shown there has been a consistent increase in the co-movement of some Eastern European markets and developed markets. Using the variance decompositions from a vector autoregressive representation of returns it is shown that for Poland and Hungary global factors are having an increasing influence on equity returns, suggestive of increased equity market integration. In this paper we model a system of bivariate equity market correlations as a smooth transition logistic trend model in order to establish how rapidly the countries of Eastern Europe are moving away from market segmentation. We find that Hungary is the country which is becoming integrated the most quickly. © 2005 ELsevier Ltd. All rights reserved.

Estimating additionality and leverage:between public and private sector equity finance in Ireland (2000 – 2002)

This paper aims to contribute to the debate about the role of the public sector in stimulating greater use of private sector equity for business start-up and growth in two ways. First, to examine the extent to which the provision of public sector equity finance enables individual firms to raise additional funds in the private sector market place. Second, to consider the methodological implications for an economic impact assessment of industrial policy interventions (especially those which include an equity component) at the level of the individual firm. We assess the extent to which there may be indirect positive effects (externalities) associated with public sector financial assistance to individual firms and if so how they distort standard evaluation methodologies designed to estimate the level of additionality of that support. The paper draws upon the results of a recent study of the impact of Enterprise Ireland (EI) financial assistance to indigenous Irish industry in the period 2000 to 2002. The paper demonstrates that a process of re-calibration is necessary in estimates of economic impact in order to account for these positive externalities and the result in this study was a ‘boost’ to additionality. In operational and conceptual terms, the study underlines the importance of the relationship between private and public sector sources of equity finance as an important dynamic in the attempt by industrial and regional policy to stimulate the number of firms with viable investment proposals accessing external equity finance.

Brand equity and purchase intention in fashion industry:a cross-cultural study in Asia and Europe

This research is the leading brand for purchase of assets, and analyzing the factors based on brand asset components and the relationship between the brand and brand assets assets impact factors and purchase intent on uncovering the relationship between components and trademarks centered on South Korea and the United Kingdom, by comparing the asset management plan would generate. The study, information navigation product knowledge affects of constant (+), brand attitudes and knowledge of the brand loyalty and brand value to the constant trademark (+). Brand value and brand loyalty and purchase intent-(+) in the United Kingdom, on the other hand, of the impact that do not affect that.

Interdependence of international equity market volatility

This paper investigates whether equity market volatility in one major market is related to volatility elsewhere. This paper models the daily conditional volatility of equity market wide returns as a GARCH-(1,1) process. Such a model will capture the changing nature of the conditional variance through time. It is found that the correlation between the conditional variances of major equity markets has increased substantially over the last two decades. This supports work which has been undertaken on conditional mean returns which indicates there has been an increase in equity market integration.