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Resource allocation as an outcropping of strategic consistency: Performance implications

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Similarities in financial resource allocations across the lines of business of diversified firms may indicate corporate strategic consistency, which may lead to superior corporate performance. In support of this argument, the variance in R&D intensity across the lines of business of 96 diversified firms was found to be inversely related to industry-adjusted return on assets. However, no relationship was found for capital intensity. These results provide partial support for the usefulness of a resource-based approach to the study of diversification strategy.
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... Uma empresa demonstra apresentar uma consistência estratégica quando há um equilíbrio na alocação de recursos nas empresas, ou seja, um equilíbrio entre as escolhas estratégicas nos negócios e os níveis funcionais das estratégias escolhidas (HARRISON, HALL E NARGUNDAKAR, 1993). A consistência estratégica de uma empresa é considerada de alto nível quando sinaliza a existência de uma estratégia competitiva forte, ou que possa, simplesmente, ser caracterizada com sendo de inércia estrutural (PORTER, 1992). ...
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Resumo: A pesquisa propõe analisar o impacto de fatos relevantes dos dois últimos anos nos preços das ações da Kroton Educacional S.A., empresa do setor de educação de ensino superior. As reações dos investidores diante das informações que normalmente alteram decisões gerenciais das instituições podem influenciar no retorno das ações. A pesquisa trará à luz como foi o desempenho das ações da empresa diante de vários fatos relevantes e que podem ter impactado os resultados contábeis e financeiros da empresa. Ademais, verificará se a estratégia de fusão foi uma ação de gestão eficaz para manter o negócio atrativo e rentável diante da crise vivida pelo país. Por meio de uma pesquisa de natureza empírico-analítica, exploratória, de abordagem quantitativa, e sob a forma de estudo de caso, utiliza-se o estudo de eventos para avaliar se os preços e retornos das ações foram alterados após as seguintes divulgações: (i) resultado do ano de 2015 em meio à crise econômica; (ii) alteração das regras de concessão do Fundo de Financiamento ao Estudante do Ensino Superior (FIES); e (iii) compras e fusões das empresas deste setor e a publicação de uma revista criticando o programa de crédito estudantil FIES. A janela de evento utilizada foi de 4 dias antes (D-4) até 4 dias depois (D+4) ao redor da data do evento (D0), com uma janela de estimação de 40 dias (D-5 a D-44). Para o cálculo do beta utilizou-se o método dos mínimos quadrados e estimou-se a partir daí os retornos anormais e os retornos anormais acumulados. O retorno anormal foi calculado a partir do modelo de mercado. Obteve-se a ocorrência de p-value inferior a 5%, que comprova a forma de eficiência semiforte de mercado nos resultados, visto que os preços das ações foram impactados, porém logo após voltaram ao seu patamar normal, pois o mercado havia absorvido a informação. Palavras-chave: Retornos Anormais; Análise de Estudo de eventos; Eficiência Informacional.
... Uma empresa demonstra apresentar uma consistência estratégica quando há um equilíbrio na alocação de recursos nas empresas, ou seja, um equilíbrio entre as escolhas estratégicas nos negócios e os níveis funcionais das estratégias escolhidas (HARRISON et al., 1993). A consistência estratégica de uma empresa é considerada de alto nível quando sinaliza a existência de uma estratégia competitiva forte, ou que possa, simplesmente, ser caracterizada como sendo de inércia estrutural (PORTER, 1992). ...
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A pesquisa propõe analisar o impacto de fatos relevantes dos dois últimos anos nos preços das ações da Kroton Educacional S.A., empresa do setor de educação de ensino superior. As reações dos investidores diante das informações que normalmente alteram decisões gerenciais das instituições podem influenciar no retorno das ações. A pesquisa trará à luz como foi o desempenho das ações da empresa diante de vários fatos relevantes e que podem ter impactado os resultados contábeis e financeiros da empresa. Ademais, verificará se a estratégia de fusão foi uma ação de gestão eficaz para manter o negócio atrativo e rentável diante da crise vivida pelo país. Por meio de uma pesquisa de natureza empírico-analítica, exploratória, de abordagem quantitativa, e sob a forma de estudo de caso, utiliza-se o estudo de eventos para avaliar se os preços e retornos das ações foram alterados após as seguintes divulgações: (i) resultado do ano de 2015 em meio à crise econômica; (ii) alteração das regras de concessão do Fundo de Financiamento ao Estudante do Ensino Superior (FIES); e (iii) compras e fusões das empresas deste setor e a publicação de uma revista criticando o programa de crédito estudantil FIES. A janela de evento utilizada foi de 4 dias antes (D-4) até 4 dias depois (D+4) ao redor da data do evento (D0), com uma janela de estimação de 40 dias (D-5 a D-44). Para o cálculo do beta utilizou-se o método dos mínimos quadrados e estimou-se a partir daí os retornos anormais e os retornos anormais acumulados. O retorno anormal foi calculado a partir do modelo de mercado. Obteve-se a ocorrência de p-value inferior a 5%, que comprova a forma de eficiência semiforte de mercado nos resultados, visto que os preços das ações foram impactados, porém logo após voltaram ao seu patamar normal, pois o mercado havia absorvido a informação.
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