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doi:10.1590/1678-69712017/administracao.v18n3p232-259.

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Strategic Finances • RAM, Rev. Adm. Mackenzie 18 (03) • May-Jun 2017 • https://doi.org/10.1590/1678-69712017/administracao.v18n3p232-259. copiar

PATRONES DE EFICIENCIA EN LAS ESTRUCTURAS DE PROPIEDAD DISPERSAS, DOMINANTES Y CONCENTRADAS EN BRASIL

Autoría SCIMAGO INSTITUTIONS RANKINGS

RESUMEN

Objetivo:

El artículo en cuestión tiene como objetivo rastrear el comportamiento de las estructuras de propiedad dispersas, dominantes y concentradas en Brasil y verificar cuál de estas estructuras es más eficiente operacionalmente y si hay un patrón a seguir.

Originalidad/laguna/relevancia/implicaciones:

Para calcular la eficiencia de la variable dependiente, técnicas de optimización estática son utilizadas por el Análisis Envolvente de Datos (DEA), un diferencial con respecto a estudios previos que sólo tienen en cuenta rendimiento como indicador de resultado. El artículo es uno de los primeros en el área que traza el nivel de eficiencia de las estructuras de propiedad en Brasil.

Principales aspectos metodológicos:

La muestra se compone de 8.298 empresas-año entre 1995 y 2012. Para el cálculo de la eficiencia (variable dependiente) se utilizan técnicas de optimización estática a través del Análisis Envolvente de Datos (DEA). Después, es aplicado el método de datos de panel no equilibrado por GMM-Sys (Método Generalizado de Momentos Sistémico).

Síntesis de los principales resultados:

Los resultados muestran que, a pesar de todas las variables ser positivamente relacionadas con la eficiencia, el padrón se presenta en forma de "U" invertido, es decir, estructuras dispersas y concentradas son menos eficientes que las dominantes.

Principales consideraciones/conclusiones:

El estudio identifica que tanto los problemas de agencia, como la expropiación de los accionistas minoritarios por mayoritarios, debido a la escasa protección jurídica del país, afectan significativamente la eficiencia de las empresas brasileñas, haciendo con que las estructuras dominantes sean la forma más adecuada de estructura de propiedad en Brasil.

PALABRAS CLAVE
Gobernanza; Eficiencia; Estructura de la propiedad; Patrón; Optimización

Formulas for variables related to data envelopment analysis
Input variables – Capital (K)
GCv - Investment: Capital expenditure on sales	$GCv \frac{CAPEX}{Sales}$
GCa - Investment: Capital expenditure on total assets	$GCa = \frac{CAPEX}{Total assets}$
CG - Investment: Operational working capital	CG = log (receivables + inventories – payables)
TA - Capital Stock: Tangible assets	$TA = \frac{Fixed assests}{Total assets}$
Input Variables – Labour (L)
NT – Number of employees	NT = log (number of employees)
Output Variables – Profitability (R)
ROA – Return on assets	$ROA = \frac{Net profit}{Total assets}$
ROE – Return on equity	$ROE = \frac{Net profit}{Equity}$
ROS – Return on sales	$ROS = \frac{Net profit}{Sales}$
Formulas for variables related to general analysis
BCC – Variable returns of scale	Index obtained by the DEA calculation using the variables described above, the maximum value of which is 1. Consider only variable returns of scale.
GRS - Total efficiency	It is the junction of the two models (CCR and BCC).
MCV - Ownership of the major shareholder	Percentage number of common shares owned by the company's main shareholder.
TCV – Ownership of 3 Major Shareholders	Sum of the percentage of common shares of the company's first three shareholders.
CCV – Ownership of 5 Major Shareholders	Sum of the percentage of common shares of the company's first five shareholders.
Formulas for variables related to general analysis
AA – Shareholders agreement	Dummy where 1 indicates that there is a shareholders' agreement in the company, and 0 otherwise.
Dissipated	Dummy where 1 indicates if the shareholders own less than 20% of the ownership, and 0 otherwise, multiplied by the ownership structure.
Dom. – Dominant	Dummy where 1 indicates if the shareholders own between 20% and 50% of the ownership, and 0 otherwise, multiplied by ownership structure.
Concent. – Concentrated	Dummy where 1 indicates if the shareholders own more than 50% of the ownership, and 0 otherwise, multiplied by the ownership structure.
Control variables
REC – Size: EBITDA	Logarithm of EBITDA
AT – Size: Total assets	Logarithm of total assets (descriptive statistics only)
Q – Tobin's Q	Ratio of the market value to the total assets (descriptive statistics only)
AL – Leverage	$AL = \frac{Total liabilities}{Equity}$
EFind – Industrial fixed effects	Dummies where 1 indicates that the company belongs to the industrial branch, and 0 otherwise (in some analyses these dummies were not considered).
EFtemp – Time fixed effects	Dummies where 1 indicates the year in which the data is generated, and 0 otherwise (in some analyses these dummies were not considered).
Regression tests
Chi2	Chi-square test
Hansen	Hansen test
Ar1 and Ar2	Arelano and Bond test for serial correlation with order 1 e 2

Est.	BCC	GRS	MCV	TCV	CCV	AL	Q	REC	AT
Mean	56.25	38.48	58.74	80.41	84.37	2.85	1.51	11.93	12.72
Median	58.77	19.63	58.40	87.30	90.00	1.45	1.02	12.22	12.88
p10	0.60	0.27	19.00	51.00	57.20	0.35	0.27	9.34	9.88
p25	8.99	2.37	35.00	68.50	76.00	0.73	0.52	10.77	11.32
p75	100.00	100.00	86.20	97.30	97.90	3.18	1.99	13.41	14.12
p90	100.00	100.00	98.70	100.00	100.00	8.37	3.56	14.47	15.36
Var.	19.1x10²	16.6x10²	8.4x10²	3.9x10²	3x10²	12.13	1.97	4.51	3.75
Min	0.18	0.09	0.00	0.00	0.00	0.00	0.01	1.50	9.06
Max	100.00	100.00	100.00	100.00	100.00	13.17	5.48	15.05	16.08

Variables	MCV			TCV			CCV
Variables	1	2	3	1	2	3	1	2	3
BCC(-1)	0.10^* ***** - Sig. 1%;	0.03	0.02	-0.02	-0.15^* ***** - Sig. 1%;	*0.11^ * - Sig. 10%.**	0.04	0.01	0.02
Z	(2.59)	(0.66)	(0.49)	(-0.26)	(-2.72)	(1.68)	(0.93)	(0.35)	(0.51)
Disper.	0.43	0.20	0.46	1.70	*1.79^ * - Sig. 10%.**	*1.66^ * - Sig. 10%.**	3.14^* ***** - Sig. 1%;	2.90^* ***** - Sig. 1%;	*2.11^ * - Sig. 10%.**
Z	(1.11)	(0.59)	(1.14)	(1.37)	(1.72)	(1.73)	(2.79)	(2.85)	(1.66)
Dom.	*0.49^ * - Sig. 10%.**	0.37	*0.52^ * - Sig. 10%.**	1.71^ - Sig. 5%;	*1.45^ * - Sig. 10%.**	*1.16^ * - Sig. 10%.**	2.15^* ***** - Sig. 1%;	1.92^* ***** - Sig. 1%;	*1.45^ * - Sig. 10%.**
Z	(1.77)	(1.47)	(1.75)	(1.93)	(1.83)	(1.62)	(3.24)	(2.74)	(1.65)
Concent.	*0.39^ * - Sig. 10%.**	*0.34^ * - Sig. 10%.**	*0.42^ * - Sig. 10%.**	*1.28^ * - Sig. 10%.**	*1.26^ * - Sig. 10%.**	0.74	1.64^* ***** - Sig. 1%;	1.45^* ***** - Sig. 1%;	1.09
Z	(1.74)	(1.73)	(1.73)	(1.79)	(1.79)	(1.37)	(2.89)	(2.58)	(1.48)
Size		0.02	-0.02		0.14	0.08		0.04	0.02
Z		(0.39)	(-0.29)		(0.93)	(1.24)		(0.85)	(0.36)
AL		-0.71^* ***** - Sig. 1%;	-0.72^* ***** - Sig. 1%;		-1.04^* ***** - Sig. 1%;	-0.45^* ***** - Sig. 1%;		-0.72^* ***** - Sig. 1%;	-0.77^* ***** - Sig. 1%;
Z		(-6.39)	(-6.06)		(-6.33)	(-3.12)		(-5.41)	(-5.25)
AA			0.39			0.26			0.13
Z			(1.29)			(0.75)			(0.32)
Constant	2.11	*1.92^ * - Sig. 10%.**	3.19	-3.23	4.88	-1.23	-5.30^ - Sig. 5%;	-3.44	-1.64
Z	(1.16)	(1.91)	(1.51)	(-0.94)	(0.64)	(-0.47)	(-2.01)	(-1.32)	(-0.48)
EF Ind.	Yes	No	Yes	Yes	No	No	Yes	No	No
EF temp.	Yes	No	Yes	Yes	No	No	Yes	No	No
chi2	98.79	56.88	439.87	53.45	55.96	35.53	77.49	49.59	44.34
chi2p	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Hansen	371.68	401.38	380.86	287.14	400.56	261.50	442.84	392.48	317.53
Hansenp	1.00	1.00	1.00	0.60	1.00	1.00	1.00	1.00	1.00
ar1	-7.59	-7.08	-7.03	-5.40	-7.14	-5.21	-7.92	-6.89	-6.16
ar1p	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ar2	0.75	0.25	0.04	-0.04	0.06	0.12	0.65	-0.06	-0.10
ar2p	0.46	0.80	0.97	0.97	0.95	0.90	0.52	0.95	0.92

Variables	MCV			TCV			CCV
Variables	1	2	3	1	2	3	1	2	3
GRS(-1)	0.19^* ***** - Sig. 1%;	0.08^ - Sig. 5%;	0.06	-0.07	-0.06	-0.02	*0.08^ * - Sig. 10%.**	-0.06	0.04
Z	(4.56)	(2.12)	(1.35)	(-1.23)	(-1.08)	(-0.40)	(1.65)	(-1.06)	(0.73)
Disper.	0.76^ - Sig. 5%;	0.74^ - Sig. 5%;	0.93	1.53	*1.91^ * - Sig. 10%.**	0.74	1.24	2.04	0.75
Z	(2.36)	(2.31)	(1.52)	(1.30)	(1.76)	(0.40)	(1.06)	(1.37)	(0.38)
Dom.	0.63^* ***** - Sig. 1%;	0.74^* ***** - Sig. 1%;	0.85^ - Sig. 5%;	1.64^ - Sig. 5%;	1.94^* ***** - Sig. 1%;	0.84	*1.43^ * - Sig. 10%.**	2.07^ - Sig. 5%;	0.89
Z	(2.89)	(3.11)	(1.90)	(1.95)	(2.49)	(0.60)	(1.75)	(2.14)	(0.63)
Concent.	0.52^* ***** - Sig. 1%;	0.64^* ***** - Sig. 1%;	0.75^ - Sig. 5%;	*1.15^ * - Sig. 10%.**	1.53^ - Sig. 5%;	0.70	0.94	1.63^ - Sig. 5%;	0.83
Z	(3.00)	(3.49)	(2.03)	(1.70)	(2.39)	(0.60)	(1.34)	(1.99)	(0.70)
Size		0.15^* ***** - Sig. 1%;	*0.10^ * - Sig. 10%.**		0.24	0.10		*0.25^ * - Sig. 10%.**	0.18
Z		(3.07)	(1.75)		(1.62)	(0.50)		(1.63)	(1.22)
AL		-0.83^* ***** - Sig. 1%;	-0.96^* ***** - Sig. 1%;			1.00			0.66
Z		(-6.43)	(-6.41)			(1.40)			(1.21)
AA			*0.63^ * - Sig. 10%.**			-1.03^* ***** - Sig. 1%;			-0.96^* ***** - Sig. 1%;
Z			(1.69)			(-4.17)			(-4.24)
Constant	-0.16	*-1.64^ * - Sig. 10%.**	-1.55	-3.26	-5.00	-0.39	-2.13	-4.89	-0.15
Z	(-0.20)	(-1.66)	(-0.90)	(-1.00)	(-0.93)	(-0.04)	(-0.65)	(-0.81)	(-0.05)
EF Ind.	No	No	No	Yes	Yes	Yes	Yes	Yes	Yes
EF Temp.	No	No	No	Yes	Yes	Yes	Yes	Yes	Yes
chi2	29.73	79.51	73.30	48.28	53.03	104.79	103.53	55.73	105.48
chi2p	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00
Hansen	462.84	398.36	316.08	318.19	306.98	221.27	432.22	307.35	253.35
Hansenp	1.00	1.00	1.00	0.32	0.46	0.48	1.00	0.45	0.99
ar1	-9.18	-8.35	-7.00	-5.35	-5.34	-5.36	-7.80	-5.45	-5.67
ar1p	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ar2	-0.01	-2.25	-1.90	-1.25	-2.26	-2.45	-0.61	-2.21	-2.19
ar2p	1.00	0.02	0.06	0.21	0.02	0.01	0.54	0.03	0.03

Editora Mackenzie; Universidade Presbiteriana Mackenzie Rua da Consolação, 896, Edifício Rev. Modesto Carvalhosa, Térreo - Coordenação da RAM, Consolação - São Paulo - SP - Brasil - cep 01302-907 - São Paulo - SP - Brazil
E-mail: revista.adm@mackenzie.br

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[TFN1] Source: Elaborated by the author.