Unpacking Firm Effects: Modeling Political Alliances in Variance Decomposition of Firm Performance in Turbulent Environments(1)
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| Natura: | Artículo científico |
| Lingua: | en |
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Associação Nacional de Pós-Graduação e Pesquisa em Administração
2005
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| _version_ | 1876429873671569408 |
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| author | Rodrigo Bandeira de Mello |
| author_facet | Rodrigo Bandeira de Mello |
| contents | Unpacking Firm Effects: Modeling Political Alliances in Variance Decomposition of Firm Performance in Turbulent Environments(1) Rodrigo Bandeira de Mello Rosilene Marcon Administración y Contabilidad firm performance firm heterogeneity political strategies variance decomposition turbulent environments In this paper, firm heterogeneity in turbulent environments is addressed. It is argued that previous studies havenot taken into account effects of a turbulent environment, like the Brazilian context, in which firms must face aweak and erratic government. In such an environment, the large portion of variance usually attributed to firmeffects may be explained, not by the usual assumptions of mainstream scholars, but by a more political view offirm differences, namely, the ability to manage valuable political alliances. To account for these differences, amultivariate performance measure was construed and a new factor, politics effects, has been introduced to theusual model. Company donations for campaign funds in elections was used as a proxy for this factor. A sampleof 607 observations, of 177 firms in 15 sectors was used. Results suggest that the presence of politics effectswere found to be not significant (using COV and Hierarchical ANOVA). However, different from previousstudies, transient industry effects appear to be more important than stable effects. Findings also indicate that abetter model specification for turbulent environments is needed and highlight the importance of the cost ofcapital. 2005 artículo científico 1807-7692 https://www.redalyc.org/articulo.oa?id=84120103 en http://www.redalyc.org/revista.oa?id=841 BAR - Brazilian Administration Review application/pdf Associação Nacional de Pós-Graduação e Pesquisa em Administração BAR - Brazilian Administration Review (Brasil) Num.1 Vol.2 |
| format | Artículo científico |
| id | redalyc_84120103 |
| institution | Redalyc |
| language | en |
| publishDate | 2005 |
| publisher | Associação Nacional de Pós-Graduação e Pesquisa em Administração |
| spellingShingle | Unpacking Firm Effects: Modeling Political Alliances in Variance Decomposition of Firm Performance in Turbulent Environments(1) Rodrigo Bandeira de Mello Administración y Contabilidad firm performance firm heterogeneity political strategies variance decomposition turbulent environments Unpacking Firm Effects: Modeling Political Alliances in Variance Decomposition of Firm Performance in Turbulent Environments(1) Rodrigo Bandeira de Mello Rosilene Marcon Administración y Contabilidad firm performance firm heterogeneity political strategies variance decomposition turbulent environments In this paper, firm heterogeneity in turbulent environments is addressed. It is argued that previous studies havenot taken into account effects of a turbulent environment, like the Brazilian context, in which firms must face aweak and erratic government. In such an environment, the large portion of variance usually attributed to firmeffects may be explained, not by the usual assumptions of mainstream scholars, but by a more political view offirm differences, namely, the ability to manage valuable political alliances. To account for these differences, amultivariate performance measure was construed and a new factor, politics effects, has been introduced to theusual model. Company donations for campaign funds in elections was used as a proxy for this factor. A sampleof 607 observations, of 177 firms in 15 sectors was used. Results suggest that the presence of politics effectswere found to be not significant (using COV and Hierarchical ANOVA). However, different from previousstudies, transient industry effects appear to be more important than stable effects. Findings also indicate that abetter model specification for turbulent environments is needed and highlight the importance of the cost ofcapital. 2005 artículo científico 1807-7692 https://www.redalyc.org/articulo.oa?id=84120103 en http://www.redalyc.org/revista.oa?id=841 BAR - Brazilian Administration Review application/pdf Associação Nacional de Pós-Graduação e Pesquisa em Administração BAR - Brazilian Administration Review (Brasil) Num.1 Vol.2 |
| title | Unpacking Firm Effects: Modeling Political Alliances in Variance Decomposition of Firm Performance in Turbulent Environments(1) |
| topic | Administración y Contabilidad firm performance firm heterogeneity political strategies variance decomposition turbulent environments |
| url | https://www.redalyc.org/articulo.oa?id=84120103 |