Title Portuguese:
Efeito tamanho nos fundos de investimento brasileiros
Abstract:
In a highly competitive market where consumers are increasingly demanding, the companies, in order to maintain themselves, seek competitive strategies, bringing as an alternative the differentiation in their products quality. To achieve this goal, companies guide their business strategies for an apropriate quality system, developing a Strategic Quality Planning. This paper presents the observation made in a metallurgical industry from Santa Maria with the purpose to describe how the Strategic Planning is committed to quality, in addition to an observation of its internal and external environments through the development of the SWOT matrix and the perception through the five competitive forces of Porter (1990). It was observed the cost of poor quality in the company, addressing to the flaws and defects caused by its lack and how much it represented in the company incomes. It was possible to notice how much the company lost in sales according to the flaws in the operational process. This paper intends to warn the administrators about the costs due to a lack of quality presented by the company and that the implementation of a quality system is seen as a tool to promote improvements and not only as a set of rules to obtain a certificate.
Abstract Portuguese:
A indústria de fundos de investimento desempenha importante papel na captação e alocação de recursos no Brasil. Esse mercado cresceu consideravelmente após a abertura econômica do país, tanto em quantidade de fundos quanto em patrimônio líquido (PL) administrado. Este artigo visa averiguar o impacto da oscilação e do tamanho do PL dos fundos de ações brasileiros sobre sua performance, além da influência de sua evolução etária. Foram utilizados dados de frequência diária em um painel de 162 fundos de diferentes tipos de gestão e benchmarks, no período de 2001 a 2009. Diversas regressões foram estimadas, incluindo variáveis que captam a evolução do PL e da idade do fundo e dividindo a amostra em quartis conforme a média de PL dos fundos. As conclusões mostram que os fundos de investimento em ações brasileiros apresentam indícios de efeito tamanho, pois, em geral, fundos com PL maior tendem a apresentar melhor performance. A influência da idade depende da categoria de fundos em análise.
ABNT Citation:
MILANI, B.; CERETTA, P. S. Efeito tamanho nos fundos de investimento brasileiros. Revista de Administração da UFSM, v. 6, n. 1, p. 119-138, 2013.
APA Citation:
Milani, B., & Ceretta, P. S. (2013). Efeito tamanho nos fundos de investimento brasileiros. Revista de Administração da UFSM, 6(1), 119-138.
Permalink:
https://www.spell.org.br/documentos/ver/10243/size-effecton-brazilian-mutual-funds/i/en
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