5706

Pedro Ribeiro Piccoli
Ubiratã Tortato
Cauê Barros Guimarães

Revista de Negócios

This paper evaluates the influence of verticalization on the performance and market value of Brazilian companies, based on the assumption of Transaction Cost Economy proposed by Williamson, 1979. The purpose of this paper is to attest if more verticalized companies reach both better performance and higher market value when compared with less verticalized companies. The research developed in this paper is characterized as descriptive, quantitative and longitudinal. The variables were operationalized by the construct Tobin’s Q which was quarterly determined for two groups of companies listed on Bovespa, based on the  accounting reports available on Economática Softwares para Investidores Ltda database. The first group was composed by 8 more verticalized companies in their supply chain, and the other by 8 less verticalized companies. Based on the results, was concluded that more verticalized companies have a statistically better performance and higher market value than the less verticalized companies in the same industries, contributing to the enforcement of Williamson’s theory.

Performance, Tobin’s Q, Transaction Cost Economy, Verticalization

PICCOLI, P. R.; TORTATO, U.; GUIMARÃES, C. B. A influência da verticalização no desempenho e no valor das empresas: evidências no mercado brasileiro. Revista de Negócios, v. 16, n. 4, p. 76-90, 2011.

Piccoli, P. R., Tortato, U., & Guimarães, C. B. (2011). A influência da verticalização no desempenho e no valor das empresas: evidências no mercado brasileiro. Revista de Negócios, 16(4), 76-90.

https://www.spell.org.br/documentos/ver/5706/the-influence-of-verticalization-on-the-companies----performance-and-market-value--evidences-of-the-brazilian-market/i/en

Artigo

Português

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