Papers by Luiz Claudio Louzada
Revista de Gestão dos Países de Língua Portuguesa, 2020
This article focus on investigate the moderation role of market concentration on the relationship... more This article focus on investigate the moderation role of market concentration on the relationship between operational performance and firms’ costs composition. We adopt for operational performance the Return on Invested Capital (ROIC) and the Degree of Operating Leverage (DOL) as proxy for firms’ cost behavior. As proxy for market concentration, we adopted Herfindahl-Hirschman Index (HHI) and we also include the Degree of Financial Leverage (DFL) as moderating variable to increase our robustness. The database covers non-financial firms at Brazilian market from 1996 to 2016, third quarter. Our findings indicates the existence of a moderating effect of concentration on the relationship between ROIC and DOL at Industry and Services sectors. Overall results suggest the existence of a relation between firms’ operational performance and cost behavior, indicated by a negative relationship between ROIC and DOL. Furthermore, Degree of Financial Leverage (DFL) and market concentration (HHI) e...
Revista Contemporânea de Contabilidade, 2017
Este ensaio consiste em uma proposta de investigação da origem da vantagem competitiva da firma a... more Este ensaio consiste em uma proposta de investigação da origem da vantagem competitiva da firma a partir do uso de métricas contidas na estrutura das demonstrações contábeis. A origem da vantagem competitiva é segregada em duas dimensões: endógenas, sendo formada por recursos à disposição da firma gerados a partir das escolhas dos gestores; e exógena, configurada por características do setor no qual a firma se insere, como o nível de competição e o dinamismo do setor de atividade. A origem da vantagem competitiva são variáveis explicativas do desempenho operacional da firma cujas proxies estão contidas na estrutura das demonstrações contábeis. Fundamentos contidos no arcabouço teórico da estratégia e no campo da contabilidade, quando aproximados, sugerem a existência de pesquisas entre campos do conhecimento que permitem investigar o desempenho da firma em seu contexto. Espera-se que a possibilidade de aproximação entre tais campos, (i)contribuir para o aumento da capacidade interp...
This paper aims to relate factors of the strategy theory from positioning, to the parameters of a... more This paper aims to relate factors of the strategy theory from positioning, to the parameters of accounting demonstrations, more specifically, it makes use of accounting criteria to verify, in general terms, whether those theories may be applied to the Brazilian market through the relation between barriers to entry (size) and the managerial return. In this bibliographical research, the main concern was to relate the existing concepts in the accounting theory with the competitive strategy concepts of the positioning theory. Furthermore, an empirical test was applied making use of statistical inferences between two averages to verify the existence of positive relations among the variables, size (barriers to entry) and the managerial return into the Brazilian market, using accounting data. The results of these tests show that the return of the bigger companies is superior to the smaller ones. This result includes indicatives for accounting information relevance when related to the competitive strategy of the positioning theory.
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Papers by Luiz Claudio Louzada