Economic Sector |
Indicates the sector of the economy in which the company is located, considering the sectors of Economatica®. |
Camilo, Marcon and Bandeira-de-Mello (2012)CAMILO, S. P. O.; MARCON, R.; BANDEIRA-DE-MELLO, R. Conexões políticas e desempenho: um estudo das firmas listadas na BM&FBOVESPA. Revista de Administração Contemporânea - RAC, v. 16, n. 6, p. 784-805, 2012.; Claessens, Feijen and Laeven (2008)CLAESSENS, S.; FEIJEN, E.; LAEVEN, L. Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics, v. 88, n. 3, p. 554-580, 2008.
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Market reforms |
Expresses the level of implementation of the Brazilian market reforms through the index of economic freedom (IEF) of the Heritage Foundation. |
Cuervo-Cazurra and Dau (2009)CUERVO-CAZURRA, A.; DAU, L. A. Promarket reforms and firm profitability indeveloping countries. The Academy of Management Journal, v. 52, n. 6, p. 1348-1368, 2009.; Xavier, Bandeira-de-Mello and Marcon (2014)XAVIER, W. G.; BANDEIRA-DE-MELLO, R.; MARCON, R. Institutional environment and Business Groups’ resilience in Brazil. Journal of Business Research, v. 67, n. 5, p. 900-907, 2014.
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Inflation |
Expresses the annual percentage change in prices through the Broad Consumer Price Index (IPCA) |
Fialho (1997)FIALHO, T. M. M. Testando a evidência de ciclos políticos no Brasil. Revista Brasileira de Economia, v. 51, n. 3, p. 379-390, 1997.; Nunes, Da Costa Jr. and Meurer (2005)NUNES, M. S.; COSTA JÚNIOR, N.; MEURER, R. A relação entre o mercado de ações e as variáveis macroeconômicas: uma análise econométrica para o Brasil. Revista Brasileira de Economia, v. 59, n. 4, p. 585-607, 2005.; Dinç (2005)DINÇ, I. S. Politicians and banks: Political influences on government-owned banks in emerging markets. Journal of Financial Economics, v. 77, n. 2, p. 453-479, 2005.
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Gross Domestic Product (GDP) |
Expresses the value of the goods and services produced in the year through the LN nominal value. |
Nunes, Da Costa Jr. and Meurer (2005)NUNES, M. S.; COSTA JÚNIOR, N.; MEURER, R. A relação entre o mercado de ações e as variáveis macroeconômicas: uma análise econométrica para o Brasil. Revista Brasileira de Economia, v. 59, n. 4, p. 585-607, 2005.; Dinç (2005); Boubakri et al. (2012)DINÇ, I. S. Politicians and banks: Political influences on government-owned banks in emerging markets. Journal of Financial Economics, v. 77, n. 2, p. 453-479, 2005.; Xavier, Bandeira-de-Mello and Marcon (2014)XAVIER, W. G.; BANDEIRA-DE-MELLO, R.; MARCON, R. Institutional environment and Business Groups’ resilience in Brazil. Journal of Business Research, v. 67, n. 5, p. 900-907, 2014.
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Brazil Risk (BR) |
Expresses the degree of risk and uncertainty that the country presents to the foreign investor through the Emerging Markets Index (EMBI+Br) of the JP Morgan Bank. |
Fialho (1997)FIALHO, T. M. M. Testando a evidência de ciclos políticos no Brasil. Revista Brasileira de Economia, v. 51, n. 3, p. 379-390, 1997.; Garcia and Didier (2003)GARCIA, M. G. P.; DIDIER, T. Taxa de juros, risco cambial e risco Brasil. Pesquisa e planejamento econômico, v. 33, n. 2, p. 253-297, 2003.; Nonnenberg and Mendonça (2005)NONNENBERG, M. J. B.; MENDONÇA, M. J. C. Determinantes dos investimentos diretos externos em países em desenvolvimento. Estudos Econômicos, v. 35, n. 4, p. 631-655, 2005.
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Selic Rate |
Expresses the basic interest rate in the market through its percentage. |
Garcia and Didier (2003)GARCIA, M. G. P.; DIDIER, T. Taxa de juros, risco cambial e risco Brasil. Pesquisa e planejamento econômico, v. 33, n. 2, p. 253-297, 2003.; Nunes, Da Costa Jr. and Meurer (2005)NUNES, M. S.; COSTA JÚNIOR, N.; MEURER, R. A relação entre o mercado de ações e as variáveis macroeconômicas: uma análise econométrica para o Brasil. Revista Brasileira de Economia, v. 59, n. 4, p. 585-607, 2005.; Nonnenberg and Mendonça (2005)NONNENBERG, M. J. B.; MENDONÇA, M. J. C. Determinantes dos investimentos diretos externos em países em desenvolvimento. Estudos Econômicos, v. 35, n. 4, p. 631-655, 2005.; Costa, Bandeira-de-Mello and Marcon (2013)COSTA, M.; MELLO, R. B.; MARCON, R. Influência da conexão política na diversificação dos grupos empresariais brasileiros. Revista de Administração de Empresas - RAE, v. 53, n. 4, p. 376-387, 2013.
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Exchange |
Expresses the value of the foreign currency through the value in reais (BRL) from dollar (USD). |
Fialho (1997)FIALHO, T. M. M. Testando a evidência de ciclos políticos no Brasil. Revista Brasileira de Economia, v. 51, n. 3, p. 379-390, 1997.; Garibaldi et al. (2001)GARIBALDI, P.; MORA, N.; SAHAY, R.; ZETTELMEYER, J. What moves capital to transition economies. IMF Staff Papers, v. 48, Special Issue, p. 109-145, 2001.; Dinç (2005)DINÇ, I. S. Politicians and banks: Political influences on government-owned banks in emerging markets. Journal of Financial Economics, v. 77, n. 2, p. 453-479, 2005.; Nonnenberg and Mendonça (2005)NONNENBERG, M. J. B.; MENDONÇA, M. J. C. Determinantes dos investimentos diretos externos em países em desenvolvimento. Estudos Econômicos, v. 35, n. 4, p. 631-655, 2005.
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Total asset (TA) |
Expresses the size of the company through the LN of the total assets. |
Fan et al. (2007)FAN, J. H.; WONG, T. J.; ZHANG, T. Politically connected CEOs, corporategovernance, andPost-IPI performance of China’s newly partially privatized firms. Journal of Financial Economics, v. 84, n. 5, p. 330-357, 2007.; Claessens, Feijen and Laeven (2008)CLAESSENS, S.; FEIJEN, E.; LAEVEN, L. Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics, v. 88, n. 3, p. 554-580, 2008.; Inoue, Lazzarini and Musacchio (2013)INOUE, C.; LAZZARINI, S.; MUSACCHIO, A. Leviathan as a minority shareholder: firm-level implications of equity purchases by the State. Academy of Management Journal, v. 56, n. 6, p. 1775-1801, 2013.
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Indebtedness (In) |
Expresses the degree of commitment of the asset to debt. In = (Total liability)/(Total asset) |
Myers and Majiuf, (1984)MYERS, S. C.; MAJLUF, N. S. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, v.13, n. 2, p. 187-221, 1984.; Claessens, Feijen and Laeven (2008)CLAESSENS, S.; FEIJEN, E.; LAEVEN, L. Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics, v. 88, n. 3, p. 554-580, 2008.; Camilo, Marcon and Bandeira-de-Mello (2012)CAMILO, S. P. O.; MARCON, R.; BANDEIRA-DE-MELLO, R. Conexões políticas e desempenho: um estudo das firmas listadas na BM&FBOVESPA. Revista de Administração Contemporânea - RAC, v. 16, n. 6, p. 784-805, 2012.; Boubakri et al. (2012)BOUBAKRI, N.; GUEDHAMI, O.; MISHRA, D.; SAFFAR, W. Political connections and the cost of equity capital. Journal of Corporate Finance, v. 18, n. 3, p. 541-559, 2012.
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EBIT |
Expresses operating profit before interest and taxes through LN EBIT. |
Claessens, Feijen and Laeven (2008)CLAESSENS, S.; FEIJEN, E.; LAEVEN, L. Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics, v. 88, n. 3, p. 554-580, 2008.
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Gross revenue |
Represents the size of the company through the LN gross revenue. |
Titman and Wessels (1988)TITMAN, S.; WESSELS, R. The determinants of capital structure choice. Journal of Finance, v. 43, n. 1, p. 1-19, 1988.; Claessens, Feijen and Laeven (2008)CLAESSENS, S.; FEIJEN, E.; LAEVEN, L. Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics, v. 88, n. 3, p. 554-580, 2008.; Boubakri et al. (2012)BOUBAKRI, N.; GUEDHAMI, O.; MISHRA, D.; SAFFAR, W. Political connections and the cost of equity capital. Journal of Corporate Finance, v. 18, n. 3, p. 541-559, 2012.
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