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Abstract(s)
A Corporate Strategy, pilar essencial da Gestão, tem sido historicamente negligenciada pelos gestores, apesar de ter ganho uma grande notoriedade nos últimos anos. Existe ainda menos informação relativa à capacidade que cada uma das diversas estratégias corporativas, adotadas pelos grupos empresariais, têm em criar valor. Com o presente estudo, pretendemos assistir no esclarecimento de fundamentos-base do conceito supra; propor uma framework alicerçada em cinco estratégias corporativas criadas a partir das existentes na literatura; interconectar práticas, sistemas de gestão (planeamento e controlo), e atividades de criação (e destruição) de valor com as abordagens estratégicas desenvolvidas; e, finalmente, inferir conclusões acerca da relação entre estilo parental implementado e performance do grupo empresarial. Numa primeira fase, iremos aplicar o nosso modelo corporativo aos dados qualitativos obtidos pelo questionário desenvolvido, identificando qual a estratégia corporativa adotada por cada uma das empresas cotadas em bolsa. De seguida, iremos elaborar a análise financeira destas, examinando os indicadores PCF, ROA, Margem EBITDA, Profit Margin, ROE e ROCE, numa análise cross-section e timeseries, de 2014 a 2018. Com esta informação, iremos comparar e tentar estabelecer relações entre cada tipo de estratégia e nível de performance obtido pelas empresas. Inferimos que, de facto, existe um padrão de performance diferente entre cada estratégia corporativa. Observámos que, no contexto da realidade amostral e do período temporal analisado, o estilo parental cujo driver de valor (vantagem parental) se baseou na orientação e revisão estratégica, fomentou um desempenho financeiro superior às restantes. Esperamos motivar a adoção da nossa framework, assim como a criação de outros estudos empíricos que apliquem metodologias de tratamento de dados mais formais, como entrevistas, modelos econométricos e análise de um maior leque de indicadores financeiros – conseguindo um melhor escrutínio acerca dos impactos de diferentes estratégias corporativas na prestação financeira das empresas-mãe.
Corporate Strategy, an essential backbone of Management, has been historically neglected by leaders and top managers, even though it has increased its notoriety over the last years. Furthermore, there’s still even less information regarding each different parenting style’s ability, adopted by the corporate parent, to create value. With this study, we intend to help enlighten managers on the fundamentals of the concept above; propose a framework built on five corporate strategies created from the existing ones in academic literature; cross-link practices, management systems (planning and control), value creating (and destroying) activities with the strategic approaches developed in our study; and, finally, draw conclusions regarding the relation between the adopted parenting style and the group’s performance. Firstly, we will apply our corporate model to the qualitative data obtained from the developed questionnaire, identifying which corporate strategy is implemented by each listed parent company. Secondly, we will examine their financial performance, through the indicators PCF, ROA, EBITDA Margin, Profit Margin, ROE and ROCE, in a cross-section and time-series analysis, from 2014 to 2018. With this information, we will compare and establish relations between each type of corporate approach and level of performance. We have concluded that there is in fact different performance patterns between each corporate strategy. Given the context, sample and the analysed timeframe in this study, the parenting style whose value driver (parenting advantage) was based on strategic direction and review, promoted a superior performance. We strive to motivate the adoption of our framework, as well as the development of other empirical studies that are able to apply more formal data treatment methodologies, for instance interviews, econometric models and a wider spectrum of financial indicators – to allow greater scrutiny of the impacts of different corporate strategies on its parent companies’ financial performance.
Corporate Strategy, an essential backbone of Management, has been historically neglected by leaders and top managers, even though it has increased its notoriety over the last years. Furthermore, there’s still even less information regarding each different parenting style’s ability, adopted by the corporate parent, to create value. With this study, we intend to help enlighten managers on the fundamentals of the concept above; propose a framework built on five corporate strategies created from the existing ones in academic literature; cross-link practices, management systems (planning and control), value creating (and destroying) activities with the strategic approaches developed in our study; and, finally, draw conclusions regarding the relation between the adopted parenting style and the group’s performance. Firstly, we will apply our corporate model to the qualitative data obtained from the developed questionnaire, identifying which corporate strategy is implemented by each listed parent company. Secondly, we will examine their financial performance, through the indicators PCF, ROA, EBITDA Margin, Profit Margin, ROE and ROCE, in a cross-section and time-series analysis, from 2014 to 2018. With this information, we will compare and establish relations between each type of corporate approach and level of performance. We have concluded that there is in fact different performance patterns between each corporate strategy. Given the context, sample and the analysed timeframe in this study, the parenting style whose value driver (parenting advantage) was based on strategic direction and review, promoted a superior performance. We strive to motivate the adoption of our framework, as well as the development of other empirical studies that are able to apply more formal data treatment methodologies, for instance interviews, econometric models and a wider spectrum of financial indicators – to allow greater scrutiny of the impacts of different corporate strategies on its parent companies’ financial performance.
Description
Keywords
Estratégia corporativa Estilo parental Criação de valor Corporate strategy Parenting style Value creation