Leonardo Fernando Cruz Basso

Universidade Presbiteriana Mackenzie | Mackenzie ·  Programa de Pós-Graduação em Administração de Empresas (PPGA)

This research explores the impact of financial indicators on the credit ratings of companies listed on the S&P 500, employing a Sys-GMM model to address endogeneity concerns. Three independent variables categorized as market and survival factors alongside seven control variables sourced from leverage, liquidity, interest coverage, profitability, ma...

The research explores the impact of financial indicators on the credit ratings of companies listed on the S&P 500, employing a Sys-GMM Model to address endogeneity concerns. The study investigated three independent variables categorized as market and survival factors alongside with seven control variables sourced from leverage, liquidity, interest...

The objective of this study was to explore the impact of adopting eco-innovation on the performance of companies in the hotel sector in Brazil, since a large part of the growth in this sector is evidenced by concern for the environment, which is also reflected in the increase in demand for this leisure service and contact with nature. To carry out...

Este artigo buscou analisar três teorias, uma do lado real, a outra do financeiro e uma terceira que juntando as duas primeiras pode fornecer um maior poder explicativo sobre o comportamento do câmbio no Brasil. Para avaliar esta hipótese foram usados testes econométricos para avaliar a veracidade da hipótese, no processo foram usados testes de Joh...

Credit risk models, particularly those seeking to understand signals given by companies close to bankruptcy, are under constant discussion and updating. Statistical models are traditional and easy to understand but machine learning have been tested in the financial context. Here, we developed bankruptcy forecast models for non-financial US companie...

The object of the research is to assess whether organizations’ ability to innovate may be able to explain abnormal returns to firms by composing risk factor models. Using R&D investment indicators and published patents from a global sample of companies for the period 1992 to 2018, the 3-factor, 4-factor and 5-factor risk models were applied. Partly...

Innovation can be a source of competitive advantage for companies, either through the improvement of methods and techniques capable of generating new products or services, or perfecting existing ones. Along these lines, it is particularly important to measure innovation and discuss the results associated therewith. The aim of this research is to ad...

This article sought to present the main concepts of industry 4.0 and the fourth industrial revolution, as well as its importance for the world industry. Reinvestments in the company as a matter of seeking innovation and long-term survival is still a challenge for Brazilian companies. The aim of this article is to conduct a survey of industries that...

The aim of this research is to analyze a theoretical method for measuring the business risk of investments in innovation proposed by Basso and Kimura (2010). The bases of the conceptual model relate the risk of investments in innovation at the firm level to the risk of the sector. In an analogous way, this study measures the sectorial risk of the d...

The aim of this research is to analyze a theoretical method for measuring the business risk of investments in innovation proposed by Basso and Kimura (2010). The bases of the conceptual model relate the risk of investments in innovation at the firm level to the risk of the sector. In an analogous way, this study measures the sectorial risk of the d...

Purpose The purpose of this paper is to analyze the innovation strategies of the sugar–energy industry in Central-Southern Brazil with regard to its resource structure and results. Design/methodology/approach The data were collected through a questionnaire covering the three-year period from 2015 through 2017. The results were extracted based on a...

This study initially explored 323 sustainability reports certified by the Global Reporting Initiative. The aim was to evaluate, at the company level, the structure of eco-innovation of firms established in developed and emerging countries and the influence of eco-innovation on the financial performance of those companies during the 2012–2014 period...

In this paper, we analyze the relationships among innovation efforts, the impacts of these innovations, and the financial performance of Brazilian companies. We hypothesize that innovation efforts do not directly translate into financial performance. Due to the inherent uncertainty of innovative projects, such efforts must first lead to effective i...

Purpose: The present paper is aimed to investigate the relationship between intangible assets, macroeconomic environment and market value of German, English and Portuguese public companies from 1999 to 2016. Although the IAS 38, assigns value to intangible assets, there is a gap between accounting and the market need. This gap is given by accountin...

Esta pesquisa analisa o relacionamento entre inovação e desempenho quanto aos impactos em mercado e custos em empreendimentos da cadeia do agronegócio em Jaboticabal-SP. Há um espaço teórico-empírico não explorado quando a inovação e o desempenho, em âmbito da empresa, são entendidos dentro de um espaço geográfico, em especial no agronegócio. Deste...

This study tests the accuracy of the Altman bankruptcy prediction model for a wide private companies’ sample that went bankrupt in the years 1985 to 2013. Financial ratios used in the model calculations, Z’-Score (Altman’s Z for private companies) also provide useful information on the solvency and probability of bankruptcy for privately held compa...

This research analyzes the cumulative trajectory of Brazilian industry's ability to innovate and the impact of this resource on firms' financial performance. From a broad base of data taken at the firm level, a cross-sectional analysis and a longitudinal analysis were combined, through structural equation modelling, in the construction of the traje...

Este ensaio teórico busca unir a abordagem de finanças corporativas para valoração dos ativos intangíveis aos estudos de estratégia que argumentam que são os recursos intangíveis idiossincráticos das empresas que as levam a deter vantagens competitivas sustentáveis. A literatura acadêmica de finanças corporativas costuma atribuir valor aos ativos i...

The aim of this study is to present a comparison between the main actions promoted to encourage innovation by France, as well as the current stage of research and development initiatives (R&D), in relation to Brazil. Is a qualitative study that the procedures for its development ranks as literature and documents. The data collection technique was d...

This survey explored 132 sustainability reports, certified by the Global Reporting Initiative, of companies established in Brazil with the objective of analysing the influence of eco-innovation results on financial performance in the 2010/2012 period. Considering the theoretical model used to stratify eco-innovation in environmental innovations and...

This article evaluates the long-term foreign exchange rate on the Purchasing Power Parity model in development countries. The tests were applied to seven countries in the Americas, eight countries in Africa, five in Asia, and five in the Middle East, using the United States as the reference country. To test the model, we used the consumer price ind...

Economic capital (EC) is one of the most important measures for banks to manage risk. Here, we use probability of default (PD) and loss given default (LGD) data of different risk ratings as inputs to compute EC. Our analysis shows how banks can improve their own ratings based on the borrower's credit quality for different LGD values. Using a simula...

More than 3000 papers on risk management have been published since 2000. Although research on risk management is moving towards filling knowledge gaps, the large number of papers has a negative side. Young researchers have difficulty in constructing a concise and comprehensive basis of knowledge that allows new gaps to be found instead of addressin...

The purpose of this article was to create a proposal to reconcile two public policy objectives: to provide housing for low-income families (through the expansion of the Minha Casa, Minha Vida (My Home, My Life) Program) with reduction of costs, and to expand the supply of renewable (solar) energy to dilute the harmful effects on the environment of...

Resumo Esta pesquisa explorou 132 relatórios de sustentabilidade certificados pelo Global Reporting Initiative com o objetivo de analisar a estrutura dos resultados de eco-inovação das empresas instaladas no Brasil a partir dos resultados alcançados nas dimensões ambientais e sociais. Utilizou-se um modelo teórico proposto para criação de um índice...

This research analyzes the eco-innovation performance of a sugar-ethanol plant located in São Paulo State, Brazil. The focus is on constructs related to the generation of innovation, environmental performance and social aspects. The analysis of the capacity to generate eco-innovations was based on investments in fixed assets. As of the environmenta...

Economic crises that emerge from systemic risks suggest that credit risk management in banks is paramount not only for the survival of companies themselves but also for a resilient worldwide economy. Although regulators establish strictly standards for financial institutions, i.e., capital requirements and management best practices, unpredictabilit...

This study investigates the effect of family firm on corporate performance and financial policy (capital structure, cash holding, and cash dividends). Using a sample of Brazilian firms, the study uses a treatment effect model to address self-selection and endogeneity problems. The results show that family firm has a negative net effect on performan...

The research investigated the relationship between financial performance and innovation investments in Brazilian companies in 2003 and 2005 from a sample comprising 231 and 277 industrial companies each year. Data were examined by factor analysis and multiple regression, so that the first stratified the resource innovation and regression analysis c...

El objetivo de este trabajo fue analizar la contribución de los activos intangibles en la creación de valor de las empresas utilizando la metodología propuesta por Gu y Lev (2003, 2011). La base de datos utilizada fue recogida en Datastream con información que abarca el período de 2001-2010. Los principales resultados indican que: (i) las variables...

This article examines the behavior of the exchange rate over the long term from the perspective of the purchasing power parity theory (PPP) model developed empirically by Cassel and of the model proposed by Basso originating from the Marxist benchmark, which emphasizes prices and productivities to determine the exchange rate. The consumer price ind...

A new approach is applied to the assessment of the rational expectations model at the enterprise level, conducted in Nasseh and Strauss (2004), Goddard, McMillan and Wilson (2008) and Rivera Rivera, Martin, Marçal and Basso (2012). We analyze econometric procedures in nonstationary panels detecting unknown structural breaks and allowing for residua...

We have created an index that measures eco-innovation in Brazil at firm level. It is a first experience for the country and for this reason we have organized the survey with a qualitative and quantitative approach. The index was structured based on the experiences of the Eco-Innovation Index (EIO, 2013), on the Brazil Innovation Index (FURTADO and...

Research on capital structure of companies are considered among the most important in the area of finance. Several theoretical approaches have been tested and discussed in the financial literature. This study investigates the level of indebtedness of the largest companies in the light of the two main theories that deal with the subject, the Pecking...

This paper proposes the creation of regional currencies, which we call social currencies; (pesetas, dracmas, liras, and deutsche marks); with the finality of financing minimum income programs and micro-finance programs in Europe. The backing for this currency will be Euros collected, based on the creation of taxes on regional financial transactions...

The performance appraisal measures developed and applied at companies allow them to carry out self-assessments and to seek improvement plans, among others. One of the ways of seeking refinement is through the use of benchmarking, in which companies become involved in a learning system, comparing organizations or even sectors. One of the tools for a...

Macroeconomic aggregates have undergone considerable evolution throughout the 20th century, due to the incorporation of new elements related to aspects such as income distribution and development quality. The Gini index that measures the income concentration of a particular group of the economic activity, and the HDI that evaluates the longevity, e...

Aiming for superior performance, companies need to have and skillfully use rare, valuable, irreplaceable and inimitable resources, with special emphasis on intangibles, constructed in lengthy and risky processes or strategically accumulated via Mergers and Acquisitions (M&A). To analyze how financial performance, after 36 months of M&A, is related...

The Present Value Model (PVM) – in which current security prices depend upon the present value of future discounted dividends, where the discount rate is equivalent to the required rate of return – is one of the long-standing principles of Finance Theory. The objective of this work is to analyze the validity of the PVM between prices and dividends...

O desempenho organizacional no âmbito governamental pode ser explanado em relação aos serviços ofertados como gestão eficaz, redução de custos e benefícios ao cliente/usuário/cidadão. A analise do desempenho das instituições públicas é condição precípua para a tomada de decisão endógena e exógena, bem como na formulação e implementação de políticas...

Utilizando-se técnicas não comuns para painéis não estacionários, o objetivo é analisar as expectativas e racionalidade dos agentes no mercado financeiro por meio do arcabouço teórico de que os preços correntes dos títulos dependem do valor presente dos dividendos futuros descontados. Desta forma, espera-se que preços e dividendos sejam séries não...

RESUMO Este artigo tem como objetivo identificar e verificar como são organizados os principais elementos que compõem a capacidade de inovar de empresas brasileiras. Não há um consenso teórico sobre quais recursos geram inovação, bem como sua importância relativa para o desempenho das empresas. No contexto brasileiro, merece destaque o Índice Brasi...

Considering the relevance of intangible assets in a company’s value and the difficulty to measure them, this study seeks to investigate the adequacy of a performance indicator based on intangibility: intangibles driven earnings (IDE) as proposed by Gu and Lev (2003) and its relation with the creation of shareholder value. Based on data in a panel o...

As empresas estão focando nos ativos intangíveis com a intenção de obter vantagem competitiva, no entanto, não há uma forma sistemática de calculá-los. Gu e Lev (2003) propõem um modelo de mensuração dos ativos intangíveis, onde o desempenho econômico da empresa é gerado por ativos físicos, financeiros e intangíveis. Baseado nessa proposta, calcula...

We propose an alternative measure to compare the sizes of the Chinese and American economy. The relevant exchange rate to compare both economies is the value of money in the Unites States divided by the value of money in China, taking into consideration the relationship between hours of labor.

The objective of this paper is to investigate herding behavior in the Brazilian stock mutual funds. Through the study of the 100 largest funds of the category, between September/2004 and July/2008, two herding indexes are analyzed: (i) the index, proposed by Lakonishok, Shleifer and Vishny (1992) and the index, which is a new method, introduced by...

The resource-based view (RBV) presents itself as a more comprehensive theory than the neoclassical theory in order to explain value creation in the capitalist system. RBV emphasizes the role of strategic resources to the company. A theme hardly touched on by RBV is the role played by risk and uncertainly. The theory adopts the standpoint that the s...

A visão baseada em recursos (RBV) apresenta-se como uma teoria mais abrangente que a teoria neoclássica para explicar a criação de valor no sistema capitalista. A RBV enfatiza o papel de recursos estratégicos para a empresa. Um tema pouco abordado na RBV é o papel que o risco e a incerteza desempenham nessa teoria. A RBV destaca o papel dos recurso...

Purpose – The “resource‐based view” (RBV) of firms considers that major operational and organisational advantages are created in the internal environment of a firm. The implementation of lean manufacturing represents the potential for strategic advantage over competitors, especially in craft‐based industries in developing regions of the world. The...

The historical evolution of the ratio of investments in intangible assets over GNP in the US economy from 1959 to 2007 – which reached 8 to 10% in 2007 - indicates a positive long term trend that is as relevant as the rate of investments in tangible assets in terms of the GNP, during the same timeframe. The most surprising fact however, was the exp...

Given the findings that the market value of companies has been presenting some reasonable discrepancies when compared with its book value, mainly in the last two decades, researchers have sought answers to the causes of those disparities. There is consensus that one of the reasons for the signifcant differences in the amounts of market value and bo...

This paper investigates the relationship between intellectual capital and value creation in the Textile Manufacturing Sector in Brazil. Through the access of the database from the Annual Industrial Research conducted by the Brazilian Institute of Geography and Statistics, we gathered 644 observations, from 2000 to 2006, with more than 100 employees...

This study has as objective to investigate the influence of innovation on capital structure and financial slack of Brazilian companies. In order to conduct the study, four hypotheses are evaluated. The first three hypotheses on this study follow O’Brien’s (2003) propositions. Besides, in an attempt to test the type of financial slack that the compa...

Once several studies have proved that the market value of the companies has distanced themselves from the book value, researchers have been searching the causes that explain the high discrepancy. One research stream focuses the intangible resources, and among these, the impact that the intellectual capital shows on the value creation.This study has...

This research aimed to study the relationship between innovation and variables that represent firm performance. Using a comprehensive database that cross references innovation information gathered by PINTEC (Technological Innovation Research) of IBGE (Brazilian Institute of Geography and Statistics) and financial information made available by Seras...

The present work aims to analyze the decision to abandon investments in a coffee plantation located in the region of Franca (state of São Paulo), in the light of the modern finance theory. The analysis was carried out using the Real Options Theory (ROT), considering the peculiarities of the commodity's production cycle. The optimal abandonment deci...

"Pela qualidade de seu conteúdo, rigor dos modelos matemáticos e, principalmente, pela forma bastante clara e didática com que aborda os fundamentos da gestão de riscos, esta obra surge como referência para o estudo do VaR no Brasil. " Alexandre Assaf Neto professor de Finanças da USP

The historical evolution of the ratio of investments in intangible assets over GNP in the US economy from 1959 to 2007 – which reached 8 to 10% in 2007 - indicates a positive long term trend that is as relevant as the rate of investments in tangible assets in terms of the GNP, during the same timeframe. The most surprising fact however, was the exp...

Recent researches have been evidenced that specific country factors, as legal, institutional and economical environments influence the capital structure of the companies. The present study investigates the determinants of capital structure using panel data, for a sample of 388 companies belonging to the seven larger economies of Latin America (Mexi...

Pesquisas recentes têm evidenciado que os fatores específicos dos países, como os ambientes legal, institucional e econômico, influenciam a estrutura de capital das empresas. O presente estudo investiga os determinantes da estrutura de capital, utilizando painel de dados, para uma amostra de 388 empresas pertencentes às sete maiores economias da Am...

Este estudo testa a teoria das janelas de oportunidade (EMTT) para o mercado acionário brasileiro. Este texto é uma adaptação do artigo de Baker e Wurgler (2002) que testaram com sucesso essa teoria para o mercado acionário americano. A teoria não foi comprovada no mercado brasileiro. A alavancagem diminuiu no primeiro ano após as ofertas públicas...

The search for consistent methodologies in order to identify and measure intellectual capital is becoming increasingly important in every countries. For this reason we tested Pulic (2000) model, which has been successfully tested abroad and in Brazil. These results led us to replicate the VAIC model at an industry-wide level, based on the Annual In...

The study of intangible assets has been attracting growing attention of investors and companies in the last years, mainly due to its potential effect in the creation of value. This interest raises important questions regarding models to evaluate, assess and measure intangible assets and to link its impact on financial variables. In special, one asp...

This work investigates the relationship between intellectual capital and value creation in the sector of Production and Assembly of Vehicles and Auto-parts in Brazil. Through the access of the database from the Annual Industrial Research conducted by the Brazilian Institute of Geography and Statistics, we gathered 865 observations, from 2000 to 200...

Economists have concluded that the intangible assets growth have exceeded expectations in the last years. Although there is no general agreement on its conceptualization the intangible assets's effects in the company's statements have been widely recognized, raising interest from researchers and economic agents on methods of appraisal. The purpose...

O objetivo deste trabalho consiste em analisar o modelo de valor presente entre preços e dividendos com taxa de desconto variável, considerando a empresa como unidade de análise e não o agregado, representado por um índice de ação. Neste sentido utilizou-se painel de dados com raiz unitária e cointegração, denominados modelos de primeira geração. I...

Capital structure and dividends have been frequently studied in corporate finance. In 2002, Fama and French simultaneously analyzed these two subjects in the context of tradeoff and pecking order theories. The simultaneous analysis means acknowledging that dividend influences capital structure and vice versa, leading to an endogeneity problem. Exte...

Recent researches have been evidenced that the specific factors of the countries, as environment legal, institutional and economical exercises influence in the capital structure of the companies of several developed. The present study investigates the determinants of capital structure using panel data, for a sample of 388 companies belonging to the...

This study aims to evaluate the return on investments and its capacity to add value in Third Sector entities, enlarged by the inclusion of aspects of volunteer work. It consists of a descriptive survey of an intentional sample, which identifies multiples that form an integral part of accounting and financial values with social indicators. Investmen...

By adopting Lean Manufacturing firms wants to see the value created in its results at the bottom line. The agricultural machinery and implements sector in Brazil had experienced in Lean and saw its results affected by the program. Using an established analytical model, the paper tests three hypotheses: H1: firms with a high degree of management com...

The purpose is to investigate the existence of a causal relationship in organizational levels of slack, risk, and corporate performance. The starting point is the assumption that the amount of organizational slack is a determining factor of risk reflected by the company, as well as of its performance. To test this relationship, we have considered t...

Esta obra cuida de assunto cada vez mais relevante no Brasil. O tema é complexo e polêmico, com conseqüências enormes não só no mercado de capitais como na economia como um todo. A figura da stock option pode ser vital para o sucesso de uma empresa e ser a razão do escândalo em outra; pode alavancar para o bem e para o mal. Por isso a necessidade...

Este trabalho buscou investigar a possível influência de fato- res na utlização dos instrumentos de derivativos. Em parti- cular, a pesquisa procurou analisar se percepções sobre sub- tipos de flexibilidade de produto (flexibilidade de cláusulas, flexibilidade de proteção, flexibilidade de estrutura e flexibili- dade de anonimato) podem estar assoc...

A geração de valor para o acionista está se tornando uma preocupação cada vez mais presente em resposta à pressão dos investidores e de conselhos de administração. Várias abordagens estão disponíveis, entre estas, uma linha de pensamento ligada ao Lucro Residual, o Valor Econômico Agregado (EVA), metodologia desenvolvida pela Stern Stewart & Co. Pa...

Understanding the dynamics of the adoption of new technologies by consumers is becoming increasingly important, given the speed at which innovations emerge. For the marketing area, new challenges arise because the technological advance may create different product-user profiles, implying the need to implement new mechanisms in order to touch consum...

O entendimento da dinâmica da adoção de novas tecnologias pelos consumidores torna-se cada vez mais importante dada a velocidade de surgimento de inovações. Para a área de marketing, novos desafios surgem, pois o avanço tecnológico pode criar diferentes perfis de usuários de produtos, implicando a necessidade de implementação de novos mecanismos de...

The theory of finance and the theory of strategic planning can be viewed as two cultures that investigate the same problem, despite the differences in language and approach that make them apparently incompatible. In this theoretical essay, it is suggested a new perspective for studies in strategy: the Assets-Actions Approach (AAA). This approach im...

The search for a strategic positioning that allows the creation of sustainable competitive advantages and the consequent generation of extraordinary returns can be studied through several methodologies. From the rich set of tools that can be used to analyze strategic positioning, Levinthal (1997) presents a methodology based on evolutionary biology...

The objective of this article is to examine four theories that consider an explanation and measurement for the value of liquidity. Liquidity will be understood as cash, that is, we are leaving aside assets of lesser degree of liquidity than cash. The article begins with the Keynesian view about the value of liquidity followed by an exploration of t...

This study makes usage of CIV (Calculated Intangible Value) and ICE (Intellectual Capital Efficiency) to measure IC stock and flows respectively. It applies static panel data models, to study the influence of IC on companies ROE (Return-on-Equity), ROA (Return-on-Assets) and ROS (Return-on-Sales) ratios. The research utilizes a sample with data for...

The resource-based view (RBV) appears as a more comprehensive theory than the neoclassical theory to explain value creation in the capitalist system. RBV emphasizes the role of strategic resources to the firm. Barney (1991) adopts the standpoint that the stock of strategic resources is important in the determination of the level of profitability of...

The modern theory of the capital structure has been the subject of a great amount of studies, since the publication of the famous article by Modigliani and Miller (1958) where they defended that, under certain circumstances, the leverage (relationship between equity capital and third party capital) used by companies would not have impact on its val...

A project for rational occupation of the Amazon, considering the characteristics of the region and the sustainability of initiatives, is discussed in this article. The authors initially discuss a panoramic view of the Amazon Region with some data to help in the understanding of this paper, emphasizing the importance of the contextualization of real...

The business ecosystem proposed in this paper involves the implementation of a technological complex in the region of the Amazon rainforest. This complex, which in this project has been named the InoVA (Innovation for the Valorization of the Amazon Rainforest) Ecosystem, considers the region's potentials and resources to promote not only economic p...

Purpose – The purpose of this paper is to discuss whether it is possible to reconcile the objectives of sustainable development (SD) with a company's socially responsible performance in the Brazilian Amazon. The relationship between the concepts of SD and corporate social responsibility (CSR) is presented. Design/methodology/approach – The case st...