Investimento em bens de capital: determinantes e impacto no desempenho econômico-financeiro sob a moderação da governança corporativa

Abstract

It is possible to perceive in literature a multiplicity of theories that seek to identify investment determinants. However, this happens in most studies without taking into account the business different and production systems types specificities. In addition, it is clear from notes made in the literature that although investment is expected to be made in order to create value for organizations, this is not always the case. This is because, due to market imperfections, investments can be made in order to satisfy individual or small group interests, which is aggravated when considering that the information is asymmetrical between agents and the main ones, or as it occurs mostly in the Brazilian context , between minority and majority shareholders. Thus, when considering the importance capital goods investment for technological increase and innovation of productive systems, especially in developing countries like Brazil, this study seeks to identify the determinants of capital goods investment and understand how it impacts economic and financial performance. For this, the research is composed of three articles, which have as objectives: : (i) Conduct a bibliometric study to survey the art state about capital goods investment and performance from the web of science base; (ii) Identify capital goods investment determinants considering sectors of Brasil, Bolsa, Balcão (B3); and (iii) Check how investment in capital goods, moderated by corporate governance, impacts the economic and financial performance of companies listed in B3. The first article was carried out using bibliometrics, covering articles from the Web of Scince. For the second, a three-level hierarchical model with random intercepts was used, based on data from Economática, the Brazilian Securities Commission and the Central Bank of Brazil. Finally, for third article, structural equation modeling by partial least squares was used, with data from Economática, Brazilian Securities and Exchange Commission and GetDFPData. Identified in Article 1 an increase in the number of publications regarding capital goods investment and economic and financial performance, themes and theories related to CAPEX were identified and the need to involve corporate governance was confirmed in view of the impact of capital goods investment on performance metrics. In addition, it has been found multiple theories and approaches regarding capital goods investment determinants. In article 2, results revealed variables and phenomena that influence CAPEX and that Brazilian sectors peculiarities must be considered in papers about capital goods investments. Finally, article 3 showed that tax benefits positively influence Brazilian capital goods investment. That capital goods investment influences organizational performance. And that corporate governance, in face CAPEX, seeks to maintain the obligations comply capacity, enhance leverage and reduce investments that do not add value.