https://repositorio.ufu.br/handle/123456789/36251 2026-09-03T11:24:37Z 2026-09-03T11:24:37Z https://repositorio.ufu.br/handle/123456789/49856 2026-08-27T06:21:58Z 2026-04-01T00:00:00Z

Title: Relação da diversificação geográfica dos negócios, esforços em inovação e fatores contingenciais no desempenho financeiro: uma análise das empresas brasileiras Abstract: Context: Organizations face increasing pressure to pursue opportunities in international and regional markets, driven by global competition and the need to enhance competitiveness and survival rates. Although geographic expansion is a strategic move, it presents significant challenges—particularly in emerging economies—where contingency factors (such as economic cycles, public policies, regional absorptive capacity, and institutional heterogeneity) moderate the relationship between geographic diversification, innovation, and financial performance. Existing literature on internationalization, innovation, and performance remains inconclusive, especially within the Brazilian context, where the interplay among international expansion, regional expansion, innovation efforts (R&D, brands, patents, energy transition), and contingency factors (government subsidies, crisis periods, regional development) remains underexplored. This gap justifies research examining the interaction between geographic diversification (international and regional), innovation across its multiple dimensions, and the contingency factors that determine the effectiveness of these strategies. Objective: To investigate how geographic diversification (international and regional expansion), innovation efforts (R&D, brands, patents, energy transition), and contingency factors (tax incentives, crisis periods, regional development, absorptive capacity) influence the financial performance of publicly traded, non-financial Brazilian companies. Method: The research was structured into three complementary studies. The first study developed a theoretical framework integrating the Resource-Based View (RBV), Contingency Theory, and Internationalization Dynamics, demonstrating that performance is a function of innovation resources, geographic diversification strategy, contingency factors, and the interactions among these elements. The second study empirically analyzes international expansion, examining 1,286 observations of Brazilian companies (2008–2022) to test how export intensity, innovation efforts (R&D, brands, patents), and crisis periods influence performance (ROA, Tobin’s Q), with an emphasis on heterogeneous effects during economic crises. The third study addresses regional expansion, analyzing 58 companies in the Brazilian energy sector (2010–2022) to test how R&D, the energy transition, government subsidies, and regional heterogeneity influence performance (ROA, ROE), focusing on mechanisms of regional absorptive capacity. The findings reveal complex dynamics. First, exporting showed a positive correlation with ROA but a negative one with Tobin’s Q, suggesting that international markets require high investments with long-term returns. R&D, brands, and patents correlate positively with performance, confirming the value of innovation resources. However, interactions between exporting and innovation are not significant, indicating they operate through distinct channels. Crisis periods diminish the effects of exporting and innovation, revealing the vulnerability of international diversification strategies to macroeconomic shocks. Second, the energy transition boosts performance (ROA and ROE), generating immediate returns. R&D shows negative coefficients, suggesting that innovation requires longer time horizons. Subsidies amplify combined effects (R&D × Energy Transition × Internationalization for ROA and ROE), indicating that well-targeted public policies complement private investments. Subsidies have a negative effect in less developed regions when isolated but a positive effect when combined with R&D and the energy transition, suggesting that regional absorptive capacity is a relevant factor. Geographic diversification (international and regional) generates returns but entails significant complexity and context dependence. Innovation is fundamental, though it operates over different time horizons. Contingency factors significantly moderate these effects, confirming contingency theory. Subsidies amplify the impact of private innovation when well-targeted. Alignment of the research with the PPGAdm concentration area (Regionality and Management) and research line: The research aligns with the concentration area by examining how geographic diversification—at both international and regional scales—influences regional development and organizational performance. Specifically regarding the regional dimension, the study analyzes how geographic location, regional development, institutional heterogeneity, and regional absorptive capacity determine the effectiveness of diversification and innovation strategies. Regarding the organizational management dimension, it provides evidence on how managers can tailor innovation and diversification strategies to the regional context, with implications for resource allocation, location decisions, and value capture of public policies. Based on its research focus, it integrates distinct theories—linking the Resource-Based View (RBV/innovation resources), Contingency Theory (contextual factors), and Internationalization Dynamics—to offer a theoretical framework for understanding the complex relationship between diversification, innovation, and performance in specific regional contexts. Impact and innovative nature of the intellectual output: This research is innovative in several respects: (1) It achieves theoretical integration by linking RBV, Contingency Theory, and Internationalization, demonstrating that performance is a function of resources, context, and organizational strategies—an interplay rarely explored collectively in the literature. (2) It simultaneously examines international and regional expansion, revealing that effects vary across scales. (3) It distinguishes between short-term innovation (energy transition) and long-term innovation (R&D), showing that public policies must differentiate between types of innovation. (4) It extends Cohen & Levinthal’s theory to the context of regional heterogeneity, demonstrating that less developed regions can convert subsidies into innovation when combined with R&D and energy transition efforts. (5) It demonstrates that subsidies amplify the impact of private innovation, contradicting the crowding-out hypothesis. (6) It provides an analysis of the Brazilian energy sector, a critical sector for the energy transition. (7) It covers multiple crises, allowing for an analysis of heterogeneous effects during periods of crisis. Economic, social, and regional impact: The research offers several contributions. In the economic dimension, it provides evidence on how firms can strategically combine geographic diversification, innovation, and the utilization of public policies to achieve superior performance. Results suggest that well-targeted subsidies amplify the impact of private innovation, with implications for public policy design in emerging economies. In the social dimension, it demonstrates that regional diversification—when combined with innovation and the development of absorptive capacity—can foster employment, income, and opportunities in less developed regions. Furthermore, the analysis of the energy transition contributes to the global sustainability agenda. At the regional level, the study analyzes Brazilian companies with operations in specific regions, providing insights into how regionalized subsidy policies and the development of absorptive capacity can foster sustainable regional growth. Regional implications: The findings demonstrate significant regional implications. Geographic expansion yields returns, yet the effects vary based on regional development levels, absorptive capacity, and public policies. Specifically, government subsidies have a negative effect in less developed regions when applied in isolation, but a positive effect when combined with R&D and the energy transition, suggesting that regional development requires an integrated approach. The energy transition generates immediate returns, whereas R&D requires longer time horizons, implying that regional policies must distinguish between short- and long-term innovations. The research provides an empirical basis for designing more effective regional policies, demonstrating that less developed regions can achieve superior performance when subsidy policies are combined with investments in regional absorptive capacity (universities, research centers, workforce training) and diversification strategies that foster resilience during crises, thereby contributing to sustainable regional development. Sustainable Development Goals (SDGs) addressed: The research contributes to multiple SDGs: SDG 8 (Decent Work and Economic Growth) by examining how geographic diversification and innovation can foster employment and economic growth in less developed regions. SDG 9 (Industry, Innovation, and Infrastructure) by analyzing the role of R&D, brands, patents, and the energy transition as drivers of industrial innovation, and by providing evidence on how public policies can stimulate private-sector innovation. SDG 12 (Responsible Consumption and Production) through the analysis of the energy transition as a strategy for more sustainable production, observing how companies can adopt renewable energy and improve energy efficiency. SDG 13 (Climate Action) by contributing to the understanding of how the energy transition at the corporate level can reduce carbon emissions and contribute to global climate goals. SDG 17 (Partnerships and Means of Implementation), by demonstrating the importance of alignment among public policies (subsidies), regional absorptive capacity (universities, research centers), and private investments in innovation to achieve sustainable development goals.

2026-04-01T00:00:00Z https://repositorio.ufu.br/handle/123456789/49126 2026-07-28T06:21:57Z 2026-04-24T00:00:00Z

Title: O dark side do trabalho com mídias sociais sob a ótica da Teoria da Dependência de Mídia: um estudo com influenciadoras digitais do Triângulo Mineiro Abstract: Background: This study investigates the contemporary landscape of digital labor, characterized by the rise of social media platforms as central infrastructures for work. In this context, digital influencers emerge as workers who are structurally dependent on these technologies to produce content, establish connections, and secure their position in the marketplace, while facing dynamics of algorithmic power and constant surveillance. Objective: To understand digital influencers’ experiences and perceptions regarding the negative effects of social media dependency on their daily work activities. Method: This study adopts a qualitative, exploratory-descriptive research design based on a case study approach. To ensure the rigor and validity of the findings, data and source triangulation were employed. The research corpus was constructed from 20 semi-structured interviews with digital influencers from the Triângulo Mineiro region, netnographic observation on Instagram, and documentary analysis of 58 news reports. The data were analyzed using Thematic Analysis, supported by the MaxQDA software. Results: The findings revealed that digital influencing work is permeated by technical (algorithms), moral (regional community), and bodily (aesthetic) forms of control that generate structural vulnerabilities. The negative effects of social media dependency experienced by digital influencers were categorized into eight thematic dimensions: psychological distress and exhaustion (anxiety, burnout, and insomnia), body, image, and aesthetic performance (aesthetic pressure and body dissatisfaction), digital violence and social control (haters, harassment, and cancel culture), technological and algorithmic dependency, professionalization and work routines (work overload and the blurring of boundaries between personal life and work), monetization and the market (financial instability and professional precarization), regionality and social ties (pressures arising from close relationships within the local community), and ethics, gender, and regulation (gender inequalities, harassment, and regulatory challenges). Alignment with the Research Area (Regionality and Management) and Research Line: The study aligns with the Regionality and Management area by examining how global platformization processes are experienced by digital influencers within a specific territorial context (the Triângulo Mineiro region). It also aligns with the Society, Development, and Regionality research line by investigating, at the individual level, how labor platformization and social media dependency affect the health and careers of digital influencers in Triângulo Mineiro, revealing how global technological dynamics are shaped by moral and social pressures specific to the regional context. Innovation and Intellectual Contribution: This research contributes by extending Media Dependency Theory (MDT) beyond informational consumption, focusing on an ontological and structural dependency within digital labor. Additionally, it systematizes the dark side of digital influencing work into eight integrated dimensions, uncovers hidden issues such as harassment and racism, and highlights the novel role of spirituality and faith as coping mechanisms for dealing with the negative effects of social media dependency. Economic, Social, and Regional Impact: The study contributes to raising awareness about mental health within the creator economy and provides insights for developing more sustainable career management strategies. The findings may inform public policies aimed at protecting digital workers and assist local marketing agencies in understanding the actual working conditions and ethical boundaries involved in partnerships with regional influencers. Regional Implications: This study provides an overview of the influencer market in the Triângulo Mineiro region, highlighting how local characteristics shape the behavioral and social dynamics of digital influencing. The findings underscore the importance of informal support networks within the region and discuss how brands can play a positive role by fostering healthier and less precarious professional relationships.

2026-04-24T00:00:00Z https://repositorio.ufu.br/handle/123456789/48924 2026-07-21T06:27:43Z 2026-03-18T00:00:00Z

Title: Performance ESG, emissão de carbono e dividendos: uma análise comparativa entre países emergentes, Brasil e suas regiões Abstract: Context: Recently, issues related to sustainability, especially climate change, have taken center stage in debates among companies, investors, and regulators, even influencing financial policies such as dividend policies. Șerban et al. (2022) and Shu and Tan (2023) highlight that ESG indicators have become established as a standard metric for evaluating corporate sustainability, strengthening business resilience and attracting investors. Complementarily, Nirino et al. (2021) associate sustainability with strategic investment, financing, and dividend distribution decisions. However, empirical results are divergent. Benlemlih (2019), Verga Matos et al. (2020), and Bilyay Erdogan et al. (2023) identify a positive relationship between better ESG practices and higher, more stable dividends, while Niccolò et al. (2020) suggest that such practices may reduce free cash flow and limit profit distribution. Regarding carbon emissions, Balachandran and Nguyen (2018) point out that more polluting companies tend to pay lower dividends, while Mazzarano et al. (2024) find a positive relationship, indicating a demand for higher returns from investors in the face of climate risk. In this context, Brazil is treated as a representative case of an emerging economy, marked by strong regional heterogeneity, which reinforces the importance of analyzing regionality as an institutional moderator of corporate behavior. Objective: The objective is to investigate the relationship between ESG (Environmental, Social and Governance) practices, carbon emissions, and the dividend distribution policy of Brazilian firms and firms from emerging countries. Method: The ProKnow-C Knowledge Development Process Constructivist methodological process was adopted. The study was structured in two sample segments, one Brazilian and the other from emerging countries, with data from the Eikon Refinitiv® database for the period from 2010 to 2024. The Brazilian sample comprised 342 firms listed on the B3, distributed across the country's five macro-regions. In the international phase, 23,405 observations from 26 emerging countries were analyzed. Regressions were estimated using Tobit and Logit techniques in Stata® software, with additional application of the Firth Logit as a robustness test. Results: The results indicate that, in Brazil and emerging countries, dividend policy is mainly explained by economic and financial factors, while ESG and CO₂ emissions exert a secondary influence. Regarding Hypothesis H1, General ESG and the Environmental pillar H1a mainly affect the amount distributed; the Social pillar H1b impacts both the decision and the volume; and Governance H1c had a negative effect on the probability of payment. Regarding Hypothesis H2, total emissions do not directly influence dividends in Brazil (H2 and H2a rejected), but Scope 2 emissions (H2b) and Scope 3 emissions (H2c) showed a positive effect, with H2b partially confirmed and H2c confirmed. Hypotheses H3 and H4 were partially confirmed, showing a greater propensity and intensity of payment in the South and Southeast, while the Northeast showed less distributive capacity. In emerging markets, Hypothesis H5 was partially confirmed, indicating that ESG increases the volume distributed but reduces the probability of payment. Hypothesis H6 demonstrated that the effect of emissions varies according to the region, increasing dividends in Asia and Central America and reducing the probability of payment in Europe and Africa. In summary, the relationship between ESG and dividends is complex and conditioned by regionality, which acts as a central moderator in Brazil and emerging markets. Research Alignment with the PPGAdm's Area of Concentration (Regionality and Management) and Research Line: This research aligns with the PPGAdm's area of concentration in Regionality and Management by addressing structural inequalities between Brazilian regions and institutional differences that influence corporate behavior. By examining the relationship between ESG practices, CO₂ emissions, and dividend policy, it highlights how regional factors, such as sectoral structure, institutional maturity, regulation, and the weight of agribusiness, condition corporate decisions. By extending the analysis to emerging countries, the study reinforces this alignment by comparing different regional and institutional contexts, showing how management adapts to local and global specificities. Impact and innovative character in intellectual production: The research contributes by integrating, in a structured way, three dimensions that are often analyzed in isolation: ESG, carbon emissions, and dividend policy, focusing on Brazil and emerging markets. By engaging with Agency Theory, Pecking Order, Signaling, Stakeholders, Legitimacy, and Disclosure Theory, it broadens the understanding of the influence of environmental and non-financial factors on corporate decisions. In the theoretical field, it relates ESG and emissions to agency costs, positions dividends as a possible mechanism for mitigating conflicts, and incorporates carbon policy into financial analysis, especially in the Brazilian regulatory context. Its innovative character lies in treating carbon emissions as a financial determinant capable of impacting cash retention, capital structure, and shareholder remuneration, expanding the scope of traditional financial theory. Economic, social, and regional impact: The study generates economic, social, and regional impacts with relevant practical applications. On the economic level, by demonstrating how ESG practices and CO₂ emissions influence dividend intensity, it provides support for investment decisions and distribution policies that are more aligned with sustainability. In the social sphere, it identifies which ESG dimensions affect dividend policy, strengthening transparency and corporate responsibility. From a regional perspective, by highlighting inequalities between Brazilian regions and emerging countries, it contributes to public policies and business strategies adapted to local realities. As outcomes, technical reports, corporate communications, comparative tools, and consulting services in governance and sustainability stand out. Regional implications: As a regional implication, the study directly engages with the area of influence of UFU, especially in the Triângulo Mineiro and Alto Paranaíba regions. By analyzing the relationship between ESG practices, CO₂ emissions, and dividend policy, it contributes to understanding how sustainability and governance factors affect companies in strategic sectors of the region, such as agribusiness, industry, and services. In this way, the research reinforces UFU's role as an agent of socioeconomic development, by bringing academic production closer to the demands of local organizations and consolidating regionality as a central axis of analysis and a competitive advantage for the region. Sustainable Development Goals addressed in the research: In light of the UN's 2030 Agenda, the study engages with different Sustainable Development Goals. It contributes to SDG 7 by highlighting Brazil's potential in renewable energies and its capacity to attract sustainable investments; to SDG 8 by relating sustainability and dividends, encouraging practices that reconcile financial return and social impact; and to SDG 9 by stimulating improvements in governance, transparency, and corporate innovation. It also aligns with SDG 12 by associating ESG practices and carbon emissions with efficient capital allocation and corporate responsibility. SDG 13 constitutes the central axis of the research, highlighting how climate risks influence financial decisions and how carbon policies can mitigate them. Finally, it contributes to SDG 17 by integrating companies, investors, and regulators in promoting more sustainable markets.

2026-03-18T00:00:00Z https://repositorio.ufu.br/handle/123456789/48750 2026-06-11T06:19:15Z 2026-05-28T00:00:00Z

Title: Impactos da remuneração executiva sobre o desempenho ESG e a gestão de resíduos: evidências em países emergentes e implicações para a regionalidade brasileira Abstract: Background: In recent decades, in light of contemporary sustainability-related challenges, social, regulatory, and institutional pressures on companies to integrate ESG practices into their corporate strategies have intensified. These practices, which encompass environmental, social, and governance initiatives, also extend to corporate waste management, a particularly relevant issue given the environmental impacts associated with waste generation, disposal, and recycling. Although several organizational mechanisms that promote ESG practices have already been examined in the literature, the role of executive compensation as an incentive mechanism, particularly in the context of waste management, still lacks robust empirical evidence. Objective: To investigate the effects of executive compensation on ESG performance and waste management in publicly traded non-financial companies located in 11 emerging G20 economies during the 2016–2024 period, as well as to identify possible implications of the main empirical findings for Brazilian regionality. Method: To achieve the objectives of the study, three research stages were structured. The first consisted of a systematic literature review based on the ProKnow-C methodology. In the second stage, a multilevel model was employed to estimate the associations between executive compensation proxies and the dependent variables, ESG performance and total waste generation, as well as to identify the relative importance of the effects at each level by decomposing the variability across countries, across firms, and within firms over time. In the third stage, to verify the consistency of the main findings and identify additional empirical evidence, robustness analyses and additional tests in different contexts were conducted. Results: Overall, the results of the study indicate that executive compensation proxies are associated with better ESG performance. In contrast, consistent evidence was found indicating that these proxies do not robustly contribute to reducing waste generation or increasing the recycling and reuse of corporate waste, suggesting that other Corporate Governance (CG) mechanisms may be more effective in waste management. Adherence to the research area of the PPGAdm (Regionality and Management): This study is situated within the field of corporate finance, with a focus on executive compensation, and addresses regionality both in the context of emerging countries and in the possible implications of the empirical findings for Brazilian regionality. Impact and innovative character in intellectual production: In theoretical terms, the topic addressed expands the debate on CG mechanisms by examining the effects of different executive compensation proxies on ESG performance and corporate waste management. In particular, the total compensation of senior executives represents a variable that remains underexplored in the academic literature in the context of reducing total waste generation. Waste management is a current and relevant issue for sustainability; however, it is still relatively neglected by both companies and the academic literature. The study also differs by analyzing this context using a sample of companies located in emerging G20 countries. From a methodological perspective, the research contributes by employing econometric strategies that are less commonly adopted in studies on these topics, such as the multilevel model. It also brings to discussion possible limitations arising from the adoption of only one methodological perspective of analysis. Furthermore, its innovative character also lies in identifying possible implications of the empirical findings for Brazilian regionality, thereby contributing to discussions on regional development. Economic, social, and regional impact: This study provides new insights into the role and shared responsibility of firms regarding ESG performance and waste management. It may contribute to aligning corporate strategic objectives with corporate waste management practices and encourage companies to rethink alternatives that promote such management. It also provides support for the redesign of executive compensation contracts and highlights the importance of joint action among firms, the public sector, and the third sector in favor of sustainability. Furthermore, it contributes to the academic literature by discussing the effectiveness, limitations, and rationale of executive incentive policies, as well as providing additional information for investors who value waste management-related practices in portfolio composition. Finally, it contributes to discussions on the Sustainable Development Goals (SDGs), particularly SDG 12. Regional implications: Executive compensation may strengthen ESG practices; however, in isolation, it is not sufficient to promote corporate waste management, which also depends on other institutional factors, regulatory aspects, and organizational maturity. Thus, for organizations operating in the mesoregions of Triângulo Mineiro/Alto Paranaíba, Southern Goiás, and Eastern Mato Grosso do Sul, the improvement of internal corporate governance, the strategic alignment of ESG and waste management, joint action with regional public governance, the adoption of complementary policies—such as incentives for the circular economy, the strengthening of extended producer responsibility, and better environmental monitoring—as well as partnerships between the private sector and the third sector, may foster outcomes that contribute to sustainable regional development. Furthermore, integrating waste management into corporate strategy and executive compensation, in addition to representing a competitive advantage for companies and signaling commitment to sustainability to stakeholders, may generate social, environmental, and economic benefits for the communities in which they operate. Sustainable Development Goals addressed in the research: Although nearly half of the 17 SDGs are directly or indirectly associated with waste management, the main focus of this study is SDG 12 (Responsible Consumption and Production), particularly targets 12.5 and 12.6, namely: “By 2030, substantially reduce waste generation through prevention, reduction, recycling, and reuse” and “Encourage companies, especially large and transnational companies, to adopt sustainable practices and to integrate sustainability information into their reporting cycles”, respectively (United Nations Brazil, n.d.). Additionally, SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action) are briefly incorporated into the discussions.

2026-05-28T00:00:00Z