Impacto da dívida e da diversificação no desempenho das empresas brasileiras: um estudo sob a ótica da Teoria Baseada em Recursos, Teoria da Agência e Teoria dos Custos de Transação

Abstract

Expand your products to multiple areas of focus or narrow and focus your portfolio on only a small portfolio of products? A question that the academics and professionals of the area have tried to answer. Given this, the present work contributes to this discussion, having as its theme the diversification and its relation with the indebtedness and performance of the companies. The justification for studying this relationship consists of the theoretical controversies on the subject, present in important theories for administrative knowledge. The Transaction Costs Theory deals with the relationship of the individuals in their negotiations, and when a new participant enters a market, it does not have a vast knowledge of it, allowing the opportunism and elevation of the costs of the transactions, making the company is in debt and reduces its performance as it diversifies. For the Agency Theory, there is a tendency to increase the company's indebtedness so that it limits the actions of the manager, thus reducing the agency conflict, making it impossible for the manager to diversify, but rewarded being for a higher value of the company. Finally, Resource-Based Theory has a third approach, in which diversification generates access to new resources, in addition to financial ones, being possible through new loans, and the conglomeration of resources facilitates the development of competencies and the maintenance of competitive advantages. Therefore, the objective of this dissertation is to analyze the relationship between Debt Banking and Debt Obligation with Market Diversification and Product Diversification and Performance. In order to understand these relations, it was decided to use Linear Regression with Data in Panel, and for Market Diversification, Dom Cabral Foundation's internationalization level data is used for Product Diversification the quantity of products according to the Reference Form of the Companies Listed on B3, present on the website of the Brazilian Securities and Exchange Commission. A Robustness test was performed with the data, evaluating whether the relations change when replacing the Market to Book Performance for Market Value and Q of Tobin, A. Another contribution point for the discussion on the topic is the use of methodologies to eliminate the problem of endogeneity, using for this the independent variables lagged in a period with the dependent one. As a result, a positive and significant relationship observed was between Bank Debt and Market Debt Obligation Debt, and when faced with both, the only one that had statistically significant interference was Debt Obligation, thus related being to the Theory Based on Resources. But we can’t see a relationship between Market Diversification and Performance, even changing the dependent variable, showing a possible failure to achieve complementary markets, but when the independent variables lagged in a period, the Bank Debt positively impacts the Performance, thus aligning with Agency Theory. As for Product Diversification, it was not possible to observe a relationship with Debt Obligation and Bank Debt, which may represent a preference for the use of internal resources, thus aligning with the Pecking Order Theory, which addresses a pyramid of priorities in fundraising preference for inmates. But when confronted with Product Diversification with Performance, we observe a positively significant relation, thus contributing to the Theory Based on Resources, it is worth noting that the results remain unchanged for the model without endogeneity, but when the performance variable is substituted for Value of Market Debt Obligation started to positively impact Performance, denying Peking Order and aligning with the Resource Based Theory. We conclude that the results are as varied as the number of theories used by academics to represent reality.