Determinantes da rentabilidade das empresas do setor de transporte rodoviário em períodos de crise: uma análise à luz da teoria da contingência

Abstract

This study analyzes the determinants of companies' profitability in the road transportation sector listed on B3 during periods of crisis, specifically the truck drivers’ strike and the COVID-19 pandemic, from the perspective of Contingency Theory. The objective is to analyze, under the lens of Contingency Theory, which variables explain variations in the profitability of companies in the road transportation sector during crisis periods. The research adopts a quantitative approach, including descriptive statistics, median difference tests, correlation analysis, and multiple regression, using data extracted from the quarterly financial statements of a sample of 15 companies in the road transportation and highway concession sectors listed on B3, covering the period from 2015 to 2024. The results indicate a statistically significant difference in return on investment between crisis and non-crisis periods (p = 0.0179), highlighting the greater sensitivity of performance to adverse environmental conditions. During crises, variables related to organizational structure, debt composition, intangibility, and available slack proved to be determinants of profitability. At the same time, traditional indicators such as firm size and total leverage lost relevance. It is concluded that the profitability of companies in the sector depends on the alignment among organizational structure, financial configuration, and the economic environment, confirming contingency assumptions and demonstrating that the effectiveness of managerial decisions varies with the external context.