Crecimiento y rentabilidad en el mercado emergente brasileño

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Publicado 18-09-2018
Julio Daza Izquierdo

Resumen

En los últimos años, las economías emergentes están tomando las primeras posiciones a nivel mundial. Las consecuencias de la crisis financiera han provocado que inversores y empresas dirijan sus capitales y esfuerzo hacia los mercados emergentes en busca de crecimiento y rentabilidad empresarial que los países desarrollados no ofrecen. En este contexto, el objetivo del presente estudio consiste en analizar el crecimiento empresarial en Brasil durante el periodo 1995-2011 y, más específicamente, sus variables explicativas y la interrelación con la rentabilidad empresarial. Para ello, en primer lugar realizamos la estimación de un modelo de regresión dinámi­co con datos de panel empleando el Método Generalizado de los Momentos (GMM). En segundo lugar, emplea­mos un sistema de Vectores Autorregresivos (VAR) para analizar la relación entre crecimiento y rentabilidad. Los principales resultados obtenidos nos indican que la obtención de mayores tasas de rentabilidad proporcionan un mayor crecimiento empresarial, pero no al contrario. Además cabe señalar que el comportamiento del cre­cimiento empresarial es diferente según la propiedad y el control de las empresas. Además, aportan un mayor conocimiento del comportamiento del crecimiento empresarial en Brasil, siendo útil para la toma de decisiones de empresarios e inversores, y así pueden ser utilizados para la toma de decisiones en el ámbito de la política regional y social.

Cómo citar

Daza Izquierdo, J. (2018). Crecimiento y rentabilidad en el mercado emergente brasileño. Cuadernos De Gestión, 15(2), 91–112. https://doi.org/10.5295/cdg.130444jd
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Keywords

Crecimiento y rentabilidad empresarial, mercados emergentes, datos panel, GMM

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