CUSTO DE CAPITAL E A COMPETITIVIDADE MUNDIAL: UM ESTUDO SOBRE AS VARIÁVEIS QUE INFLUENCIAM O CUSTO DE CAPITAL DISPONÍVEL PARA AS EMPRESAS / COST OF CAPITAL AND THE WORLD COMPETITIVENESS: A CASE STUDY ABOUT THE VARIABLES THAT AFFECTS THE COST OF CAPITAL AVAILABLE FOR THE COMPANIES

AUTOR(ES)
DATA DE PUBLICAÇÃO

2006

RESUMO

Identifying the variables that positively or negatively impacts a company´s Cost of Capital or, in a general way, a country´s Cost of Capital has been the objective of much research published in the academic environment in the last few years. The appearance of the Capital Asset Pricing Model - CAPM in the early ´60s could be seen as a milestone inasmuch as, after its publications, various studies, such as those performed by Gitman e Forrester (1977), Gitman e Mercurio (1982), Moore e Reichert (1983), Trahan e Gitman (1995), Bruner (1998), Block (2000) e Graham e Harvey (2001 e 2002), challenge the investment decision-making practices and cost of capital estimates in US corporations. The variables that affect the profitability of a determined industry were more closely studied after the publication of the Five Competitive Forces Model (Porter, 1980). Based on the huge complexities that involves those issues, and which arose during this research, one of the principle questions to be answered became: what are the variables that influence the total Cost of Capital available for a company, in any given country, in light of the fact that it may be very different from country to country? Upon analyzing the data, we see that, in emerging countries, the cost of capital is related to Employment, Education, Basic Infrastructure, International Investment and International Trade, while in developed countries, it is related to Basic Infrastructure, Prices, Public Finance and Managerial Practices.

ASSUNTO(S)

custo de capital empresas countries competitividade enterprises paises cost of capital competitiveness

ACESSO AO ARTIGO

Documentos Relacionados