Decisão de investimento de capital em empresas algodoeiras / Decision of capital investment in cotton companies

AUTOR(ES)
DATA DE PUBLICAÇÃO

2009

RESUMO

This thesis investigates capital equipment analysis and investment projects in cotton gins, raw cotton and oil seed processing units. The Brazilian cotton industry passed through a crisis in competitiveness during the 1980s and 1990s, however, more recently, it has regained international reputation with a high quality product reaching high export levels as well. Considering that this movement has been witnessed only in specific regions or states, other than traditional growing areas, this study seeks to identify and discuss capital investment decision characteristics of a chosen group of managers of cotton gins. A qualitative and exploratory approach toward the data was applied with the use of the conversation analysis method, a type of content analysis. This method permitted not only the identification of particularities of each business unit under investigation but also inferences concerning reasons, causes and behaviors based on answers extracted from open questionnaires. The results of this research reveal a managerial focus toward an attempt of guaranteeing satisfactory operational results on the short run instead of purposeful actions aligned with desirable future positions for the businesses. In this way the businesses investigated seem to be more susceptible to environmental uncertainties in which they operate, once there isnt a broader visualization of the possibilities that investments may bring to them. The emphatic managerial consideration of financial burden in the investment decision might explain in part the more adaptive characteristic of the planning task shown in most of the businesses under research. Thus, operational costs may be influencing managerial behavior in capital equipment assessment, being more present in the mind of managers than the possibilities of gain from new investments. There is a strong presence of behavioral aspects in investment decision-making by the managers interviewed. A main limitation of this research has to do with the convenience in the selection of the businesses investigated, as well as the non representative sample of a major universe of cotton gin units. In later works, it may be considered an investigation of the risk and uncertainty variables from managers or entrepreneurs perspective. It is hypothesized that some of the well known methods of risk management might positively contribute to the capital equipment assessment, allowing a more intense use of capital budgeting techniques by managers and entrepreneurs.

ASSUNTO(S)

planejamento empresarial administração de investimentos administração de projetos business planning investment management tomada de decisão decision-making project management

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