Relação entre a capacidade dinâmica e o desempenho da firma a partir de métricas contábeis

Abstract

This study investigated the relationship between dynamic capabilities and firm performance and, in addition, the moderating effect of industry determinants, such as concentration and level of unpredictability, constructed from the metrics contained in the financial statements. Based on the argument that dynamic capabilities, under the process approach, are monitored through the firm's operational processes, which are evidenced by the indexes that make up operational and financial cycles, having peculiar effects in different industries. The sample was extracted from the Comdinheiro® database and includes publicly traded companies listed on B3. The accounting data were collected quarterly in the period from 2010 to 2016. We used five multiple linear regression models, with interaction between variables and combining nested models to test the hypotheses. The results suggest the existence of an inverse relationship between the dynamic capabilities, when monitored by the dynamic indicators that make up the operational and financial cycles, and the performance of the firm. Furthermore, a moderating effect of the degree of concentration and the level of dynamism in the relationship between operational dynamics and firm performance was also identified