Avaliação da eficácia das estratégias de posicionamento e do nível de atratividade setorial, do ponto de vista do acionista

Abstract

Fundamental issues dealt by scholars in the strategic field refer to the explanation of the heterogeneity of return distribution among firms. In Brazil, empirical researches that aim to measure abnormal returns and to relate them to strategic issues have not received proper attention by scholars. In this paper, empirical findings that serve both to measure industry attractiveness to stockholders and to assess the efficiency of positioning strategies are discussed. Following the foundations of the Industrial Organization Tradition, accounting archival data, covering 16 years (1986 - 2001) of main Brazilian economic sectors, were gathered and analyzed in a exploratory and longitudinal research design, in order to build two-dimensional business landscapes. Results suggest that Steel Manufacturing, Vehicle Manufacturing, Electronics Manufacturing and Textile industries have generated negative long-term average returns on equity (ROE) and that none of the analyzed industries, in the long-term average, have created value to their firms´ stockholders, considering opportunity costs as the cost of capital. Also, firms in Paper and Cellulose, Energy, Financial, Telecommunications and Construction industries have lower probability, comparing to firms in other industries, to yield abnormal returns using positioning strategies in the industry.

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