Efeitos da estratégia de negócios e da competição no mercardo de produtos na relação entre o ciclo de conversão de caixa e o desempenho da empresa
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Data
2025-05-07
Autores
Nascimento, Edson Queiroz
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Universidade Federal do Espírito Santo
Resumo
This thesis investigates the effects of business strategy (BS) and product market competition (PMC) on the relationship between the cash conversion cycle (CCC) and firms' superior performance. Structured into three articles (chapters), each chapter provides important and complementary contributions to business strategy theory and financial management, with particular emphasis on Chapter 4, which explores dual moderation—an important methodological innovation, as highlighted by da Silva and Vieira (2018), that remains underexplored in the fields of Accounting and Business Administration. In Chapter 2, the specific and combined effects of business strategy and CCC on firms' superior performance are analyzed. Using a sample of firms listed on B3 from 2001 to 2021 and employing logistic regression models clustered by sector and year, the results demonstrate that firms with conservative CCC management are more likely to achieve superior performance. Additionally, firms with prospector strategies outperform those with defender strategies. The study also highlights that the combination of a business strategy with conservative working capital management enhances the chances of superior performance, emphasizing the role of financial slack as a facilitator of this strategic-operational alignment. Chapter 3 focuses on the moderating role of product market competition (PMC) in the relationship between CCC and superior performance. Based on 1,593 firm-year observations from 2001 to 2021 and using logistic regression models, the results indicate that PMC significantly influences the CCC performance relationship. In highly competitive markets, aggressive CCC management increases the likelihood of achieving superior performance due to the pressure for operational efficiency. In contrast, in markets with low competition, conservative CCC management is more effective. The study also shows that financial slack influences this relationship, reinforcing its importance within the firm’s context. Chapter 4 presents the main contribution of this thesis: the analysis of the dual moderation of business strategy and PMC in the CCC performance relationship. Using the same sample and methodology as in previous chapters, the study reveals that CCC effectiveness is conditioned by the interaction between business strategy choices and the competitive environment. In low-competition markets, a defender strategy combined with conservative CCC management leads to better performance, whereas in highly competitive markets, a prospector strategy with aggressive CCC management is more efficient. The analysis of CCC components highlights that receivables and payables management amplifies its effects under dual moderation, while inventory management is attenuated in high-competition settings. These results align with contingency theory, resource based theory, and agency theory, demonstrating that superior performance results from the integration of internal resources, strategic positioning, and alignment with the competitive environment. By testing the dual moderation between business strategy and product market competition, this thesis advances the understanding of how firms can optimize their cash conversion cycle to achieve superior performance, contributing to the literature by providing empirical evidence on the dynamic interaction between strategy and competition
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Palavras-chave
Ciclo de conversão de caixa (CCC) , Estratégia de negócios (EN) , Competição no mercado de produtos (CMP) , Desempenho superior (DS) , Moderação dupla (MD) , Cash conversion cycle (CCC) , Business strategy (EN) , Product market competition (CMP) , Superior performance (SP) , Double moderation (DM)