Impulsionadores macroeconômicos do desempenho financeiro das empresas de geração de energia nos mercados emergentes e desenvolvidos

Autores

DOI:

https://doi.org/10.18041/1900-3803/entramado.2.12885

Palavras-chave:

Financial performance, Energy firms, Multiple factor analysis

Resumo

Este estudo analisa a influência de fatores macroeconômicos no desempenho financeiro de empresas geradoras de energia, comparando economias emergentes da América Latina com um mercado desenvolvido. Com base em dados de painel de 106 empresas em seis países (2018-2022), utiliza-se modelagem multinível para avaliar os efeitos em nível empresarial e nacional, complementada com Análise Fatorial Múltipla Dual (DMFA) para identificar relações latentes entre variáveis financeiras e macroeconômicas. Os resultados indicam que as flutuações do tipo de câmbio e a inflação são determinantes significativos do retorno sobre o capital (ROE), com coeficientes de 0,57 e -0,32, respectivamente. Indicadores internos como a margem de lucro bruto (β = 0,30) e o índice de liquidez imediata (β = 0,22) também mostram fortes associações positivas com o ROE. As diferenças na sensibilidade macroeconômica entre os mercados desenvolvidos e emergentes ressaltam a importância de estratégias financeiras específicas para cada contexto no setor energético.

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Biografia do Autor

  • Luisa F. Muñoz-Alzate, Universidade del Valle, Cali - Colombia

    Universidade del Valle, Faculdade de Engenharia, Escola de Engenharia Industrial, Colômbia.

  • Orlando Joaqui-Barandica, University of Valle, Cali - Colombia

    Doctor of Engineering with an emphasis in Industrial Engineering from the Universidad del Valle (Cali, Colombia). Assistant professor at the Universidad del Valle, Cali, Colombia.

  • Diego F. Manotas-Duque, University of Valle, Cali - Colombia

    Doctorate in Engineering from the University of Valle and a Master's Degree in Management with an emphasis on Finance. Full professor at the School of Industrial Engineering at the University of Valle, Cali, Colombia.

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Publicado

2025-07-15

Edição

v. 21 n. 2 (2025): Entramado

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ARTIGOS DE PESQUISA

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