Variância e performance: um estudo empírico com empresas brasileiras

The objective of the present research is twofold. First, it intends to review the status of research to date focusing on variance analysis of performance. Preliminary literature review shows that, although seen by some as contradictory, the findings of previous variance analysis of performance studies for the manufacturing group of industries can be reconciled. Firm idiosyncratic effects represent the largest component of performance variance. Industry effects are also significant, but much smaller. Year effects have been found to be absent or very small. Second, it contributes to the debate exploring the analysis of performance in an extremely turbulent environment. One intriguing finding in previous research has been the very small, sometimes absent, year effects. A turbulent environment, by definition, would allow one to expect these year effects to be larger. To investigate this possibility we propose to perform a variance analysis of performance of Brazilian firms during the period 1998 to 2001, a known period of extreme domestic and international turbulence.