The moderating effect of industry
determinants on relation to dynamic capabilities and firm performance based
on financial statements metrics

Name: VERONICA SILVA RICARDO

Publication date: 13/03/2018
Advisor:

Namesort descending Role
LUIZ CLAUDIO LOUZADA Advisor *

Examining board:

Namesort descending Role
ALVIM BORGES DA SILVA FILHO External Examiner *
LUIZ CLAUDIO LOUZADA Advisor *
VAGNER ANTONIO MARQUES Internal Examiner *

Summary: 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.

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