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Abstract(s)
Uma importante atividade económica é o serviço de transporte, pois segundo instituições de âmbito global este sector tem significativa participação na produção da riqueza mundial. Os sistemas de transportes contribuem para a criação de oportunidades económicas, sociais e benefícios de que resultam efeitos multiplicadores positivos, tais como melhor acessibilidade aos mercados, criação de emprego e fomento do investimento. No caso dos serviços de transporte público coletivo urbano constata-se que existem diversos modelos institucionais: em muitos países há forte presença do Estado tanto na regulamentação da oferta, quanto no estabelecimento dos preços de venda (tarifa), em outros a oferta é exclusivamente pública e há cidades com oferta privada e outras com oferta mista. No tocante a estrutura de propriedade também se verifica diversidade, por vezes o acionista principal é o Estado delegando a gestão a agentes privados ou ainda o Estado é principal e agente simultaneamente. Simultaneamente a estas questões tem-se verificado que o bom desempenho das empresas passou a depender da capacidade de gestão dos recursos intangíveis para obter vantagem competitiva e uma dessas vantagens é o Capital Intelectual - CI. Por essa razão, pode-se afirmar que investimento em CI se tornou fator expressivo que impõe novos modelos de gestão porque tais recursos produzem resultados que estão alterando o desempenho das empresas. Assim, considerando as características das empresas prestadoras de serviço de transporte público coletivo urbano na modalidade metroviária, são apresentadas duas questões de investigação: a) O desempenho financeiro das empresas de transporte urbano metroviário está associado ao Capital Intelectual? b) A estrutura de propriedade dessas empresas influencia o desempenho financeiro? Assim sendo, o objetivo da investigação é desenvolver um modelo analítico de apoio a formulação de hipóteses sobre os efeitos das associações entre o desempenho financeiro, o capital intelectual e a estrutura de propriedade das empresas de transporte urbano metroviário. Destarte, são recolhidos dados secundários de uma amostra não probabilística de empresas em cidades de países europeus, asiáticos, americanos (Norte e Sul) e da Oceânia com dados estruturados em painel. Para respostas a essas questões formulam-se seis hipóteses e três sub-hipóteses que foram testadas por meio de regressões com estimações MQO (Mínimos Quadrados Ordinários) e métodos de estimação de efeitos fixos (within) e efeitos aleatórios (between). Também se realizou a comparação dos três modelos, os testes de Lagrange Multiplier de Breusch-Pagan, F de Chow e teste de Hausman. Portanto, trata-se de monografia com design descritivo, tendo como estratégia de pesquisa a abordagem quantitativa, desenvolvida através da utilização de um modelo de formulação de hipóteses sobre os efeitos das associações entre o desempenho financeiro, a estrutura de propriedade e o capital intelectual das empresas de transporte urbano metroviário. A unidade de análise é o conjunto de 183 empresas (em operação) prestadoras de serviço de transporte urbano metroviário existentes em 64 países e, como unidade de observação selecionou-se amostra não probabilística de 68 empresas em operação em 30 países da Europa, Ásia, Oceânia, América do Norte e do Sul, abrangendo o período de 7 anos (2013 a 2019). Com base na análise dos resultados obtidos por meio de regressão com dados em painel curto foi possível inferir que os resultados corroboram com diversas pesquisas realizadas em outros sectores económicos, o que significa, que existe uma relação significativa entre o investimento em Capital Intelectual, medido pelo Coeficiente Intelectual d0 Valor Acrescentado - VAIC™ - (Value Added Intellectual Coefficient) e, não se encontrou relação significativa entre a estrutura de propriedade, mensurados pela concentração e identidade de propriedade e o desempenho financeiro, medidos pela Rendibilidade dos Ativos - ROA (Return on Assets) e Rendibilidade do Capital Próprio - ROE (Return on Equity) das empresas da amostra, para o período estudado. A investigação bibliográfica sugere que as empresas de transporte urbano metroviário apresentam resultados que transcendem a análise dos resultados financeiros, como os obtidos neste estudo. Para além das conclusões obtidas com a análise dos resultados quantitativos aqui apresentados, pode deduzir-se que estas empresas fornecem resultados económicos, financeiros e sociais adicionais, uma vez que melhoram as taxas de mobilidade urbana e contribuem para a redução dos fluxos de veículos no sistema rodoviário e nos tempos de viagem. Ao utilizar a eletricidade como fonte de energia, as emissões poluentes são quase inexistentes e as emissões de gases com efeito de estufa são inferiores às soluções baseadas em motores de combustão interna, como autocarros e automóveis. Por conseguinte, tais fatores, embora difíceis de medir, resultam certamente em ganhos económicos, financeiros e sociais que são distribuídos por toda a sociedade.
An important economic activity is the transport service, as according to global institutions this sector plays a significant role in the production of world wealth. Transport systems contribute to the creation of economic and social opportunities and benefits that result in positive multiplier effects, such as better access to markets, job creation and investment promotion. In the case of urban public transport services, there are several institutional models: in many countries there is a strong presence of the State both in regulating the offer and in establishing the sale prices (fare), in others the offer is exclusively public and there are cities with a private offer and others with a mixed offer. With regard to the ownership structure there is also diversity, sometimes the main shareholder is the State delegating management to private agents or even the State is both the main and the agent. Simultaneously to these issues, it has been verified that the good performance of companies has come to depend on the ability to manage intangible resources to obtain a competitive advantage and one of these advantages is Intellectual Capital - IC. For this reason, it can be said that investment in IC has become a significant factor that imposes new management models because such resources produce results that are changing the performance of companies. Thus, considering the characteristics of companies that provide urban public transport services in the subway mode, two research questions are presented: a) Is the financial performance of urban subway transport companies associated with Intellectual Capital? b) Does the ownership structure of these companies influence financial performance? Therefore, the objective of the investigation is to develop an analytical model to support the formulation of hypotheses about the effects of associations between financial performance, intellectual capital and the ownership structure of urban metro transport companies. Thus, secondary data are collected from a non-probabilistic sample of companies in cities in European, Asian, American (North and South) and Oceania countries using panel-structured data. To answer these questions, six hypotheses and three sub-hypotheses were formulated and tested using regressions with OLS estimations (Ordinary Least Squares) and estimation methods for fixed effects (within) and random effects (between). A comparison of the three models, the Lagrange Multiplier test by Breusch-Pagan, the F test by Chow and the Hausman test were also carried out. Therefore, this is a monograph with a descriptive design, using a quantitative approach as a research strategy, developed through the use of a hypothesis formulation model on the effects of the associations between the financial performance, the ownership structure and the intellectual capital of the companies. metro urban transport companies. The unit of analysis is the set of 183 companies (in operation) that provide urban metro transport services in 64 countries and, as a unit of observation, a non-probabilistic sample of 68 companies in operation in 30 countries in Europe, Asia, Oceania, North and South America, covering the period of 7 years (2013 to 2019). Based on the analysis of the results obtained through regression with short panel data, it was possible to infer that the results corroborate several surveys carried out in other economic sectors, which means that there is a significant relationship between investment in Intellectual Capital, measured by the Value Added Intellectual Coefficient - VAIC™ - (Value Added Intellectual Coefficient) and, no significant relationship was found between the property structure, measured by ownership concentration and identity, and financial performance, measured by Return on Assets - ROA (Return on Assets) and Return on Equity - ROE (Return on Equity) of the companies in the sample, for the period studied. Bibliographic research suggests that urban subway transport companies present results that transcend the analysis of financial results, such as those obtained in this study. In addition to the conclusions obtained from the analysis of the quantitative results presented here, it can be deduced that these companies provide additional economic, financial and social results, since they improve urban mobility rates and contribute to the reduction of vehicle flows in the system. road and travel times. By using electricity as an energy source, polluting emissions are almost non-existent and greenhouse gas emissions are lower than solutions based on internal combustion engines, such as buses and cars. Therefore, such factors, although difficult to measure, certainly result in economic, financial and social gains that are distributed throughout society.
An important economic activity is the transport service, as according to global institutions this sector plays a significant role in the production of world wealth. Transport systems contribute to the creation of economic and social opportunities and benefits that result in positive multiplier effects, such as better access to markets, job creation and investment promotion. In the case of urban public transport services, there are several institutional models: in many countries there is a strong presence of the State both in regulating the offer and in establishing the sale prices (fare), in others the offer is exclusively public and there are cities with a private offer and others with a mixed offer. With regard to the ownership structure there is also diversity, sometimes the main shareholder is the State delegating management to private agents or even the State is both the main and the agent. Simultaneously to these issues, it has been verified that the good performance of companies has come to depend on the ability to manage intangible resources to obtain a competitive advantage and one of these advantages is Intellectual Capital - IC. For this reason, it can be said that investment in IC has become a significant factor that imposes new management models because such resources produce results that are changing the performance of companies. Thus, considering the characteristics of companies that provide urban public transport services in the subway mode, two research questions are presented: a) Is the financial performance of urban subway transport companies associated with Intellectual Capital? b) Does the ownership structure of these companies influence financial performance? Therefore, the objective of the investigation is to develop an analytical model to support the formulation of hypotheses about the effects of associations between financial performance, intellectual capital and the ownership structure of urban metro transport companies. Thus, secondary data are collected from a non-probabilistic sample of companies in cities in European, Asian, American (North and South) and Oceania countries using panel-structured data. To answer these questions, six hypotheses and three sub-hypotheses were formulated and tested using regressions with OLS estimations (Ordinary Least Squares) and estimation methods for fixed effects (within) and random effects (between). A comparison of the three models, the Lagrange Multiplier test by Breusch-Pagan, the F test by Chow and the Hausman test were also carried out. Therefore, this is a monograph with a descriptive design, using a quantitative approach as a research strategy, developed through the use of a hypothesis formulation model on the effects of the associations between the financial performance, the ownership structure and the intellectual capital of the companies. metro urban transport companies. The unit of analysis is the set of 183 companies (in operation) that provide urban metro transport services in 64 countries and, as a unit of observation, a non-probabilistic sample of 68 companies in operation in 30 countries in Europe, Asia, Oceania, North and South America, covering the period of 7 years (2013 to 2019). Based on the analysis of the results obtained through regression with short panel data, it was possible to infer that the results corroborate several surveys carried out in other economic sectors, which means that there is a significant relationship between investment in Intellectual Capital, measured by the Value Added Intellectual Coefficient - VAIC™ - (Value Added Intellectual Coefficient) and, no significant relationship was found between the property structure, measured by ownership concentration and identity, and financial performance, measured by Return on Assets - ROA (Return on Assets) and Return on Equity - ROE (Return on Equity) of the companies in the sample, for the period studied. Bibliographic research suggests that urban subway transport companies present results that transcend the analysis of financial results, such as those obtained in this study. In addition to the conclusions obtained from the analysis of the quantitative results presented here, it can be deduced that these companies provide additional economic, financial and social results, since they improve urban mobility rates and contribute to the reduction of vehicle flows in the system. road and travel times. By using electricity as an energy source, polluting emissions are almost non-existent and greenhouse gas emissions are lower than solutions based on internal combustion engines, such as buses and cars. Therefore, such factors, although difficult to measure, certainly result in economic, financial and social gains that are distributed throughout society.
Description
Keywords
Desempenho financeiro Capital Intelectual Estrutura de propriedade Transporte urbano metroviário