Profit persistence in Brazil: a panel data study
DOI:
https://doi.org/10.1590/S0101-41612006000100005Palavras-chave:
persistência dos lucros, testes de raiz unitária para painelResumo
O artigo investiga a persistência dos lucros para firmas industriais no Brasil durante os períodos 1986-98 e 1994-1/1999-3. Uma formulação teórica simples justifica uma formulação auto-regressiva para lucros anormais. Uma forma forte de persistência pode então ser relacionada com a presença de uma raiz unitária. Testes de raiz unitária para painel permitem a consideração de períodos de tempo curtos. Os resultados assim obtidos para duas medidas diferentes de lucros anormais em geral favorecem a presença de uma raiz unitária. Portanto, apesar de um ambiente aparentemente mais competitivo na economia brasileira, pode-se observar lucros extremamente persistentes.Downloads
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Copyright (c) 2006 Marcelo Resende
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