U IVERSIDADE DE SÃO PAULO
FACULDADE DE ECO OMIA, ADMI ISTRAÇÃO E CO TABILIDADE DEPARTAME TO DE ADMI ISTRAÇÃO
PROGRAMA DE PÓS GRADUAÇÃO EM ADMI ISTRAÇÃO
A SELEÇÃO DAS ESTRATÉGIAS DE CRESCIME TO E E TRADA EM OVOS EGÓCIOS UM ESTUDO DE CASOS A I DÚSTRIA PETROQUÍMICA
Marcos Paixão Garcez
Orientador: Prof. Dr. Roberto Sbragia
!
"
#$ % &'
(
(
' (
(
(
%
(
)
(
& )
& (
(
)
*
&
(
+ &
"
, %
-%
&%
. ( / ('
0 (
&%
&'
1
& ' 2 . 0 &
, 3 - &
0 $ 4 5 /& 6
/ ( & 7( % &
7 ' 8 ( ( &&
'
MARCOS PAIXÃO GARCEZ
A SELEÇÃO DAS ESTRATÉGIAS DE CRESCIME TO E E TRADA EM OVOS EGÓCIOS UM ESTUDO DE CASOS A I DÚSTRIA PETROQUÍMICA
/ ( & 7(
% &
3 - & ( )
% < & 0
7
Orientador: Prof. Dr. Roberto Sbragia
FICHA CATALOGRÁFICA
7& % & - ( $.( ( -1 =/7
=3-( 4 0 =3-( >
& . ( ( ( "
( ? ) < ( = 0 ( > ( 4
- & @A
B0 C D 3 - &
1 %&
& + . ( 9 ? ) < ( @ 7 (
9 3 - & / ( & 7( % & 3- 99 $< &
&
<(
' ) /!
& ( ' & (
( +
) / 06
Agradeço à FEA USP pela oportunidade propiciada, expressa pela alta qualidade de seu corpo docente e a excelente infraestrutura de ensino e pesquisa.
À CAPES – Coordenação de Aperfeiçoamento de Pessoal de ível Superior, pelo apoio concedido com a bolsa de estudos.
Especial agradecimento ao meu orientador, Prof. Roberto Sbragia, pelo exemplo profissional e acadêmico, incentivos a pesquisas e publicações e pelas contribuições bastante valiosas no trabalho de orientação.
Ao corpo docente da FEA USP, que me permitiu um aprendizado consistente e reflexivo, além do ótimo ambiente de ensino, destacados nas pessoas dos professores dos quais tive grandes contribuições, como Adalberto Fischmann, Martinho de Almeida, James Wright, Abrahan Yu, Paulo Tromboni, Isak Kruglianskas, Edison Polo e Silvio Santos.
Agradeço à Braskem S.A e aos executivos que participaram desta pesquisa, o irrestrito apoio e abertura concedidos, sem o que esta dissertação não teria sido possível.
Agradeço a todos os novos amigos da FEA conquistados nesta jornada, pela solidariedade e companheirismo entregues, representados em um agradecimento especial àqueles com os quais tive contato mais estreito, Flávio Horneaux, Marcos Cardoso, Claudia Klement e Milena Ramos.
Agradeço com carinho a Mari Gonçalves do PGT USP, pelas agradáveis conversas e ensinamentos neste período de convívio.
Ao pessoal da secretaria de pós graduação, Heloísa, Valéria, Daniela, Fabiana, Francisco e Cida, pelo suporte oferecido.
A Lúcia Pacheco e Flávio Horneaux, pela ajuda com a revisão do texto e formatação. Agradeço aos meus pais, que sempre ensinaram e praticaram o amor, a ética e o respeito nas relações.
“A sutileza do pensamento consiste em descobrir a semelhança das coisas diferentes
e a diferença das coisas semelhantes”.
RESUMO
G .( E ( ( (
( ( ( & & ( H % &
( & & ! ( & .( E
( & ( G I
( J & ( , & B AI C ( H (
& ( &' & ) & ( 9 ( K ( H
( & 4 ( ( & ) ( ( 4
( J & ( 4 . (
) ( & & , % 1 6 B AF C 7 &
( ( 4 & ( ( % ( ) J (
) & . ( & & . ( ( (
( & ( ( &
( ( & ( &' ( ( J (
& ( (& & 9
0 ( ) J 5 ( ( Internal Ventures, Joint Ventures, Venture Capital e
Educational acquisitions, ( ) & ( ( < ( &
+ < & ( < ( K ( ( ' ( <
J ( & ( 4 ( & K (
. ( ( & + & ( & G
% ' ( &
( ) & & ) % K (
( > +! ) & 4 (
( ( ( ( %+ ( &
. & & & , % L1 6
% ) & 4 ) & 4 (
M % (' N < ( ( ' ( ( ( ( ( H
? ) < ( % & ) F O 91 & 1 &
-& @ ( ( ( 9 (
( ( 4 & ( ( ( (
?& P ( ) & P (
& ( ( < ( '
( &' / & 4 ) !
( & ! !& ( & %
( ! & ) ( ) &
K ( H 4 & , % L 1 6 ) FI O
% ( ( & & 4 O &
( ( < & ( ! ( &
& & & (
constructos ( &<( 4 &
' ( < ( ( ) ( (&
& & & & ( & ( &
Q ) & ( & & &
( J ) J ( ( & ! / & & (
( ( & ( ! & ) & (
) % ) % ( 4
K ( % ( . ( ) ( & ( (
ABSTRACT
In the fifties and the sixties, several American companies started an intensive business diversification process, mainly of the unrelated diversification, in order to face the new environment characterized by capital abundance and strengthen of antitrust regulation issues. This has generated the emerging of giant corporate conglomerates. In the seventies, after a lot of non profitable diversifications and consequents divestitures episodes, Rumelt (1974) noticed that the companies which had adopted related diversification showed better profit results than those which had adopted the unrelated diversification, and these facts generated a new trend towards the specialization. However, there was a lack of a prescriptive model dealing with the unrelated diversification – very important many times for reaching the strategic and long term goals the one that could describe the best conditions necessary to adopt and optimize the results of these kinds of growth strategies. It was contemplated in the Roberts and Berry (1985) model. These authors presented the characterization of the alternative growth strategies – including Internal Product Developments, Internal Market Developments, Acquisitions, Licensings, Internal Ventures, Joint Ventures, Venture Capital and Educational Acquisitions. – as well as the optimum situations for selecting each one, according to the relative degree of existing newness and familiarity with technologies and markets, and also depending on the critical selection factors, such as the level of available resources, the abilities and knowledge available in the technology and market dimensions, financial returns over invested capital and break even time, involved risks, strategic fit, degree of diversification and corporate involvement of the parent company. Although this model has been recommended in the literature since then, its own authors had suggested that it was validated in different industrial contexts and by assessing a wider array of episodes – they studied 14 episodes in a diversified American company.
Thus, the main aim of the study is to analyze the validity of the Roberts and Berry model in a wider research extension, assessing the empirical data obtained through a case study of a big and diversified Brazilian company, Odebrecht Química, leader in the petrochemical sector, which represents 8% of Brazilian industrial GDP. It analyzes in depth 30 growth and diversification episodes occured in the last 20 years, carrying out the episodes’ descriptions and characterizations, verifying the adequacy to the model, describing the critical factors for selecting the entry strategies and finally considering the influence of these factors in the
performance levels reached. In depth interviews and a semi structured questionnaire were
used for collecting primary data and document analysis was used for obtaining secondary data. The findings show that empirical data fitted very well to the familiarity matrix, reaching 87 % adherence to the model in the succesful episodes – located in regions recommended by the matrix, and 100 % adherence in the incompatible episodes located in diverse regions recomended by the matrix. In order to validate the theoretical model, the constructs were accessed, as the determinant factors for selecting the strategy and the critical factors of performance. The results allow the conclusion by the validity of the model in the sector analyzed. Additionally, as possible refinements suggested for the model, the inclusion and positioning in the model of the merger strategies and acquisitions with up stream vertical integration strategies are provided. Finally, a framework to technological partnership strategies is proposed, to be verified in subsequent researches. This study aims to contribute on one hand, from the theoretical point of view, bringing new evidences in the theory of strategic management of technology, as well as from the practical point of view, through the evaluation of a tool for supporting better strategic decisions.
; 6 R " R ' P ( P G R % & P
SUMÁRIO
LISTA DE QUADROS...3
LISTA DE TABELAS ...4
LISTA DE GRÁFICOS...5
LISTA DE DEMAIS ILUSTRAÇÕES ...6
1 O PROBLEMA DE PESQUISA ...7
9 I - %& 2 ( F @ M%+ 7 N J ) ( E % J ) 2 FU DAME TAÇÃO TEÓRICA...15
> & !& ( / !& G ( I @ !& 7 & 9 ? A ( 4 7 . ( 7 . ( 7 G G ( E E -< 1 %& > ( 7 . ( ( 7 G G ( @A 3 METODOLOGIA DE PESQUISA ...43
@ $ 0. ) @
@ $ ( (
@ @ 0 & $ ( ( & A
@ @ 8 ! ) A
@ @ J M ( 8 !
@ J 3 ) 3 !& E
@ 9 ? ) < ( E
@ ( ) < ( E
@ 9 ? ) < ( 1 & I
@ . - & E@
@ @ 3 !& EF
@ 7 . & ( EF
@ E $ !& I
@ I J , H % & 8 & I
4 RESULTADOS E DISCUSSÃO ...77
7 II
M 7 ( 7 G G ( F
@ !& K ( H 4 & FE
@ !& 7 & S ( ( A
!& ( &' & AE
!& ' 4 & &
!& ( & . ( F
!& K ( constructos & &
5 CO CLUSÕES E RECOME DAÇÕES FI AIS...117
-< 7 I
(& J F
@ % J
J / - J / )
6 REFERÊ CIAS BIBLIOGRÁFICAS...131
LISTA DE APÊ DICES E A EXOS ...139
K ( " $ % & 8 ! )
K ( " ! ( ( 7 0 4 F
K ( @" M 7 ( 7 G G ( E
K ( " N ! ) A
K ( " , 7 F
K ( E" ( 7 . ( .
& G & G 0 (
K ( I" & 9 0 (
& + 1 :
> " 7 - ( ! 9 ? ) < ( 1 & 0
, 1 : @
> " 7 - ( ! 9 ? ) < ( 1 & + &'
, 1 : @
@
LISTA DE QUADROS
N " % & 4 & % &&
N 8 & @I
N @ 8 ! M ( & 4
N " 7 & ( M % (' ) < ( IF
N " 7 ( M % (' N < ( F
N @ & &
& & ( @
LISTA DE TABELAS
$ % & " S ) , % 1 6 @
$ % & " 9 ( ( ( 1 : F
$ % & " G< & K ( FI
$ % & @" 8 ! & AI
$ % & " 0. 8 ! 0 0 &
, )
$ % & , : ' 4 & & K ( !
&
$ % & E , : ( & & K ( ! (
&
$ % & I 7 ( . ! & ( (
@
$ % & 7 ( ( & ( E
$ % & " / & ( < ( '
LISTA DE GRÁFICOS
! ( " 7 ) 7 0 4 / & 7 & S (
( - 8 <& ( A
! ( " 7 ) 7 0 4 / & 7 & S (
( - 8 <& ( A@
! ( @" 7 ) 7 0 4 / & 7 & S (
( M& < ( A
! ( " 7 ) 7 0 4 / & 7 & S (
E
LISTA DE DEMAIS ILUSTRAÇÕES
/ " 0 & ( ? A
/ " 7& ( ( ( ?
/ @" , ( & % && (
/ " 0 4 ( ( (
/ " G 4 ( ( (
/ E" 7 . ( ( @
/ I & ( ( > I
/ F & ( F
/ A" 0 4 ( ( & ( 5 F
/ " $ ( & ( ( & ( @
/ " $ & ( & ( @
/ " $ & ( & ( @@
/ @ 0 4 / & $ ( & 0 ( , % L1 6 @F
/ & & ( (
( & 0 4 / & , % 1 6 @F
/ " ( ( 7 . ( & ) 1 %& ! (
/ @ " 0 & ( & 7 A
/ @ " 9& ( ) < ( I
/ @ @ " 7> J S & M % (' EI
/ " 9 ( ) 4 FE
/ 7 H 4 FA
/ " 7 % ( H 4 F
/ 7 ) & ( 4 A
/ @ % J 4
/ 0 4 & +
/ 0 4 . ( (
I
1 O PROBLEMA DE PESQUISA
1.1 Introdução
( Q ( ) ( .( & TT & &
& ( & ( & ( ( 4 & & % & 4
( ( ' ( & ( .(
M ( ' ( & . ( & ! &
( % & ( - ' & S & B AA C % ( &
( ( H &' ( < ) & (
! ( 4 % < <
& & ( ( (
( ( 4 H ) & (
' H ( ( 7 ( %
( & ( ( K ( (< ( ) ( ' (
( ( B , S 5 P S 075 AA C
% ( ( ( &
& H ( ( & % + &
) & & ( ' ( ( &
( ( ( &. (
! ( H ( (
4 ' % & ! %
( ( ( ( & ) ! )
( ) &( & ( )
B$9 & AAA @ C 7 ( ( ( & (
) ( & ( J . ( & ( % % )
H . ( B/M-$7, AFF E I C & ' %+
( & > % & ( ! (
J % % & U ( B0MG$79,M 7 1 ,,M-P
F
G ( > U ( U % . ( & ( ( (
& ( ( H
. ( ( ( & 4 J ( &
& 4 ( ( K (
? ! ( & &
) % & ( ( ( (
& ( ( & (
( %. ( H % & (K ( ( & ( H &
1.2 Definição da Situação Problema e Justificativas
!& & ( ( 7 3
<( E ( ( ( &
( J ( -' && 7 0( ; 6 ' 5 & % ( ( (
% & I
F ( !& & ( ? 7
% ? ( % (
( !& ( & ( ( (
BV7-$ AA C 7& & 4 ( ( (
( ( ( (
3 > ( ( (
& B AE AC ( ' ( ( 4 ( (
= ( ( & " B C . ' market share
% ( P B%C &
( P B(C & ( B C
( ( ( ( 7
( ( ( ( 4 ( & ( (
& (
.( E ( ( (
A
( & & ! ( & .( E &
( & ( G I +! ' ' (
( J & ( ) ( (
( ( < ( ( ( (
, & B AI C & ( ( ( (
( , & B AF C & ) % &' &
( AI AF ) (
& ( &' & ) & ( ) (
)
M & ( ( J ( K ( H ( & 4
<( A ( 1 M : B AA C 5 % : M &
B AA@C , ( (' S V' & B AA C ) (
. ( . ( ! & 4 ( 4 ( (
( ? . ) & ( )
. ( & 4 ( ( (
, & & ( ( J
& ( ) H ! ( &' 4 (
( . ( ( ( (
( ( ( ( ) 1 & B AF C
& ( B@0C 1& (: 0 ( 0 && B AA C % %
4 ) ( ' ( corporate venturing, %.
( (' ) , % 1 6 B AF C ) & ( &
& & ( ( (
(' ) % !&
( ( ( & ( & ( 7 3
< AI AII
, % 1 6 B AF C & ( ( 4 &
( ( % ( ) J ( & &' & ( &
& . ( ( ( (
& ( ( & ( ( &
% & ( ) & ( < & ( <
( K ( ( ' ( < B ( & ( C 4
( & K ( . ( ( & + &
( & (& " & 9 B & 1
& & 0 ( C ) J 5 ( (
Internal Ventures, Joint Ventures, Venture Capital e Educational acquisitions.
( % & % & & &
( ( ( 4 ( % % &
( ( & J ( J ( & & (
) K ( & ( ( & = (
( & ( % , % 1 6
B AF C ) ( ) ( . > &
( ( ( 4 ( . ( (
) & ( & ( ' ( 4
( ( ( &
< ) ( ( ( (< (
( ( ( ' ( ( & ( &
& ( %
( %. (
0 & B C 1 (:' & B AAAC
M & , % 1 6 ( & ( & ( &'
& ( ( ( & (
( & & & ( ( G & & (
( ( & (
( Bcorporate venturingC ( (
) % )W & ) ( % ( &
& & . ( (
( ( ' ( ( ( (
( ( % & 4
& . ( ( ( ( &
& & ( ) & ( & 4
4 ( ( J ( &
!( <( ( ( ? & ( J &
( 4 ( % & ( > & ( J
. ( ( ( U % . ( & (
% & 4 . ( & (
&
1.3 Objetivos do Estudo
M %+ ( & ( & ) & , %
1 6 B AF C H & . ( & ( (
( + . ( (
( & ( ( 4 & & ?
%+ K ( %+ (< ( "
9 ( ( ( 4 & ( ( (
( ?&
8 ( ) & & , % 1 6
9 ( & &
9 ( ( < ( '
( &'
1.4 Questões de Pesquisa
& ) % ) J "
N . & ( (
( ( X
N ' ( X
7 . ) H 4 , % 1 6 X
N ( ( < & &
. ( ( ( X
) ( ( "
#M & ( ( & ( contribui
( & & ( ( (
( *
& & ( ( ( &
(& & 9 B1 0 ( C ) J 5 ( (
Internal Ventures, Joint Ventures, Venture Capital e Educational acquisitions
-& ( ) & & . ( < & (
< ( K ( ( ' ( < B ( & ( C
+ 4 ( & K ( . ( (
& + & ( &
1.5 Pressupostos Conceituais
G . ( % &' ( (< ( ) & ( (
( ( + 4 ( ( &
( ' ( +! ) ( ) &
& & ) & seleçã & ( (
( % K ( ) & (
&<( constructos (
> ( % J (
( (< ( & & ( &
) ( & 4 ( ( ( ' (
( & ( & & (
% ( %.
@
G (' K & 4 !& ( &
% (< ( & )
!& K ( & & ( ( (
(
, + 8 + B AFAC ) & 4 < ) %
( % ( & ( J (
( ( ' ( . ( &'
% %& ! ( % Y ' && B AAA C )
& (' ( < ( < ) (
% K ( +! ) ! )
( & (' % ( ( K ( < (
% . = & &
( K ( J
( % constructos & ( & (< ( & ( %
% & ( ) ( & & M & )
( ! +! ( ( relatedness & ( &
% ( ( ) ( ( ' ( (
> 4 & ( K ( . ( ( 4 &
( &
& !& % %& & ( ) &
, % 1 6 constructo !( & & & ( ( ! +!
( ( ? & ( . (
& ( & ( ' (
( (< ( ? & +
( & ( & 4 ( 4 $ %. ( (
( , % 1 6 ( ) ) ( (
( %+ . ( & ( '
(
( > ( ) . ( ( penetração
de mercadoB ( C ( ( ' ( +!
% B) Z C ( (
& + : (& . (
( ? > & U
( + H ? ) ( & ( (
( ) ) & ( J (
& + . ( ) ( %. & 4 &. & (
4
/ & & 4 ( ( ( . (
& ) ( & ) & ( J ( (
( ' < > 7 ( ) &
& & ( % &' (
1.6 Contribuições da Pesquisa
7 ) & ) ) ( % ( ' (
. ( ( & ( teórico 4
K ( % ( ( . ( ) ( & (
( prático . & & U (
& ( % & % & ( & ( ( 4
2 FU DAME TAÇÃO TEÓRICA
G ( < & ( & ( . (
!& & ( ) > & ( ( )
) & ) ( (
( ( ) & ) ( ! & (
( ( ( % ( !& &
? & ) K (
% > & (
> . ( ( 4
( ( ( :
. ( ( B ( & C
( ( ) . & !& ( ( ( &
J ( J ) J G (' H ( (
( corporate venturing, ) ( ( . (
& ( & ( ( .
( ( ( ( ) , % 1 6
4 & ( & . ( (
(
/ & & 4 < % %& ( > (
. ( ( ( ( ) & + & &
. ( (< (
2.1 Contexto atual da análise de negócios
M ' ( ( 7
( ( ! & H ( &
& ( &' ( & ! & D &
E
H) & ( B M,$7, AFIC
$ & ( ( & ( %
( K & ( ( &
B AF C ) ( ( %
' + % & " . & ( (
0 - B AAA @AC ) ( (
( ( . ( % & ( J J
( ( K ( 2! ( (& . (
( % K ( ( ( J (&
(
N H 4 commodities ) & &
& ( . ( ( ( & (
% ( ( 4 S & 6
- B AAEC ) (& ( ( < ( .( (
) % <( ) & % K . ( (
G ( . (' !& ( ( K ( &
( M (' ( ) & (
( ( ( 4 ( BMS0 7 AF C 2! ( ( &
(specialties) & ( % & (
( )W ( G (
. (
G Z B AA " 9C ( ( ( ( K (
( & ( ) & (' ' ( ( 4
<( & ( ! ( ) ( 4
& 4 & ( ( K ( % ( &
( ( <
( ( (' !&
> & ) 4 ( !&
G . ( !& (
I
( ! ( ( % (
( !& ( & ( ( (
BV7-$ AA C & & !( & & ( % ( ' (
(' !& 7 & 9 ? & 4 ( . ( (
( ( ? $ %.
!& & ( ( 4 1 0( ; 6 '
5 & ( ) & ( & J &
& 4 ( ( !& ( (
) V B AA C S > 0 +& B AF C
2.2 Ferramentas de Análise de egócios
- S > 0 +& B AF C !& & (
( ( > & ( ( . ( (
4 % U ( ( (
J ( & ( 3 ) K ( ' ( !&
( > K ( ) ) H ( K ( ( &
( ( & ( ) &
( (& ! & ( & ( P
!& ( ( & > ! !& "
B C 4 ( ( ( & & 1 & B1 C
& E P
B%C 4 & & 7 0(; 6P
B(C 4 5 B ' 5 & C % ( (&
- , & & B AAAC 4 5 ( (
. ( ( (
G & ( F > B ( (' ! (
( (& C" B C > ( ( ( P B C ( & ( (
( P B@C & & ' P B C ? ( P B C %
market share ( P BEC & & (& P BIC % BFC
F
M ! ? " B C 7 % ! ! ( (
P B%C ( &' ( ' ( (& ( ( & >
% P B(C 0 % & & ( B C (&<
& & ( posição competitiva
de um negócio (& ( ( " B C ( ( 4
) & & ( & ( P B%C / ) &
P B(C / ! & ( P B C - ! &
( 4 % & ( J (
( . ( 4 ( & ( ( ( ( 4
% ( & 4 ( P & B C" / ( ! &
& 4 B,M3--75 & AA FAC
& . 4 ( (& ( (
( & B ( % ! C U ( (
( & 4 B ( (&< C
% & ( - ( & . . . ( 5
& . ( ( " B C & &
( ( ( & P B%C & & ( (
( ( P B(C ( % & ! & ) (
J B C ( & % &
& ( <& ( (
& (< ( ( <& ( . . (
J > < & K ?& & 5
"
(a) Análise de Performance: ( ( (&
( ( ) & &
. & K & 4 ( &<)
( ( & > ( > P
(b) Análise dos Sistemas Gerenciais: ( (' ( (
(& 4 ( & ! ( (&
P
(c) Análise de Riscos: ( 4 . & < & ( &<( (
A
J ( &
!& ( ( !&
( & ( ( + > & (
& % & ( . ( ( !& K ( % >
!& U ( & ? ( & ( &
& ( % & & ?
(
2.3 Análise Estrutural das Indústrias
B AF C Q & !& & ? ( 4 )
K ( & . ! & (
% ) ( ( K ( ?
( Q ( %! ( ( ( ( %! ( ) +
& %
( ( ( ( ( &
G & ( M &
% " B C >( % (
B%C ( & % ( B(C &' ( & (
(
/ " 7& ( ( ( ? B AF C
B AF C & ) & ? & & % & &
( ( & ( % & ?
& !& ) ( % (& ( < (
( ( K ( ? &. & J . ( <
G ( 4 ) & & 4 % & (
. ( & ( & & ( (
&. ( ( & & & (
( ( > & ) & & ( H ( &
%
G ) ? ( ( ? ( ( 4 (
( ( 7 ( 4J > K ( ?
! > K ( % ( ( B9 AFE FI
EC & . < & ( % % .
! "# !
$ %
&
'
! # ( " "# !) )!
*
+
! # ( " "# ! , - ! !
+ .
/ '
'
- , " 0 ( ! " 0) 12)
3
" - ! ! ) 1)
+
/ + 4
. ( & ) & ( H 7
H ( % < . ( ( 4
& ( ( >
&' ' % & (
& % % & & ( ) % <( ( H
( ( & H ) . %
& ( % > ( B9% IF AFC
2.4 Caracterização das Estratégias de Crescimento
( ( 4 ( ( & (&! ( % && B AF C (
% U % % K ( ( ) & ( (& (
( @ J " (& J
> ( (& B ( (& C ( & & 4 B
( C ( & @
/ @" , ( & ( % && B AF C $ ( &
(&
/ J (
3 > ( ( (
( ' ( ( 4 ( ( = (
B G-M// AE AC ( % ) ( (
( (
/ " 0 4 ( ( ( B AE AC
: B AA @ C Q & (&
( & (
/ " G 4 ( ( ( D : B AA C
,M 3$M $3 5 ,M 3$M GM8M
07, M $3 5
07, M GM8M
7G7$, [\M 7 07, M
7-7G8M589 07G$M 7
,M
3$M-7-7G8M58 7 07,
M-987,-9/9 [\M
@
4 . ( ( (& ( U % ) +
( ( ( ( B ( & C ( &
E B 2 AA C + B AA C & (< (
( & % J ) J
( J ( J Take over ( ( & %+
( & & B ( ( C = ( & B (
' % & C ( > & &
J " = ( & ( =(&
/ E" 7 . ( ( B 2 AA C
M ( ( intensivo . . (
& & ( ( ( (
G ( ( integrativo ( .
B %. (' % > down stream forwardC !
B %. (' ( up stream backward)
' 4 & % + 4 (' ( & ( 4
: ( & ! ( ) &
4 ( . ) (
!" #
$
%
% !" (" ) &" '
% ("
* $ &" ) $ +" )
+"! ,
( ! ( G
! % ( % .
( . ) ( ( ! %
' 4 & 4 H ) (
( ! ( (
% & ( U & 4 & ( (
& H ( ( 4 J ( ( & % &&
? & . ( % B AA C ) & . )
N " % B AA C & 4 & % &&
- & G ( $ ( & $
0 0 &
0 0 & & (
@ 0 0 & (
0 ( ( (&
0 ( (
(
E 0 ( ( ( &
I ( &
J E diversificações relacionadas ( )
I Hdiversificações não relacionadas
7 ( ( & % && ) % & (
. ( ( ( (
] 7 . ( G ( B 7G^ C ) ( ( 4
J ( ( ( & ) ( (&
) ' ( ( > ! ( (& B G-M// AA C
( & & . ( ( J
( ( & ( . )
( ( " !& ( !& ( !&
& ( 4 !&
( ( (
( ' ( & ) % . ) ?
( ( ( H & 7&
< "
Comercial: ( &' ( % ! 4
P
Operacional: &' & 4 & J & &
( 4 ( ( ( ( P
Investimento: ' ( + & ) .
( K ( ( & P
Administração: 4 & ( ' ( & (
( & %. ' % ! ' &'
( ( ) ( & %
) + ' ! ( ) (
%& ( ) ( & B9% AA C
!& ( K ( (
' ( +
B AAIC !& ( . & (
) % K < " ( 3 7 . G (
B37G^ C ( & . ( ( 3 7 .
G ( & ' ) ( % & (
( M % & ( 37G . &'
% & ( ( J % ( ( & (
- ( & % . (< (
37G !& ( ( ( ( &' .
. ( B . ( . & (
E
2.5 Estratégias de Crescimento e Entrada em ovos egócios
( ( (
) ( & ( + ( 7& . (
(' ( (Corporate venturing),
) 4 ) & H ( (
> B75M, G$ C 1 (:' & B AAA @C
( ( ) (
) %+ > & ( K ( ) + ( &
4 4 ( & (
& ( % J ( ( ( &
( M ( . (& (
( (Internal Corporate Venturing) (
> BExternal corporate venturing).
- 1 & - 6& B AFEC ( 0 & B C ; & B C
empreendedorismo corporativo interno empreendimentos
& ! < $ %. -'
' B AAAC ( ( !&
( ( atividades ( ) & (
4 ( ) < ( (
( O internal corporate venturing & % .
& ( internal ventures )
> & (
2! empreendedorismo corporativo externo -' ' B AAAC
( ) & ( ) & (
4 ( Q Q ) <
4 ( & > ; & B C (& (
( > ( I
% & external corporate venturing @ ! "
B C Corporate Venture Capital" ( ( 4 %. K % & "
I
( & ( ( ! ( (
! Joint ventures; B@C + (
) J spin offs
/ I & ( ( > B;795 C
0 & B C ) & ( ( (
! ( ! & & (
( ( ) , % B AF C , % 1 6 B AF C
) , % B AF C ) &
( ( & ( < ( > & &
& ( & ( & % >
& ( % > ( B( & FC
, % 1 6 B AF C ) & & ( >
%+ . ( & +
, % 1 6 B AF C )
& ( ( & ( ) >
& . - & B AA A A C
4 , % 1 6 & H & ( &' (
> & 4 ' 5 & ( ( & ( L
A . ) ( (
( & &
7 (
7 (
7
>
8 ( & & + (
/ (
( (
/ (
/ &
( ( !
( J !
-F
/ F & ( B,M17,$- AF C
/ A" 0 4 ( ( & ( 5 D , & B AA IAC & B AA A C
G & , % 1 6 B AF C ( ( 4 & % (
) J ( & &' & ( B & C .
(& & M & (
& !& & (
( ( & ( (
( ( & ( ) @ J (
" base B ( ( 4 K ( C nova familiar
B & C nova não familiar B K (
, > , (
,7 9\M 58M
, ( ( &
& (
, ( ( &
(
! & ! &
, ( ( & % >
( (
, ( % > $ ( &
, ( $ ( & ('
, ( & $ ( & 7
5 ( ( 8 &
&
. / 0
/ 0
1 .
& ( ( !
A
& C & ( ) & ) & (
( & ( & ( & (
( & ( B% C
4 & B C % A J < ( ) & (
& ( ( ( (' & &
( & % ) , & B AF C V
B AF C ( & ( J & (
(' , % B AF C & ( & (
& ( ( & ' )
(' ( ) ( ( ! &
( ( 7 ) ( & 4 1 6
AF@ ) ( & (
& ' & ( < AI
AII ) E & B@ % ( @ &' C E
) J B@ % ( @ ( < C ( % ( (
( ! (venture capital). . &
' & & 4 $ 7> / ' B17,,_ AF@ F C
) & ) ( ( & ('
# 4 & * ) > ( ( % ( &
. ( ( J & (
G % & ' & ( ) & )
< & (U ( ( )
( ( % & 4 & M (
J ( ( & (
& ' . ( ( ( ) (
@
$ % & " S ) , % 1 6
$7-$7 HIPÓTESE SIG IFICÂ CIA
(p)
7 % ( & %
( & (
2 Episódios tenderam a ser bem sucedidos se estivessem relacionados à empresa
mãe em termos tecnológicos 0,03
3 Episódios tenderam a ser bem sucedidos se estivessem relacionados à empresa
mãe em termos mercadológicos 0,01
7 % ( & ( H D
I
7 % ( > & . (
( &
6 Episódios tenderam a ser bem sucedidos se existia familiaridade prévia com o
mercado 0,01
I 7 % ( > & . (
& ( I
8 Episódios tenderam a ser bem sucedidos se existia familiaridade prévia com o
padrão de negócios do novo mercado 0,01
A 7 % ( ( 4 ) ( A
10 Episódios tenderam a ser bem sucedidos se foram conduzidas pesquisas de
mercado previamente, em negócios situados em mercados familiares. 0,01
7 % ( ( ( ( ( I
7 % ( ( ( % >
( ( K ( G (
@ 7 % ( . B :
' C % & ( G (
7 % ( . B :
' C ( O F
7 % ( . B :
' C ( O
E 7 % ( & (
37G +! > F
I 7 % ( ( ( &
( J ( G (
F 7 % ( U ( (
< & & G (
A 7 % ( ( < %
!& B AI C F
' ) J &' > ( )
( H & G (
) J % ( % & (
) & % (
& % ( ( )
' B & (
> C
G (
@ & % ( (
( G (
& % ( <
( BsponsorC ( G (
& % ( ( <
&< + BchampionC
G (
E & % ( .
( < & G (
I & % ( .
( %
@
$ % & " S ) , % 1 6 B( C
$7-$7 HIPÓTESE SIG IFICÂ CIA
(p)
F & % ( ( % < & ( )
& ( G (
A ) J % ( ( % (
J G (
@ ) J % ( & !&
( G (
@ ) J % ( &. ( & '
( & ( ( & (
@ ) J % ( ( ' & 4 K (
& ) G (
@@ 7 % ( < !& > ( )
) &' G (
/ " 1 6 B AF@ IE F@C
( & , % 1 6 &
) & K J < ( ( > " %
& & ( ( novidade tecnológica &
) ( & + & (
. ( . & novidade mercadológica
( H ) & + ( H) &
( (< ( ( . (
familiaridade com tecnologias/produtos
) ( ' ( H ( & +! >
( ( > . ( .
& ( 2! familiaridade com mercados .
( ( ) ( ( < ( J ( (
( ( & ( ) &
( 7 & ( ) (
( ( & 4 > ( ( ( & 4 .
@
/ " $ ( & ( ( & ( B,M17,$-L17,,_ AF C
/ " $ & ( & ( B,M17,$- L 17,,_ AF C
$ / & $ ( & (
( & +! . & 4 (
X 7>" ( & (
( ( ( < ( ( & & (
J ( ' % & ( ' ( ( & (
> ( & & X 7>" ( & ( & & 4
@ ' % & ( ' ( ( >
( ( X 7>" ( L
( & K (
( H & 4 ( ( K ( X
7>" > K ( 8 &U ( $ ( & (
7> J & ( ! ( &
> H ( & X
/ &
( (
$7 GM5M 9
07, M
$ ( &
! (
> X
-90
G\M
$ ( & %
B C
G $ ( &
M >
( X
-90 0 ( % B C
@@
/ " $ & ( & ( B,M17,$-L 17,,_ AF EC
G @ ( & (' ) , % 1 6 4
& & B,M17,$-P 17,,_ AF @C ( % @
> K ( K J 4 ( & (
) & ( ) )
) 4 %. ) (
+ & ) & (
( K ( ( ' (
( ( ( 4 J J ( (
& . ( "
Desenvolvimentos Internos:
> & ( ( % % & ( (
4 % (! & > ( > &
) J B C & %! ( )
( & ( ( +! ( P B%C
& ( ) ' (
( P B(C & ) '
( & ( ( (
> ( & ( B & C
$ %. & ( ( ( & &
. ( J & . & &
$ / & 0 ( & (
( ( ( < ( ( & (
J ( ( ( X
7> % (
( X
+! ( ( ( X B
& ( J up streamC
@ M ( K (
( H X
7> ( ' ( % (
( ( X 7> > K (
staff.
7> J & ( ! ( &
> ( X
@
Aquisições:
( & ( ! ( ( & !
( P ( ( &
) . ( J . . & & &
& ) ( ( & N &
! & ( > % (
. ( ( ( ( ( G
1 6 B AF@ IC ( ( ( 4 , % % )
) < ( 7>> ) J & &
. ( & J ( > &
) J joint ventures & J de venture capital
( ( K ( 4 ( & ( ( & ( !
(
Licenciamentos:
) ( & ! (
( ( & ( > (
( ( ( K ( & ( &
( K ( & ( & ! K ( (
& ( ( 7 . . ( ) . &
( & ( ( & 4 ! < + &'
( & ( $ %. + ( ( ) .
( & ( ( K ( ( & 4 (
&< ( & (
Internal Ventures:
% 37GZ
-, % L1 6 B AF EC % &' ( (
& . Binternal ventureC % (
( ( ( (
% ( & > ( %
( & 4 ( & 4 ( ( %
37GZ D
@
4 ( . ( (& ! H
9 ( '! ( & ( ( ( & (
( ! '! (' ( (
Joint Ventures (JV):
( ) & ( ( &' &
( . ( 4 ( (
% %. &'
( ( > &
( & ( H ( expertise ( ( & ( 9 & ) &
& % > & 28 (
% & ( & (
(& ( ( ew style Joint Venture ( &
) B) ( ' ( ( & C B) ( & ( ' (
( C
Participações minoritárias:
7 & ( ( % > < ` & (
& ( ( J private equity venture capital )
( ) "
Private equity: ) ( ( ! ! .
& ( % ( & ( . 4
Venture Capital: ( ( ! ! & (
( & ( & 4 H 7> &
(< ( venture capital (' Venture !urturing, ) &
%. ! ( ( & (
4 ( & ( - ( " B C &
( %& ) venture nurturingP B%C '!
K ( & < & ( ( P B(C . & & 4
@E
4 ( ( ( ) ' % >
&
Aquisições Educativas (Educational acquisitions):
) J ( & ( ! & ( & (
(< ( ( ' ( ( ) ) J )
( & expertise ( )
% . Venture Capital. 9 & ) (
( & & ( ( &
) Venture Capital ) ( P ( % & ( &< (
, ( S ) ' (' ) B
& C 9 ( J % > &
, ) &
( & & 4 , % L1 6 B AF FC ) &
& ( J ( 4 K ( . (
& ( & ) ( ' ( ( % &
% & & & ( 4 (
% % & ( ( & J ( J
( & & ( ) K ( & ( ( & =
( ( & ( %
, & B AF C , % 1 6 B AF C ) ( ) ( .
> & ( ( ( 4 (
. ( ( ) & ( &
( ' ( 4 ( ( (
@I
N 8 &
Modalidades de entrada Maiores vantagens Maiores desvantagens
& 9 3 (
>
4 ,
& B . F C
G & ( (
&
) J 7 ! ( G ! ( &
5 ( (
( ! H ( & (
, > (
G % ( K ( .( (
K ( ( & ( K ( ( & ( (
Internal Ventures
3 ( <
7 ( & 4 ( & 4 (
- ( (
& ( &'
Joint Ventures &
( ( & ( ( & ( > &
0 4 (
& ( & (
Venture capital e Venture Eurturing
( % &
( & (
( & ( H
( &
G ( ( & (
( (
) J 7 (
( % &
( & (
staff ( &
0 & ( ( ) venture capital
@F
/ @ 0 4 / & $ ( & 0 ( , % L1 6B AF I C
/ & & ( ( ( &
0 4 / & , % 1 6 B AF @C
G &
G / &
1
1 G / & G
&
& &
( & & ( (
2 3 . 3 2 4 3 5 % 6 7 ) 8 3 2 -) 3
7 . 9 :; 9<
. 29;7 9 6
. 29;7 2;79;7 2= :; 8 >? 8
); 9 . 8
7 . 9 :; 9<
. 29;7 9 6
. 29;7 2;79;7 2= :; 8 >? 8
); 9 . 8
2 3 . 3 5 % 6 7 3 2 -) 3
) 8 2.36. % 293 29 723 )
% 7 )38
:; 8 >? 8 13 29$. 29;7 8
7 . 9 :; 9<
. 29;7 9 6
. 29;7 2;79;7 2= :; 8 >? 8
); 9 . 8
@ 8 ) 3 % 2 ) 3
) 8 2.36. % 293 29 723 @ 8
:; 8 >? 8
) 8 2.36. % 293
29 723 ) 73);938
:; 8 >? 8
6 2 % 2938
@ 8 )3%2 )
23. 5 %6 7
32- )
23. 243 5 %6 7
@A
2.6 Síntese da Bibliografia e Contexto da Decisão Estratégica de Crescimento e
Entrada em ovos egócios.
% ) % %& ! ( & 4 ( &
( Q % & ( & . ( ( ( . (
. ( ( ( ( > & 4
( . ( & (< ( ) . %+ ) 7
( . ( & & ( (
7 . ( B AA C & !& (
( & ( ) (
& ( H & . ( & ( (
!& ( &
& ( ( ( ( !& &' % & ( (
vigentes ( K ( %+ . ( ( & 4 .
!& & ( ( & (
( B1 C 5 ( ( S > 0 +& B AF C
B AA C , & B AA C !& K ( & ?
B AA C B AFEC ( ( B AA C :
B AA C ) ( ( )
( ) & ) (
%+ . ( ( & 4 G & + % & (
) . ( ( ( " &
& ( ( ( .
( (
% & ( & ( H ( !& &'
( & ( ( ) %+ . ( % & (
& ( ( < G +! ( & ( )
( % H . ( ( ( ( & ) ( % H
. ( ( ( & ( H . ( (
( & ( B ( C ) - B @@ @IC
4 ( 4 ( ( ( ? .
) & ( ) . ( &
4 ( ( ( $ & B AAI I@C
% (' 1 & ) ( (
( 4 J "
U ( . ( ( & (
> ( ( & (' ( ( $ %. )
, & B AF C B AF C % ( , % 1 6 B AF C (
( ( H & ( ( % & (
) % %& ! ( ( &
& & ( & (
( , % 1 6 B AF C & B AA A A C : B AA I
IIC 0 & B C - B @A C ) . + ( )
1 ( & &< ( ( ( &
B AA C & % H &
( & ( ( K ( %+
. ( % & ( ( ( & & 4
& 5 !& K ( & ?
/ H !& ( & &
( ( &' ( & + 4 ( (
( ( K ( B AA C 1 & B AF C
, % B AF C 0 & B C ' & S & B AA C 7 !&
( ( ( ( ( ( ( &
( 4 ( 4 ( G
( ( 4 H ( ( ( & (
G ( > ) ! H !& (
. ( & & ( ( ( )
/ " ( ( 7 . ( & ) 1 %& ! (
G]59-7 G7 a 9M- 89 7G$7- ,7- 907G$M 9G$7, [\M -M 9 5
M127$987-$, $b 9
M-G]59-7 M,$/a59M
G]59-7 -9-$c09
,789-\M M127$987-$, $b 9
M-7-$, $b 9 ,7- 907G$M
0M 59 7 7 7G$,
9 7G$9/9 [\M G7 a 9M B$7 GM5M 9 07, M
, 79,MC
G]59-7 M0 ,$9 5S 07G$M B ,, 35$3, -9G7, 9 -C G]59-7
M,$/a59M
G7 M 9 [\M G7 $98 G7 M 9 [\M M-9$98
7-$, $b 9 ,7 59Y
@
3 METODOLOGIA DE PESQUISA
G ( %& ) %+ ) J
. ( &' P & ( ( & (
! J ( ( P &
!& ( . ( &' ( !& & ( .
( & ( ( &
( . ( % & & )
& J )
3.1 Tipo e Método de Pesquisa
& ) & 4 ) ( %
> & ) & ( ( < ( & ex post facto
& 4 . ( ? (
M > & - && 4 ( # & 4 (
Q ( ( & %&
( ) ( ' * B-755$9Y AI AC & &'
( ( ) ) > & ( % & (
%& ! & > &<( ( '
& + % & >< & % & ( (
% G ( ) > &
) % %& ! ( ( B 95 AFF C
- B AA C ) ) & . ) )
) ) & (
( ( & & + &
. ) ) ! & ( &
& G ) ex post facto, !
&! & (' ) +! B 95 AFF FC
M . ) & & ( & ! ( M
%+ . !& &' B C
( ( _ B AA @ @@C # ( . . ) ) % (
> Q ( U ( > * # % (
& . J ( ( 4 ( & !& *
# K ( ( ( & K ( (
. ) & (& ( decisão ( + ( J " & ) &
( & ( ) & * B- S, 00 _9G
@ C M ( G B AAEC ( 6
( ( ( & Q
& % & ( 4 U ( & % &
) ( ( J % % ( > &
( K (
) ( ? ( ) ( &' (
( - _ B AA C ( %
( ? ( ?& & ( ) ( < ( . (
% & P ) ( < ( > . ( &
P ) & . 4 ( ) J !&
& % & ( ) & +
( ? ( ( ' ( (
( & (
M ( ? ( ( &' ( ?& &
) & ( ( % & B_ E C
7 % ( ( ( 4 ( ? ( ) +! J (
) & !& ( ( H
holding ) & ) 4 !& > ( ( < (
( ?& & H % & ( &' (
( ? ( ( ) & & ! 4
/ ( H J & ( &' ( )
& ) +! ) ( ( 4 " B C Q
( U ( > J & decisão &
. ( ( ( P B%C &
proposição teórica ( 4 ( & !& P B(C & &
& & %& ( ) & P
B C ) ( J . ( +! ( ex post facto &
B C ( & ( !& H ) &
( &
3.2 Definição Teórica dos Conceitos
G J ( ( & %+
) M ( J ( ! + (
% &' ( @ @
Commodities: ) ( ( 7( ) &
commodities ( ( 4 & ( & & & 4
( % & 4 ( & 7 & )
( J ( & ( ( ( specialties
B ( & C
Especialidades: ( ! commodities ( & )
( (< ( .( ( &
( & ( ? ( & ( (
Estratégias de crescimento: (& ( : ) 4 (
H 4 ( ) ( & - .
( ( " & & (
( ( & (& (
E
Estratégias de entrada em novos negócios: (
( & %. . ( ( 7
(< ( ( N ( ( J
( Bcorporate venturing).
Familiaridade: 7 ! ( ( ( & ( (
Brelatedness) & & 4 ) . ( (
(
, % 1 6 B AF C ) &
& ( ( & ( Btechnological familiarityC & (
( Bmarket familiarityC & ( %
(
& ( & ( ( ) ( ' (
H ( & +! > ( (
> 7 & ( & ( 4 ( )
( ( < ( J ( (
( ( & ( ( B,M17,$-P 17,,_ AF
@C
Integração horizontal: ) ( ( ! ( (
Integração vertical: Integração vertical para trás )
( ) & 4 .
) ( ( ! ! ( Integração vertical
para a frente ) & !
% ( % . ) ( ( ! !
%
Modalidades de Crescimento e Entrada: 7> &
> & ( ( entry strategies, entry mode, diversification strategy,
diversification mode G ) ( ( Q .
& ( ( ( (< (
& ( H % & 4 , % 1 6 .
( ( ( & & H
% & 4 4 :
- 0 & B C & & (
( corporate venture capital internal corporate venture ) J joint ventures
I
B AF C , % B AF C , % B AF C , % 1 6 B AF C 8 : 0 (0 &&
B AAIC
( & ( ( (
% & 4 , % 1 6 ( ( (
&"
Desenvolvimento Interno: ( > & ( ( %
% & ( ( J B C
& %! ( ) ( & ( ( +!
( P B%C & ( ) '
( ( P B(C &
) ' ( & (
Aquisições" ( & ( & %.
) ) ( ! H + ! ( &
Licenciamento: ( & !
Empreendimentos Internos (Internal Ventures): 0 & ( & &
9 ) & ( % 37GZ
Joint Ventures (JV): ( ) & (
( &' & (
!ew style Joint Venture:( & ) B) ( ' (
( & C B) ( & ( ' ( ( C
Venture Capital: ) ( ( ! ! &
( ( & ( H
Venture !urturing" ( & ) & %. !
( ( & = (
Aquisição Educativa (Educational acquisition): ) J
( ' (
& ) ( ( H % & 4
, % 1 6 & " B C ( J ! (
( J ( (' ( Bprivate equityCP B%C ( ( & ( B(C
( &
Modalidades ótimas de crescimento e entrada: ( ( ( .
F
# & ) & & (
( (' ( ( G > & )
( > ) & ( & (
( & ( & ( ( & % &
( * B,M17,$- P 17,,_ AF C
ovidade: M & ( % ( (
% 4 ( ! ( ( BnewnessC
, % 1 6 B AF @C ( "
ovidade tecnológica ou de serviço: ) & ( & +
& (
ovidade mercadológica: ) & + (
H) & ( (< (
Sinergia: - B AA C ( ' ( & )
% . ) ? ( ( ( H
&
Sucesso: Y (( && B @ C ( ( & U ( ( H (
( ( & ) 4
) ( ) ! (
7 & + & 0 ) Y
B AFF @ IC ( ) > & & 4
( %+ ( (
& & ( & % > ) &<% Bbreak
even) 9 < ( % % & (
&' J ! ) (
J > ( ( 0 ) Y ) (
( &( ( & + & + ( & 7 )
( . ( & ) (! ( ' &
( & ( & ( &
( & 4 ( & B9% @ I @@IC G (
& ( # ' * ( &
A
) ( ( , % 1 6 & (
- ( # > & J ( (
& ( & ' . ( (
) J ( (
( * B,M17,$-P 17,,_ AF C
( ( ( ( % & ( ( & (
! ( & 4
3.3 Modelo Teórico Conceitual.
& ( ( & ( @
/ @ " 0 & ( & 7
3.3.1 Variáveis da Pesquisa
J 5 : 0 ( B @I C & H
! 7 (& ( < !
-7$M, 7$,MN3d09 M VARIÁVEIS
I DEPE DE TES
T " GM89 7
$7 GM5a 9
T " GM89 7
07, M5a 9
_ " / 0959 ,9 7
$7 GM5a 9
_ " / 0959 ,9 7
07, M5a 9
VARIÁVEIS DEPE DE TES
Y" 7-$, $b 9 a$90
7 ,7- 907G$M M3
7G$,
VARIÁVEIS DE CO TROLE
VARIÁVEIS MODERADORAS
Y P 7-7G8M58907G$M 9G$7,GM 1 -7
Y " 7-7G8M58907G$M 9G$7,GM 7
,M 3$M
Y@" 7-7G8M58907G$M 9G$7,GM 7
07, M
Y " N39-9[e7-Y " 59 7G 9 07G$M YE" 2M9G$ 87G$3,7 YI"" 9G$7,G 5 87G$3,7 YF" 87G$3,7 G3,$3,9G
YA" 87G$3,7 9$ 5
Y " 7 3 $9MG 5 N39-9$9MG
Y " G7V -$_57 2M9G$ 87G$3,7
Y " ,$9 9 [e7 09GM,9$],9
-Y @" 9G$7 , [\M 87,$9 5
Y " , 7,9 $7 GM5a 9
-9- MG91959 7 $7 GM5a 9
7-$, $b 9 7 59 7, G[
G]59-7 7 M,$/M59M 7
G7 a
9M-1, G cG 9 7 $3 [\M
M,$7
,7 3,-M- 9-
MGd879-7,cG 9 7-$, $b 9 ,9- M 7G8M589 M ,7$M,GM
, YM 7 ,7$M,GM
MGS7 907G$M 9- MGd875
/ $M,7-7$7,09G
G$7--757[\M
7$, $b 9
-, 3 7
7-70 7GSM 7 /
,d$9 M- M
) ( ( & > < (
( (
#8 ! & independente . ) & ) & ( ! &P .
( ( & ( )WK ( *
) ) # ! &dependente( ) & & B Q C
> & ( ( % & ( &
! & * B9% @FC G & ( ( & ( variáveis
independentes:
T " ( & ( P
T " ( & ( P
_ " & ( & ( P
_ " & ( & (
7 ( variável dependente, estratégias ótimas de crescimento ou entrada,
& H > 4 grau de desempenho fatores
críticos do desempenho B & . ( & ( (
( P ( & P & (
( ' ( C & ( & BY Y C
7 ! ! ( (
( + & ( ( & (
( % ( . ( ( 7
! ( ( & ) ) & ( &
( . ( ( ( (
( K ( ( ' ( < ( & (
) ( & ( ) ) U ( % ( ( K (
& ( )W 4 (
% % & (
2! ! & moderadora ou moduladora . ( # Q
) %. . ( ( < & ) (
& ( )WK ( . < & ( !
& ( B (C & & ) ( ( %
& & K ( ( & ! & ( Q
% B ! & C* B9% C
variáveis moderadoras & ) & ) 4 constructo &
( & ! , % 1 6
& & & &
fatores determinantes da seleção da estratégia + nível de recursos
tecnológicos e financeiros disponíveis, a aderência estratégica (diversificação ou focalização), o risco envolvido, o retorno e prazo de retorno desejados, o grau de
conhecimento mercadológico e a busca de formação de competência )
( ( & ( . ( B C (
( ( & ' (
& 7 &
7 & H variável de controle . ( # ) & Q
) & 4 & ) (
& ) !& & !
* B9% C
variáveis de controle ) > & K (
% & & ( . ( (
( "
Setor industrial com elevado aporte tecnológico ( % )
& , % 1 6 ) & (
( & ) ( & ( &
) < ( 7& ) ) < ( &
( ? ( & ( ( & & K ( &
U (
7 líder ! (
& ( ' ( ( . ( ! )
& &< & 4 ) &) B;M$57,
7 grande porte ) < & ( <
( & ) + . )
( ( & ( . (
& . ( > & )
) & (
& ( & ( ( ( 4
) . ) (
) ( ( holding
% ) % ) ' J (
Joint Ventures ) J J & ( (
. 4 ( ! &
( ( #( . & ( * % &
. ( (
alta oferta e disponibilidade tecnológica ( !( &
( ( & ( %. . & ( ( ( &
7> K ( processo de análise de portfolio de negócios ) ' +
( & ( ( & ( . ( 9 ) 4 )
) ( ' ( & ( (
( ( ) (
Grande abrangência de atuação ) H . ! (
( ) % K ( & ( & &
B1 &C b ) ( ) & & 4
( Joint ventures, < ( J ) &
< ( & & & ( < ) &
( & ) ( % K ( ( & &'
J Joint ventures.
3.3.2 Definições Operacionais das Variáveis
& & ( !
, % 1 6 B AF C
Variáveis independentes: G / & $ ( & ( ( .
@
( & & " % & & ) H J
4 M & 4 G / & 0 ( ( K
% & & ( " % & &
$ %. ( & > H . ( ) &
( ( ' M & % &
) 4 &
Variáveis dependentes: estratégias de crescimento e entrada
( ( ) ! > & (
J Y Y estratégias ótimas de crescimento e entrada
( . & grau de desempenho
& . ( & (
. ) ' % &
& ) & ( ) (
. ) & ) ' & @ ) ' (
?& .( ) ! ( & - & (
) ( & . (
& ( + ) & ( (
' + . ( ' ( Q
J " ( ( (
& 4
& ( (
' ( % ( & % > . . & &
) & &( ( %+ . ( (
) ) ) 1 6
B AF@C %. & 4 ( & ( I (
( & & + & ( & %+ (
&
( ! '
) ! fatores determinantes do desempenho ) ( %
( & & B ( C B C
( & (& ( . # + &
%+ K ( %+ & * B MM 7,P - S9G 57,
@ C ( & & (& ( ?& & ) ( &
. ( ( U ( % > ) (
% & D ( D & ) ! ( & 7
( & ( ( & (& ( & 4
& 4 & B9% C
G ) @ ? ! ( & 4 !
( & ( . & ( ( @
N @ 8 ! M ( & 4
TIPO VARIÁVEL DEFI IÇÃO OPERACIO ALIZAÇÃO
Independente ovidade
Tecnológica
- ) ( & !
& ( J " % P
Independente ovidade
Mercadológica
- ) &
+ ( ( J " % P
Independente Familiaridade
Tecnológica
) ( ' ( H ( &
+! > (
( >
J " & & P
Independente Familiaridade
Mercadológica
) ( ( < ( (
J ( ( & 4 (
> (
( ( & 4 (
(
( & ( ) & (
N @ 8 ! M ( & 4 B( C
Dependente Estratégias
Ótimas
de
Crescimento
e Entrada
7 . ( &
> 4 % % & K> "
Sucesso ou insucesso
' ( "
Grau de desempenho" &
. ( & ( P
Fatores Críticos Determinantes do Desempenho:
! & & K ( ' .
& K ( '
" & . ( & (
( ( P (
& P & ( ( ' (
.
& BY Y C
- ( " ' ! &P 9 ( "
' ! &
'
BfC B C
) &
B% > C B & C
& B (
C B
C ( & B & ! &C
B & ! &C +
f Moderadoras Fatores
Determinantes
da Seleção da
Estratégia
- ! & ) &
. & "
G< & ( ( & ( " & B C >(
BfC D f
G< & ( ( < " & B C >( BfC D f
0 K ( . (
0 4 (
0 +
0 4
' ( ( " & B C >( BfC
D f
1 ( ) ( ' (
0 .
& K ( &
& . (
& B (
C B
E
3.4 Definições do Universo de Pesquisa, do Caso e da Unidade de Análise.
) ! ( & 4 ) < ( ) & & (
( ( . & ( &' ( B @ C
( ! ) ( &'
? ) < ( % U (
( Q ( & ( & ( & ( > & (
3.4.1 A Indústria Petroquímica
M ( > %+ ) ! ? ) < ( ( ( 4 &
> ( Q ( ( 3g I % &'J BF O 91
& 1 &C ( ( 4 & ( & ( & B, 9 .
' @ C ' ( (
( ( < (
3.4.1.1 Descrição da Cadeia Produtiva Petroquímica
M & & ( ( 4 ( & ) & ( ( &
-&' & 4 > ) & + % &'
& % . ( ! & ) & B 5 C &
) & & & ( % < & & &
& & % & . (
(' & ( % . 5 & ) &
& & & & ( % < &
? ) < ( > ?
h B( . C h B % ( &! ( C M
&< & 4 ) < ( . (
( ) . ( ? h B 1 & (. )
& 1 : & ) < ( 3 C % . ) < (
%! ( %. (' M ( %! ( &
I
& % ( ! ? h M
&! ( ) & & B C & & &
B 7 C & & % > B 71 C & & % > &
B 71 5C & & & B 7$C & B -C & (& & B 8 C
7 & ( & B78 C % ( % ) ( &
( ( ( ( ? ( &
? ) 4 . (' ?
? @ h @ )WK ( ( & & 4
( ) < ( " 9 ? @ h .
) % ( &! ( B ( % ) ( C 7 %
# * +! ) ! ( ! (
) &) & & ( & ( B( ( .
C ( & ) < (
/ @ " 9& ( ) < (
3.4.1.2 A Indústria Petroquímica no Brasil
M & ? ) < ( % & & ( & 7 ( %
& - % ( ( & & B ( ( )
& ( < ( %+ C % ( ( ( ( &
7
=6 =
A )
A B 7
!" #
/
@ @ @ 9 C
$" #
9
F
( & ( ( & M %+ & % (
( & ( & & ( ( & ( & (
( & < < BM 71,7 S$ @ C M Z] &&
B @C ' ( & ) ( & >
) < ( 1 & Q ( H J &
. & 4 % J ) (&
( + ( ( J (
H > J & ( & (
& J 7 ? ) < ( % &
K & ) < ( " - & % ( <( (
-.( E <( J AI P 1 ' ( <(
( AI <( J AIFP , - & $ ( <(
( AIE <( J AF 7 +
( & 4 ( & 1 & (' ?
) & ( ( 4 )
< ( ) & !% ( ( H ? (
& & ) < ( %! ( ( % ( $ &
( ( ! ( & )
( ( 4 & ( & & (
.( A ( % & % ( > H (
( & ) ( ( (
< 0 ( & ?
-( & > ) < ( & ( % ( Q (
( J + J > > (
< 7 ( J + ) & ( (
% < B %! ( ? C &<) ad
valorem ( & ( &
( ! % ( &! ( ( (
( )W K (
( & & ( > - > H
A
% ( & ? ( &
& , & AA ) ( ( & ( & ( ! %
( ( & ( ( ( B & & C (
& % ( % & % & 9
& ( J % ( ) < ( > & (
( % ( % & &! (
& % ( >J B + & C 8 (
( &
M ) < ( ( ) & ( (
( ( ( 9 % &
( ) & ( &
& ( % & & . ( &! ( ( ( &
& % ) & 4 & & Q (
( ! ? &! ( )
) % ( ( ) < ( B Z]8955 @C
G ) H ( & Z && B @C !
( ( ( ( ( & 4 & (
( & % & ( . &
( & & < ( % $ 4 ( )
) < ( ( &
( & 4 ( ! . ?
) < ( 1 & ( & 4 ?
( ( & &
( & 4 H &' ) ( 7 3 7 2
M > K ( ) ? ) < ( +
( & & ) < ( ( ( !
& BupstreamC ( & 4 +
BdownstreamC ? (
E
) < ( 1 & 4 @O & & &
) ) >(& ( G (
K ) < ( ( & ( &
B ) < ( 3 1 : D 3 9 1! ( &C
B1 : M> & > - 4 9 C
& % ( R N < ( ,' 1 && B ( ) < ( 1 -' &&C
- & 6 ( J & 7
( & & ( !
( & ) < ( ( ( ? ( & ( ( & 4
& . ( L & ( & 4 <
B Z]8955 @C
M ) ( ! ( & & < & .
' ( J ( ! & ) ( +
( & M % (' 3& 0 3
) 9 - 4 ( > B7 9 ?
) < ( 1 & C M ( 4 ( ! ( )
+ ( % & + . & 4 ?
( J > J
( & ( ( . & > ( ( 0 )
( 1 : ( & ) < (
B Z]8955 @C
. ( (& & ? ( &
& & ' ( &' & %.
J ( & M &! ( 1 &
<( .( ( ( ( (
) & ( & % J 7 E
3 ( & ( ) < ( 3
9 & M + & 7 &
) B % ! % ! C & & &
( J ( &! ( < ( )W ( & >
) < ( G ( & ( & .( I ( (
E
4 ( & ( & ) < ( & ?(' $ ) (
( ( ' % &
0 F & ( 9
) 7 ( ( ( ! > &
& > ( ( ! H >
) < ( ( & 7 AA AA &
4 J & ( J 7 (
) < ( 9 ( & & &
< ) < ( 3 B N3C 1 & 4 AA (
3 ( & G & & ( &
) & M % (' 9 ( ' Q (
& ( ( & 4 ( & ( M ' ( &
AA boom ( ( & & , & ( ( (
( & & ( & $ + & 3-g E % &'
% ( 0 > & & 1 '
4 & % & 4 ( & (
( ( J ( 4 4 ( & (
& (
) < (
4 % M 1 ( &
& ) 1 ( 7( Q ( ( & ( & & ( ) % ( % <
- ' & ) ' ( & ( & G )
( & . ( G ( + ) H (
( J M % (' 0 0 & & ( M
( & ? ( & ( & 3
& & ( 4 ( 4 O 0
4 ' K> G ' 4
& ) < ( % & ( & M % ('
0 ( ( ( ( & 1 (
& ) ( 1 ( 7( Q ( 7 + &'
1 ( & ( 4 ( & & ( & 1 (
E
& & ) &' ( & G ) ' & ) ( & . (
5 ) ( ( <( (
7 + ( <( ( (& ) < (
% & ( ( ( ( & + ( & 4
) < ( 1 & ( 1 : B > C
7 + J ( ) < ( 1 &
( ( M ( & ( & 4 & % > ( & ( & &
J < & (
) < ( ( + % & ( ( & ' + ( ) & % ( !
( ( & H & 4
> ) < ( 1 & G ) ( ( 4
> ! &
( )W ( & 4 & , & ( ( ( H
& ( + ( Q ( < ( ( Z && B @C K
& ( % > ( ) < ( % &
% & ( & % & 4 " B C % &
& ) . & > ( (
& ) ! &P B C & ( J %
+ ( ( P B@C ( (
( K ( & ( & + (
& # * + ) & B L C
J ( & ( & 4 ( < (
& ( ) < ( &! ( 1 & ) &
FO 91 & M & (' 3-g I % &'J A >
E@
3.4.2 Critérios para a Seleção do Caso.
! constructo & ( ( & ( ( &
) J % % & ( & & ( )
4 ) ( & ( . - 0 ( B AA I
AC % % & . (' ( & ) ) !
& & )
- && 4 & B AI F C )
& ( &' ( & ( " # %! ( ( & . )
( % + & . ) ( &' ( )
(& < (' ) +
( 3 . ( ( & . ( &' ( + &
( < ( & ) )
+ & & ( % & *
( &' ( & ( ( . & H !
& ( ( &"
B C ( & & ( ) < ( & & K (
( U ( ) & , % 1 6 M
) < ( (' ) & ( & ( ( & P
B%C & & (
! P & . (
( ( Bmarket shareCP
B(C < % K ( )
( ( & & ) 4 !&
B C S % & ( & ( + ( &
! P
B C / ( ) &
( ( ( ( % &
! & P
B C < ( !& ( ( H ( . (
( ( ( (
E
%& ( J working papers ( & <
& Q ( " RRR % : ( % RRR % (' ( % 7&
( M % (' N < ( A ( &
( & ( ' ( ( ( ( + !
(. 1 : &< ? ) < ( ( &
- 9 %& ( ! M % (' E B C # ( (
M % (' ( &' ( ( M AIA
( M % (' J 5 ( AA & ( G %
M % (' G .( AF <( AA &' &
( & ! ( ( ( J ?%& ( B
C & ( & & & ! ( & & K ( ( &
& ( & ?& ( ( )WK (
. ( ( ( ( U ( "
' ( &! ( B ) < ( C K
& ( ) < ( ) & M % (' AIA
) ) ( & % ( 8 4
& ) < ( 1 ' AIF
( & G ) ( 4
M % (' ( ( ) ( J ( ! ) < (
7 AF > & ( J - & & % ( (&
% ( 8 ( AFI
M % (' N < ( 7 AA ) (
% & ( & % & 4 / ) 7 &
G ( & 4 Q H ) < ( 7 AA
M % (' ( & ( & . & ) < (
$ ,- 7 AA ( M ) < ( ( J ( ! ) '
) AFE K " & & B % ( & & C S
B % ( & & C 3 ' & ) < ( (
AA M % (' ( & - &
$ : 7 AAI ( &
$ : M ) < ( 7 AAF M % (' ( 0
( 7$ & 4 % & M % ('
