A rentabilidade dos serviços de eletricidade, petróleo e gás nas Américas
um enfoque analítico
Resumo
Identificar os determinantes da rentabilidade dos serviços públicos é vital para a tomada de decisões estratégicas, como alocar recursos adequadamente e direcionar a estratégia de negócios para aumentar o capital investido. Analisamos as informações de empresas privadas e públicas dos setores de energia, gás e petróleo na Colômbia e em outros países do continente americano. Construímos um modelo de dados em painel de 2000 a 2010 e sugerimos um método para identificar os determinantes da rentabilidade em grupos homogêneos de empresas por meio de análise de grupos. Usamos análise de regressão para quantificar esses fatores em cada grupo. Os ati- vos fixos são determinantes essenciais da rentabilidade, porém, a regulação de investimentos pode causar perdas significativas no valor realizável dos ativos fixos e um aumento nos custos de capital das empresas. A dívida e um ambiente munificente afetam apenas as empresas de médio porte. Encontramos alguns benefícios para grandes empresas que se originam de ambientes institucionais não transparentes.
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