In recent months, there have been debates and discussions in Sweden regarding rents for rented apartments. Landlords want sharp rent increases due to high inflation and increased operating costs, while tenants and the tenant association are strongly against such a proposal. They mean that households with limited income can be hardly impacted by a sharp increase in their accommodation expenses. This thesis will analyze what external factors affect the rental compensation for rented apartments in Sweden for the time period 2018-2021. The result is based on a panel data analysis with collected data from 279 of Sweden’s 290 municipalities and is reported through a regression model. The outcome shows that disposable income, population and the number of completed rental apartments per 10 000 citizens, have a positive impact on the rent for rental housing. The result, however, does not show what effect the floating mortgage interest rate has, but is shown to have a positive impact as well based on previous studies on the subject. All the variables included in the model thus have an explanatory effect on the rent, but additional variables - for example, the location, condition and standard - can be included to get an even better result. / Under de senaste månaderna har det varit debatter och diskussioner i Sverige angående hyran för hyresrätter. Hyresvärdar vill ha kraftiga hyreshöjningar på grund av den höga inflationen och ökade driftskostnader, medan hyresgästerna och hyresgästföreningen är starkt emot ett sådant förslag. De menar att hushåll med begränsad inkomst kan bli hårt drabbade av en markant höjning i deras boendeutgifter. Denna uppsats kommer att analysera vilka externa faktorer som påverkar hyressättningen i Sverige under perioden 2018-2021. Resultatet utgår från en paneldataanalys med insamlad data från 279 av Sveriges 290 kommuner, och redovisas genom en regressionsmodell. Utfallet visar att disponibel inkomst, befolkningsmängd samt antalet färdigställda hyreslägenheter per 10 000 invånare har en positiv inverkan på hyran för hyresbostäder. Resultatet visar däremot inte vilken effekt den rörliga bolåneräntan har, men påvisas ha en positiv inverkan utifrån tidigare studier i ämnet. Samtliga variabler inkluderade i modellen har således en förklarande effekt på hyressättningen men ytterligare variabler - exempelvis läget, skick och standard - kan inkluderas för att få ett ännu bättre resultat.

<p><br></p> <p>In my dissertation research I document information price discovery through investments in the alternate asset class of Venture Capital. The two chapters of this dissertation studies the effect of these investments in two different contexts. The first chapter analyses improvements in valuations of venture capital funds through syndication by VC funds. The second chapter documents improvements in stock prices, and valuations, of publicly traded firms through investments by institutional investors in VC funds and in public equity.</p> <p><br></p> <p>In the first chapter I examine the effect of syndication among venture capital (VC) funds on the funds' incentives to manipulate their performance measures. I show that the presence of new syndicate partners reduces misreporting by VC funds. About half of the reduction in manipulation is during the follow-on fundraising period. To identify that syndicate partners reduce performance misreporting I use: (i) a triple-difference approach around fundraising and (ii) availability-of-syndicate-partners as an instrument for the number of new syndicate partners. The implications of my findings are that LPs should better monitor VC funds with fewer new syndicate partners and regulators should consider the presence of peer-monitoring among VC funds before imposing disclosure requirements.</p> <p>  </p> <p>  Chapter two includes John J. McConnell, Timothy E. Trombley, and M. Deniz Yavuz as coauthors. In this chapter we report evidence consistent with institutional investors using industry-level information that they obtain from their investments in venture capital (VC) funds to earn excess returns in publicly-traded equities.  We use court rulings regarding the Freedom of Information Act as an exogenous shock affecting the information flow between VC firms and institutional investors to show that the excess returns are explained by information received via this channel.  Thus, institutional investors serve as conduits of information, making publicly-traded stock prices more efficient.  In the process, institutional investors earn higher returns from their VC investments than implied by the cash flows thereby received. </p>

The present dissertation research has three purposes: the first one is to predict anthropogenic deforestation caused by small farmers firstly using only pathways of past land cover change and secondly using demographic, socioeconomic and land cover data at the farm level. The second purpose is to compare the explanatory and predictive capacity of both approaches at identifying areas at high risk of deforestation among small farms in Rondõnia, Brazil. The third purpose is to test the assumptions of stationary probabilities and homogeneous subjects, both commonly used assumptions in predictive stochastic models applied to small farmers' deforestation decisions. This study uses the following data: household surveys, maps, satellite images and their land cover classification at the pixel level, and pathways of past land cover change for each farm. These data are available for a panel sample of farms in three municipios in Rondõnia, Brazil (Alto Paraiso, Nova União, and Rolim de Moura) and cover a ten-year period of study (1992-2002). Pathways of past land cover change are graphic representations in the form of flow charts that depict Land Cover Change (LCC) in each farm during the ten-year period of study. Pathways were constructed using satellite images, survey data and maps, and a set of interviews performed on a sub-sample of 70 farms. A panel data analysis of the estimated empirical probabilities was conducted to test for subject and time effects using a Fixed Group Effects Model (FGEM), specifically the Least Square Dummy Variable (LSDV1) fixed effects technique. Finally, the two predictive modeling approaches are compared. The first modeling approach predicts future LCC using only past land cover change data in the form of empirical transitional probabilities of LCC obtained from pathways of past LCC. These empirical probabilities are used in a LSDV1 for fixed–group effects, a LSDV1 for fixed-time effects, and an Ordinary Least Square model (OLS) for the pooled sample. Results from these models are entered in a modified Markov chain model's matrix multiplication. The second modeling approach predicts future LCC using socio-demographic and economic survey variables at the household level. The survey data is used to perform a multinomial logit regression model to predict the LC class of each pixel. In order to compare the explanatory and predictive capacity of both modeling approaches, LCC predictions at the pixel level are summarized in terms of percentage of cells in which future LC was predicted correctly. Percentage of correct predicted land cover class is compared against actual pixel classification from satellite images. The presence of differences among farmers in the LSDV1-fixed group effect by farmer suggests that small farmers are not a homogeneous group in term of their probabilities of LCC and that further classification of farmers into homogeneous subgroups will depict better their LCC decisions. Changes in the total area of landholdings proved a stronger influence in farmer's LCC decisions in their main property (primary lot) when compared to changes in the area of the primary lot. Panel data analysis of the LCC empirical transition probabilities (LSDV1 fixed time effects model) does not find enough evidence to prefer the fixed time effects model when compared to a Ordinary Least Square (OLS) pooled version of the probabilities. When applying the results of the panel data analysis to a modified markov chain model the LSDV1-farmer model provided a slightly better accuracy (59.25% accuracy) than the LSDV1-time and the OLS-pooled models (57.54% and 57.18%, respectively). The main finding for policy and planning purposes is that owners type 1—with stable total landholdings over time—tend to preserve forest with a much higher probability (0.9033) than owner with subdividing or expanding properties (probs. of 0.0013 and 0.0030). The main implication for policy making and planning is to encourage primary forest preservation, given that the Markov chain analysis shows that primary forest changes into another land cover, it will never go back to this original land cover class. Policy and planning recommendations are provided to encourage owner type 1 to continue their pattern of high forest conservation rates. Some recommendations include: securing land titling, providing health care and alternative sources of income for the OT1's family members and elderly owners to remain in the lot. Future research is encouraged to explore spatial autocorrelation in the pixel's probabilities of land cover change, effects of local policies and macro-economic variables in the farmer's LCC decisions. / Ph. D.

Made available in DSpace on 2015-03-05T19:11:30Z (GMT). No. of bitstreams: 0 Previous issue date: 21 / Nenhuma / A indústria de fundos de investimento no Brasil está concentrada no segmento de renda fixa. Dos cerca de R$ 220 bilhões depositados em fundos, hoje, R$ 200 bilhões aproximadamente estão nesse segmento e R$ 20 bilhões em carteiras de renda variável. Observou-se que no primeiro semestre de 2002, os fundos de investimento em geral tiveram alguns problemas que diminuíram bastante os seus retornos. A mudança da métrica de avaliação dos fundos, da chamada Curva de Juros para a Marcação a Mercado, provocou profundas transformações em termos de mensuração de valor dos fundos de renda fixa. Neste contexto, verificou-se a performance das 17 maiores administradoras de fundos no período 1997-2003 com dados diários. O método empregado foi a Análise de Dados em Painel. A hipótese de que as administradoras de fundos nacionais privadas obtêm igual relação risco-retorno em suas carteiras do que as administradoras de fundos nacionais estatais e as administradoras de fundos estrangeiras não foi comprovada. As administradoras es / The industry of investment fund in Brazil is concentrated in the segment of fixed income. About R$ 220 billion are deposited in funds nowadays, from which R$ 200 billion approximately are in the fixed income segment and R$ 20 billion in variable income portfolios. In the first semester of 2002 it was observed that investment funds in general had substantially reduced their returns. In the wake of the change of the evaluation metrics of funds from yield curves to mark-to-market, caused profound transformation in the value of fixed income funds. In this context, the performance of the 17 biggest asset management firms in the period 1997-2000 in a daily basis has been assessed. The hypothesis that private Brazilian asset management firms have a similar risk-return performance in their portfolios as state and foreign firms has been rejected. Foreign asset management firms had a superior performance with respect to Brazilian private firms, while private firms sustained a superior performance vis-à-vis state firms

The thesis consists of three papers, summarized as follows.        "The Determinants of Labour Market Institutions: A Panel Data Study"    This paper analyses the argument that labour market institutions can be thought of as devices for social insurance. It investigates the hypotheses that a country's exposure to external risk and ethnic fractionalisation are correlated with labor market institutions. Extreme bounds analysis with panel data of fourty years indicates that countries that are more open to international trade have stricter employment protection, strong unions, and a more coordinated wage bargaining process. Moreover, there is evidence that union density is negatively associated with the degree of ethnic fracationalisation.  "Why do Some Studies Show that Generous Unemployment Benefits Increase Unemployment Rates? A Meta-Analysis of Cross-Country Studies"    This paper investigates the hypothesis that generous unemployment benefits give rise to high levels of unemployment by systematically reviewing 34 cross-country studies. In contrast to conventional literature surveys, I perform a meta-analysis which applies regression techniques to a set of results taken from the existing literature. The main finding is that the choice of the primary data and estimation method matter for the final outcome. The control variables in the primary studies also affect the results. "The Effects of Trade on Unemployment: Evidence from 20 OECD countries"    This study empirically investigates if international trade has an impact on aggregate unemployment in the presence of labour market institutions. Using data for twenty OECD countries for the years 1961-2008, this study finds that an increase in trade leads to higher aggregate unemployment as it interacts with rigid labour market institutions, whereas it may reduce aggregate unemployment if the labour market is characterised by flexibility. In a country with the average degree of the labour market rigidities, an increase in trade has no significant effect on unemployment rates.

No description available.

台灣各都會區因經濟與社會發展程度不同，使各都會區房地產市場特性有所差異，住宅價格波動情形亦有所不同。過去於台灣雖已有許多文獻探討過區域經濟與社會變數和區域住宅價格之關聯，卻少有文獻討論不同區域彼此間住宅價格差異與區域經濟與社會變數差異關係，且多數探討區域房地產市場文獻亦僅將研究範圍限縮在單一都會區，對於全國都會區之綜合性討論較為缺乏。是故，本文以台灣六大都會區為研究對象，探討各都會區彼此間住宅價格差異時間與空間變動情形，分析其與各都會區彼此間經濟與社會發展差異關係，進一步釐清當中之主要影響因素。 本研究使用台北市、新北市、桃竹都會區、台中都會區、台南都會區與高雄都會區等六大都會區由1993年至2010年共270筆住宅價格兩兩相除之比例資料，透過縱橫資料模型(Panel Data Model)探討國內六大都會區，兩兩間住宅價格比例變動於經濟與社會面的主要影響因素。實證顯示，當兩兩都會區經常性所得、知識密集服務業就業機會、公共投資、交通可及性、辦公室使用執照樓地板面積、治安狀況與空氣品質差異越大，住宅價格差異亦隨之擴張。且各都會區知識密集服務業就業機會、公共投資、交通可及性與經常性所得落差對住宅價格差異影響最大。此外，兩兩都會區住宅價格差異亦受到其地區特性與景氣影響。建議政府可透過於弱勢都會區發展適宜知識密集服務業發展之環境，吸引相關產業進駐，提供當地更多知識密集服務業就業機會，降低國內都會區所得落差。此外，應合理分配各都會區公共投資金額，強化弱勢都會區大眾運輸服務水準，以降低國內各都會區住宅價格懸殊情形。 / In Taiwan, because of the dissimilar levels of urban development, housing prices in different metropolitan areas change in sundry ways. This paper uses panel data analysis to identify the relationship between the development gap and the difference in housing prices in metropolitan areas of Taiwan during 1993-2010. The empirical results reveal that the income gap, the employment of knowledge-intensive services gap, the mobility gap, the public investment gap, the office quantity gap, the public security gap, and the air quality gap had significant effects on the difference in housing prices, and the difference in housing prices is also influenced by local characteristics and real estate cycles. Besides, we also discover that the employment of knowledge-intensive services gap and the public investment gap are two key determinants of the difference in housing prices.

Οι Άμεσες Ξένες Επενδύσεις (Α.Ξ.Ε.) θεωρούνται ως ένα σημαντικό εργαλείο στη διαδικασία της παγκοσμιοποίησης και διαδραματίζουν έναν κρίσιμο ρόλο στην ανάπτυξη των οικονομιών πολλών χωρών, μέσω της βελτίωσης της υποδομής τους, των τεχνικών τους δεξιοτήτων, των ικανοτήτων των επιχειρηματιών και των οικονομικών πόρων, αναφορικά με τα έσοδα της κυβέρνησης και το ξένο συνάλλαγμα. Η παρούσα εργασία εκπονείται με απώτερο σκοπό να εξετάσει κατά πόσο α) ο πραγματικός κατά κεφαλήν ρυθμός ανάπτυξης του Α.Ε.Π., β) ο ετήσιος ρυθμός πληθωρισμού, γ) το ποσοστό ανεργίας, δ) ο υφιστάμενος αριθμός των τηλεφωνικών γραμμών ανά 100 κατοίκους, ε) το εργατικό δυναμικό που κατέχει δευτεροβάθμια εκπαίδευση καθώς και στ) το ονομαστικό κόστος εργασίας, επηρεάζουν τις εισροές Άμεσων Ξένων Επενδύσεων στις χώρες που βρίσκονται α) στην Ε.Ε. – 27, β) στην Ευρωζώνη καθώς και γ) στην Ευρωπαϊκή Ένωση αλλά εκτός Ευρώ, αναφορικά με τα έτη 2002 – 2010. Αναλυτικότερα, η τρέχουσα μελέτη αποτελείται από πέντε κεφάλαια καθώς και από ένα παράρτημα. Κατ’ αρχάς, το πρώτο (1ο) κεφάλαιο εξετάζει ορισμένες βασικές έννοιες της διεθνούς επιχειρηματικής δραστηριότητας. Εν συνεχεία, στο δεύτερο (2ο) κεφάλαιο, παρουσιάζονται οι έξι προαναφερθέντες προσδιοριστικοί παράγοντες, οι οποίοι είναι ικανοί να εξηγήσουν την επένδυση των Πολυεθνικών Επιχειρήσεων σε μια δεδομένη τοποθεσία. Επιπροσθέτως, στο τρίτο (3ο) κεφάλαιο, αναλύονται τα υποδείγματα εκείνα που στηρίζονται σε πάνελ δεδομένα. Στο τέταρτο (4ο) κεφάλαιο, δε, πραγματοποιείται η εμπειρική ανάλυση με τη βοήθεια του στατιστικού πακέτου, STATA και ταυτόχρονα, διαφαίνονται τα αντίστοιχα αποτελέσματα αυτής, αναφορικά με τη σχέση των εισροών Α.Ξ.Ε. και των εξεταστέων παραγόντων, σε κάθε μια ομάδα χωρών (Ε.Ε. – 27, χώρες Ευρωζώνης και χώρες εκτός Ευρώ) ξεχωριστά, κατά τα έτη 2002 – 2010. Στη συνέχεια, στο πέμπτο (5ο) κεφάλαιο της παρούσας εργασίας, παρουσιάζονται τα συμπεράσματα που εκπίπτουν από τη συγκεκριμένη ανάλυση και παράλληλα, δίδονται ορισμένες ενδιαφέρουσες προτάσεις για μελλοντική έρευνα. Εν κατακλείδι, η τρέχουσα μελέτη ολοκληρώνεται με την εισαγωγή ενός παραρτήματος, το οποίο αποτελεί ένα συνοπτικά χρήσιμο εγχειρίδιο εντολών του πακέτου STATA και ίσως συμβάλλει στην κατανόηση και εξυπηρέτηση του εκάστοτε χρήστη αυτού. / Foreign Direct Investment (F.D.I.) is considered as an important tool in the process of globalization and plays a crucial role in the development of economies of many countries, by improving the quality of their infrastructure, their technical skills, entrepreneur capabilities and financial resources, in terms of government revenues and foreign exchange. This dissertation takes part in order to examine whether a) Real G.D.P. Growth Rate per Capita, b) Annual Inflation Rate (Inflation is measured by the Annual Growth Rate of the G.D.P. Deflator), c) Unemployment Rate (Total Unemployment as a percentage of Total Labor Force), d) Telephone Lines per 100 people, e) Labor Force with Secondary Education and f) Nominal Labor Cost (Labor Cost Index, Nominal Value – Annual Data), affect F.D.I. inflows a) in the 27 European Union member countries, b) in the Eurozone countries and c) in the Non – Eurozone countries, during the period 2002 – 2010. Specifically, this study consists of five chapters and an appendix. First of all, the first (1st) chapter examines concepts relevant to the international business activity. Moreover, the second (2nd) chapter presents the above six determinants of Foreign Direct Investment, which is able to explain the establishment of MNEs in a specific location. Furthermore, the third (3rd) chapter concerns those models based on panel data. Τhe fourth (4th) chapter incorporates the empirical analysis, using the statistical package, STATA, and simultaneously, its corresponding results, regarding the relationship between F.D.I. inflows and their possible six determinants, in each group of countries separately (E.U. – 27 member countries, Eurozone and Non – Eurozone countries), during the period 2002 – 2010. Moreover, the fifth (5th) chapter shows the final results, which are extracted from the specific analysis and at the same time, it provides some interesting proposals for further research. Finally, this study is completed with the introduction of an annex, which is a useful manual of STATA commands and perhaps, make users become more convenient and confident with this package.

Cette thèse étudie les impacts macroéconomiques des transferts de fonds dans les pays d'origine des migrants. Six chapitres traitent des problématiques liées à la croissance, à la volatilité et aux politiques publiques. Le premier chapitre s'intéresse aux effets des envois de fonds sur la croissance à travers leurs impacts sur la consommation, l'investissement et les exportations. Il montre que les transferts monétaires stimulent la demande interne et que les exportations sont évincées. Le deuxième chapitre examine les implications des envois de fonds sur l'économie de la Moldavie à l'aide d'un modèle stock-flux cohérent et suggère que les chocs externes se transmettent à l'économie moldave via les transferts des migrants. Le chapitre 3 souligne que la concentration des migrants dans un faible nombre de pays d'accueil et l'instabilité de ces derniers augmentent la volatilité des envois de fonds. Le chapitre 4 ajoute que des envois monétaires instables associés à des flux commerciaux importants entre le pays d'origine et les pays d'accueil accroissent la volatilité de la croissance dans les pays d'origine des migrants. Le chapitre 5 s'intéresse aux dépenses publiques de santé et montre que si les envois de fonds permettent aux ménages de financer des services de santé privés non couverts, ils créent également un effet d'éviction au détriment des dépenses de santé publiques. Enfin, le chapitre 6 met en lumière le rôle des envois monétaires sur le développement économique de la Moldavie. Il souligne que les revenus des ménages, mais également de l'État, dépendent des envois de fonds dont les fluctuations créent des incertitudes sur la pérennité du modèle économique moldave. / This thesis studies the impacts of remittances in migrants' origin countries. Six different chapters focus on economic growth, volatility and public policies. The first chapter aims to estimate the impacts of remittances on growth through several channels: households' consumption, investment and exports. It is shown that remittances stimulate internal demand, while exports are reduced. The second chapter proposes a stock-flow consistent model for Moldova and suggests that remittances spread external shocks to the Moldovan economy. Chapter three shows that migrants' concentration in few host countries, as well as their instability, increase the volatility of remittances. Chapter four stresses that instable remittances enhance output growth volatility in migrants' origin countries when associated with important trade flows between both origin and destination countries. The fifth chapter focuses on public health spending and shows that remittances increase out-of-pocket health expenditure while crowding-out public health expenditure. The last chapter highlights the role of remittances on the economic development of Moldova. It suggests that both households and government revenues depend on remittances, whose fluctuations cast doubts about the economic sustainability of the Moldovan model of development.

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Att, Pâmela Tonsa 3799-7852 on 2017-07-24T18:41:24Z (GMT) / Submitted by Ronald De Oliveira Concer (ronald.concer@gmail.com) on 2017-07-25T05:44:33Z No. of bitstreams: 1 Download File.pdf: 2308058 bytes, checksum: c94e8c23487949c2b6b496d78608f01f (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2017-07-25T11:15:28Z (GMT) No. of bitstreams: 1 Download File.pdf: 2308058 bytes, checksum: c94e8c23487949c2b6b496d78608f01f (MD5) / Made available in DSpace on 2017-07-25T12:17:47Z (GMT). No. of bitstreams: 1 Download File.pdf: 2308058 bytes, checksum: c94e8c23487949c2b6b496d78608f01f (MD5) Previous issue date: 2017-06-27 / This doctoral thesis is composed by three articles about the influence of the external factors shaping the foreign direct investment (FDI). I propose three discussions specifically about the institutional environment and macroeconomic conditions shaping the FDI behavior. First, the study analyzes the impact of country-specific macroeconomic variables on outward foreign direct investment (OFDI) flows from Brazil. I have applied a vector auto-regression (VAR) in order to determine the key drivers of OFDI flows, and tested the variables for Granger causality. This study improves on previous empirical analyses about home country determinants of outward FDI, which have proposed comparable time series models, mostly with inconclusive results. I argue that some of these studies have been biased by ill-conditioning arising from the estimation of too many factors with too few data points. This study corrects this by using a thresholded VAR, which explicitly imposes a parsimony restriction to the number of coefficients to be estimated. The results corroborate theoretical models of OFDI, and shed more light on the macroeconomic drivers of foreign direct investment from an emerging economy, using Brazil as a case study. In sequence, I discuss the impact of corruption levels on FDI. I have applied a panel data set in order to determine the duration of FDI flows invested abroad based on the corruption levels of the host countries. I argue that the time of permanence of FDI flows could varies since the existence of corruption levels, since the existence of weak institutional environment would create unfavorable conditions, and also shaping the kind of FDI projects which means a short or long term duration. Finally, I propose a discussion on the effectiveness of institutional environment regarding law application and its impact on the firm’s performance. Specifically, I test the conjecture of how different institutional environment perceptions (represented by firms’ expectations about the legal system) result in different performance levels of firms. I contend that the mere existence of a law system does not ensure their enforcement. Therefore, firms respond distinctively towards each environment to increase their performance. This suggests the need to examine more carefully the interaction of institutions. / Esta tese é composta por três artigos que tratam da influência do ambiente externo como fator de moldagem dos fluxos de investimento direto estrangeiro (IDE). São propostos três ensaios tendo em vista discutir como o ambiente institucional e condições macroeconômicas moldam os fluxos de investimento direto estrangeiro. O primeiro ensaio analisa o impacto de variáveis macroeconômicas na saída de investimento direto estrangeiro no caso brasileiro. Utiliza-se como metodologia vetor auto regressivo (VAR) e causalidade de Granger para determinar os determinantes dos fluxos de IDE das empresas brasileiras no exterior. Este estudo contribui para a literatura em negócios internacionais mediante da melhoria de análises empíricas já realizadas sobre o tema. A literatura existente, comparada ao uso de séries temporais mostra-se inconclusiva. Argumenta-se que alguns destes estudos são enviesados pela falta de coerência na especificação dos dados. Nesta ótica, o ensaio corrige usando thresholded VAR, do qual impõe restrições no tratamento dos dados e no número de coeficientes a ser estimado. Os resultados corroboram com os modelos de IDE existentes e oferece um novo olhar sobre os vetores que IDE de um país emergente, neste caso, usando o caso brasileiro. Em seguida, é discutido o impacto dos níveis de corrupção no IDE. Foi aplicado a metodologia de dados em painel para determinar a duração dos fluxos de IDE e a respectiva interação com os níveis de corrupção dos países hospedeiros. Argumenta-se que o tempo de permanência dos fluxos de IDE varia de acordo com os níveis de corrupção, uma vez que um ambiente institucional fraco é cria condições desfavoráveis. Desta maneira, níveis de corrupção moldam o tipo de projeto de investimento externo, no que condiz o seu tempo de duração. Por fim, propõe-se uma discussão acerca da efetiva do ambiente institucional tendo em vista a aplicação das leis e o impacto no desempenho das empresas. É testado, especificamente, como as diferenças na percepção do ambiente institucional (representado pela expectativa do Sistema Legal pela ótica empresarial) resulta em distintos níveis de desempenho. Neste trabalho, afirmase que a mera existência do sistema legal não garante a sua efetividade. Destarte, empresas reagem de maneira distinta em cada ambiente em prol de aumentar seu desempenho. Tal distinção ressalta um olhar mais apurado e cuidadoso em como as instituições interagem.