Submitted by Sara Ribeiro (sara.ribeiro@ucb.br) on 2017-12-06T16:18:28Z No. of bitstreams: 1 MariaAugustaBretasLimaDissertacao2017.pdf: 394810 bytes, checksum: 67f878c23bb843aed1d6867a532c6724 (MD5) / Approved for entry into archive by Sara Ribeiro (sara.ribeiro@ucb.br) on 2017-12-06T16:18:38Z (GMT) No. of bitstreams: 1 MariaAugustaBretasLimaDissertacao2017.pdf: 394810 bytes, checksum: 67f878c23bb843aed1d6867a532c6724 (MD5) / Made available in DSpace on 2017-12-06T16:18:38Z (GMT). No. of bitstreams: 1 MariaAugustaBretasLimaDissertacao2017.pdf: 394810 bytes, checksum: 67f878c23bb843aed1d6867a532c6724 (MD5) Previous issue date: 2017-08-29 / This article investigates Brazilian telecommunication companies??? capital structure and stock returns compared to companies from other regulated sectors and compared to companies from non-regulated sectors using panel data from a sample of 438 Brazilian companies, from 124 different sectors, negotiated in Brazilian stock exchange, between 1987 a 2015. Models were built for capital structure, revenues and returns using dummy variables for comparisons. Dummies indicate telecommunications companies??? debts are higher in the short run and companies selling fixed lines debts are higher compared to all companies in every scenario tested. Revenues regressions results indicate non-regulated companies had higher profits. Investment results suggest telecommunication companies invested more in short run projects and less in long run projects compared to non-regulated companies. / Este artigo investiga a estrutura de capital e o retorno das empresas do setor de telecomunica????es no Brasil, em compara????o com empresas de outros mercados regulados e n??o regulados utilizando dados em painel a partir de uma amostra de 438 empresas brasileiras com capital aberto negociado em bolsa, de 124 diferentes setores, no per??odo de 1987 a 2015. Foram estimados modelos para estrutura de capital, faturamento e retornos com vari??veis dummy para diferenciar as empresas de telefonia das demais. Os modelos foram estimados em ???pooled regressions??? por OLS. Dummies indicaram que as empresas de telecomunica????es s??o estruturalmente mais endividadas no curto prazo, e que as empresas de telefonia fixa tiveram os maiores n??veis de endividamento em todos os cen??rios e em todas as compara????es. Nas an??lises de faturamento, evid??ncias apontam que as empresas dos mercados n??o regulados conseguiram faturamentos mais altos do que as empresas reguladas. Para as an??lises de investimento, os dados mostram que as empresas de telecomunica????es investiram mais em projetos de curto prazo e menos em projetos de longo prazo do que as empresas n??o reguladas.

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-02-06T21:56:57Z No. of bitstreams: 2 Adriana_Macedo_Ribeiro.pdf: 1955945 bytes, checksum: 92573595808b2c645572f493ff5ff364 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-02-06T21:56:57Z (GMT). No. of bitstreams: 2 Adriana_Macedo_Ribeiro.pdf: 1955945 bytes, checksum: 92573595808b2c645572f493ff5ff364 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2014-09-12 / The mobile industry is constantly changing mainly due to technological advances, in recent decades; we noticed an increasenumber ofusersvery expressive. Furthermore, in recent years, we noticed too it was realizedthat the way users communicate is changing. If the device before telephone was used for communication between two people simultaneously, currently the communication has to be net worked between people, services and "things". Like this the cell has acquired a function of connecting people to people, people services and business people. In this context, the aim of this study was to describe the possible future scenarios from 2015 to 2020for mobile telephony in Brazil and the impact on profitability of the sector. The primary data for the study were collected through interviews with professionals of vast experience and the secondary data through exploratory and literature searches. The methodology used to identify trends and uncertainties variables was intuitive and logical, through morphological analysis, the variables were correlated so that we obtained our possible scenarios, called: Scenario 1- Deceleration: characterized by the growth of data traffic but no increase profitability; Scenario 2-Morethan Expected: characterized by the growth of data traffic, increase in data Arpu, but would not increase the profitability of the sector; Scenario 3-Dream Consumption: characterized by grow thin data traffic and profitability, as the industry would have a change in the business model; and finally we Scenario 4-Continuity: by traffic growth, continued investment and profitability by controlling expenditure.With the possible scenarios mapped, it was observed that the mobile phone will continue to develop, fueled by the growth of data traffic, however, profitability does not necessarily accompany this pace. For profitability companies the growth of data traffic, identified the need to review the business model, so that the phone companies can capture new revenue generated by this type of traffic (data-services /applications). / O setor de telefonia m??vel est?? em constante transforma????o devido ao avan??o tecnol??gico e,nas ??ltimas d??cadas, percebeu-seum crescimento em n??mero de usu??rios bastante expressivo. Al??m disso, nos ??ltimos anos, notou-se que a forma de se comunicar dos usu??rios est?? se modificando. Se antes o aparelho de telefone era utilizado para uma comunica????o entre duas pessoas, atualmente passou a ser em rede, entre pessoas, servi??os e "coisas". Com isso, o celular adquiriu fun????o de ligar pessoas a pessoas, pessoas a servi??os e pessoas a neg??cios. Nesse contexto, o objetivo deste trabalho foi descrever os poss??veis cen??rios prospectivos de 2015 a 2020 para a telefonia m??vel no Brasil e o impactona rentabilidade do setor.Os dados prim??rios para a pesquisa foram colhidos em entrevistas com profissionais de vasta experi??ncia e os dados secund??rios por meio de pesquisas explorat??rias e bibliogr??ficas. A metodologia utilizada para identificar as tend??ncias e as vari??veis de incertezas foi a l??gica intuitiva. Por meio de an??lise morfol??gica, as vari??veis foram correlacionadas, o que gerou quatro poss??veis cen??rios denominados: Cen??rio 1-Desacelera????o: caracterizado pelo crescimento do tr??fego de dados, por??m sem aumentar a rentabilidade; Cen??rio 2-Mais que Esperado: caracterizado pelo crescimento do tr??fego e do Arpu de dados, mas sem aumentoda rentabilidade do setor; Cen??rio 3-Sonho de Consumo: caracterizado pelo crescimento do tr??fego de dados e da rentabilidade, visto que o setor teria uma altera????o no modelo de neg??cio;e, por fim, obteve-se o Cen??rio 4-Continuidade: pelo crescimento do tr??fego e manuten????o dos investimentos e da rentabilidade por meio do controle das despesas.Com os poss??veis cen??rios mapeados, observou-se que a telefonia m??vel continuar?? se desenvolvendo, estimulada pelo crescimento do tr??fego de dados, entretanto,a rentabilidade n??o necessariamente acompanhar?? esse ritmo. Para que a rentabilidade acompanhe o crescimento do tr??fego de dados, identificou-se anecessidade de revis??o do modelo de neg??cio para que as operadoras de telefonia possam captar as novas receitas geradas por esse tipo de tr??fego (dados-servi??os/aplicativos).