Made available in DSpace on 2016-04-28T20:19:20Z (GMT). No. of bitstreams: 1 2007 - Deividy Attila Marcelino.pdf: 602923 bytes, checksum: b30a778e1a49c1c66c059e268603c8de (MD5) Previous issue date: 2007-03-19 / The objective of this study is to draw a panorama of the business strategies in the segment of electric power generation, making a comparison among the data obtained in the research, starting from 2001. The analysis is based on the vertical integration level, in the participation area in the country and in the technology (hydroelectric power, thermoelectric or alternative) used by the companies. Those variables are compared to the ROE of each company and to the composition of its Social Capital. For that, the sample contains three private companies, three public state companies and three public federal companies, so that it establishes a balance in the analysis. The methodology consists of a multicases study with the survey of data by formularies. The obtained results demonstrate that the best performance don't depend on the composition of the company?s Social Capital, but depends on its strategic vision. In other words, the companies that adapt to the market, taking advantage new opportunities, have the largest Return on Equity. That verification reinforces the Theories of Innovation of Value of Kim & Maubourgne, where the companies break up with the effective order and create new market borders. / O objetivo deste estudo ? tra?ar um panorama das estrat?gias empresariais do segmento de gera??o de energia el?trica, fazendo uma compara??o entre os dados obtidos na pesquisa, a partir de 2001. A an?lise ? baseada no n?vel de verticaliza??o, na regi?o de atua??o no pa?s e na tecnologia (hidrel?trica, termel?trica ou alternativa) utilizada pelas empresas. Essas vari?veis s?o comparadas ao ROE de cada empresa e paralelamente ? composi??o do seu capital. Para isso, a amostra possui tr?s empresas privadas, tr?s p?blicas estaduais e tr?s p?blicas federais, de forma que se mantenha um equil?brio na an?lise. A metodologia consiste em um estudo de multicasos com o levantamento de dados atrav?s de formul?rios. Os resultados obtidos demonstram que os melhores desempenhos n?o dependem da composi??o do capital da empresa, mas sim, de sua vis?o estrat?gica. Ou seja, as empresas que buscam se adaptar, aproveitando as novas oportunidades do mercado, t?m os maiores retornos sobre o Patrim?nio Liquido. Tal constata??o refor?a as Teorias de Inova??o de Valor de Kim & Maubourgne, onde as empresas rompem com a ordem vigente e criam novas fronteiras de mercado.