There is an empirical gap concerning how institutional changes affect industry performance variation in emerging economies. We used the pictorial representation of business landscapes to describe how institutional variation affects industry performance. We used Brazilian firms data. Brazil has passed through important changes in economic, political and regulatory dimensions. We collected ROE data listed companies in Brazil to form a 24-year panel covering three major institutional periods. Results show that average return differences among industries and periods is relevant, indicating that there is a fixed industry effect on performance and the transient institutional changes has a relevant impact on performance.
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