Dissertação de Mestrado
URI permanente desta comunidadehttps://repositorio.insper.edu.br/handle/11224/3237
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3 resultados
Resultados da Pesquisa
Dissertação Does Gender and Nationality Diversity Imply in Innovation Performance?(2024) Daher, Hugo DirceuThis study explores the impact of gender and nationality diversity within startup founding teams on various performance metrics, shedding light on the complex dynamics between diversity and entrepreneurial success. Utilizing a dataset of 13,355 companies and 27,277 founders, the research employs linear and logistic regression models to investigate how diversity influences operational status, strategic exits, total funding amount received, and the number of funding rounds. The findings reveal a nuanced relationship between diversity and startup performance, highlighting both benefits and challenges. Gender diversity showed a non-significant effect on operational status but decreased the probability of strategic exits by 33%. Additionally, companies with women founders received $1.48 million less in funding compared to all-male teams. Nationality diversity, on the other hand, increased the probability of a company being active by 65% and was associated with more funding rounds, though not a higher total funding amount. These results underscore the need for a balanced approach in the startup ecosystem, recognizing both the potential drawbacks and advantages of diverse founding teams. The study's implications are significant for academics, venture capitalists, founders, and policymakers. For academics, it highlights the importance of further empirical research to understand the diverse impact on entrepreneurial outcomes better. Venture capitalists and founders are encouraged to address biases and promote inclusivity to harness the benefits of diverse teams. Policymakers should consider strategies to support diverse startups, recognizing the potential of diversity to drive innovation and economic growth. Overall, this study emphasizes that while diversity poses certain challenges, it also holds substantial potential to enhance performance and foster a more inclusive entrepreneurial environment.Dissertação The discount on the valuation of private companies in the American and European markets.(2024) Andrade, Daniel Pecanka deThis study investigates the discount applied to the valuation of private companies in the American and Western European markets. I perform a multivariate regression analysis on M&A transactions from 1993 to 2024 to see the factors that influence the valuation multiples, followed by an estimative of the private company discount using the acquisition approach. The investigation reveals that private companies are generally traded at a discount compared to their public counterparts, a phenomenon attributed to the illiquidity premium and other market-specific factors. By comparing the North American and European markets, the research indicates a higher discount in the Western European market. The findings contribute to the existing literature by providing a more nuanced understanding of how private company discounts are influenced by regional market dynamics. This study is particularly valuable for M&A professionals and investors, enhancing the existing methodologies for valuing privately held firms. The dissertation emphasizes the importance of considering liquidity and marketability in private company valuation, enriching the theoretical and practical perspectives on the subject.Dissertação The importance of the acquisition process in Private Equity deals(2017) Olivares, Rodrigo HenriquesO setor de Private Equity (PE) tem crescido nas últimas décadas, ajudando a aumentar o número de fusões e aquisições (M&A) e, consequentemente, impulsionando os preços de aquisições de empresas e a concorrência na indústria de M&A. As empresas de PE têm algumas características específicas (quando comparada com outros investidores) que podem influenciá-las a pagar menos em uma aquisição: Investidores de PE exigem maiores retornos para compensar à baixa liquidez do investimento; não há ganhos de sinergias nos negócios de PE; experiências passadas ajudam fundos de PE a desenvolverem habilidades no processo de aquisição; e, alguns empreendedores desejam receber investimento de fundos de PE para aproveitar seu conhecimento e credibilidade. Mesmo quando há um desenvolvimento bem-sucedido da empresa adquirida somada a uma boa estratégia de saída, pode resultar em um investimento de PE sem sucesso caso a aquisição tenha sido feita a múltiplos elevados. Por esta razão, este artigo se concentra em investigar se as empresas de Private Equity são mais eficientes no processo de aquisição do que outros investidores.