| dc.description.abstract | When recognizing economic recessions as exogenous events that challenge the evolutionary trajectory of business environment and the adaptive capacity of the firms, this study aims the identification of the resilient companies facing with economic crisis period and the disclosure of determinants. This perspective, which is innovative in a finance study, guides performances analysis, attributes and behaviors concerning 216 Brazilian publicly traded companies, from pre to post-recession period of a national economic crisis (1T12 – 1T19). For that purpose, it was profusely used statistical and econometric resources, such as Student’s t-tests and Mann-Whitney tests for difference of means, and probit regressions for binary dependent variables. Through assimilation of performance curves and characteristics and actions identified as determinants, this study concludes that the resilient companies were more diligent when it comes to understanding the less attractive macroeconomic conditions for expanding business and to recognizing theirs own microeconomic dynamics of cointegration of operating factors (incomes, costs and expenses) and invested capital (onerous assets and liabilities) under inefficient conditions during pre-recession phase and at risk of declining results along the economic shock. Thus, they have adopted measures which converge on the pro-cyclical strategies field and have showed themselves profitable when facing and overcoming the economic crisis analyzed. | en |
