What drives emerging market firms' performance? The role of macroeconomic environment, industry, and slack.

Authors

DOI:

https://doi.org/10.4013/base.2026.231.07

Keywords:

Emerging Markets, firm performance.

Abstract

The purpose of this research is to describe the influences of macroeconomic context, competitive environment, and firm’s slack of resources on the performance of BRICS' firms, operating between 2006 and 2016. The model was estimated by four levels multilevel modelling, and results indicate that firms’ slack of resources does influence firms’ performance over time, and that the effects of macroeconomic context, as measured by means of gross domestic product and market reference interest rate, surplus the effects exerted by industry, as measured by dynamism, concentration, and munificence. This article brings to light the discussion about the roles played by macroeconomics, industry and firm factors that simultaneously influence firm’s performance across time. Our contribution to the advance in the field of research resides on the exploration of the proposed relationships in the context of emerging markets, before, during and after the 2008 global financial crisis. The main contribution of the research is to bring a new point of view about the factors that influence performance variance, when considering time, firm, competitive environment, and macroeconomic context in the same multilevel model.

Author Biographies

Alexandre Teixeira Dias, IBMEC-MG

Professor do Programa de Doutorado e Mestrado em Administração da Universidade FUMEC

Professor dos cursos de Economia e Administração da Faculdade IBMEC BH

Marcelo Barbosa Costa, IBMEC-MG

Affiliation: Business Administration Graduate Program, FUMEC University, 200 Cobre Street, Belo Horizonte, Minas Gerais State, Brazil, ZIP Code: 30310-190. 

Jersone Tasso Moreira Silva, Centro Universitário Unihorizontes

Affiliation: Business Administration Graduate Program, Centro Universitário Unihorizontes, 600 Paracatu Street, Belo Horizonte, Minas Gerais State, Brazil, ZIP Code: 30180-090. 

Marcos Antônio de Camargos, Cepead/CAD/ Federal University of Minas Gerais

Affiliations: (1) Economic Sciences Faculty, Federal University of Minas Gerais, 6,627 Presidente Antônio Carlos Avenue, Pampulha, Belo Horizonte, Minas Gerais State, Brazil, ZIP Code: 31270-901. (2) Management Undergraduate Program, IBMEC Faculty, 300 Rio Grande do Norte Street, Belo Horizonte, Minas Gerais State, Brazil, ZIP Code: 30130-130. 

Pedro Verga Matos, ISEG - Lisbon School of Economics & Management/Universidade de Lisboa

Affiliation: ISEG - Lisbon School of Economics & Management, ADVANCE/CSG – Investigação em Ciências Sociais e Gestão, 20 Miguel Lupi Street, 1249 - 048 Lisbon, Portugal. 

Downloads

Published

2026-01-14

Issue

Vol. 23 No. 1 (2026): v. 23 n. 1 (2026): JAN-DEZ

Section

Articles

License

I grant the journal BASE the first publication of my article, licensed under Creative Commons Attribution license (which allows sharing of work, recognition of authorship and initial publication in this journal).

I confirm that my article is not being submitted to another publication and has not been published in its entirely on another journal. I take full responsibility for its originality and I will also claim responsibility for charges from claims by third parties concerning the authorship of the article.

I also agree that the manuscript will be submitted according to the journal’s publication rules described above.