Choque ambiental e capacidades dinâmicas: percepção, aproveitamento e reconfiguração (sensing, seizing e reconfiguring) em incorporadoras brasileiras durante a covid 19

Abstract

The COVID-19 pandemic constituted a significant environmental shock for the Brazilian real estate development sector, simultaneously altering demand, costs, financing, and operational conditions. Although exposed to the same adverse context, firms in the affordable housing segment responded in different ways, resulting in heterogeneous performance throughout the period. In this context, this dissertation addresses the following research question: how does the differential mobilization of the Dynamic Capabilities triad (Sensing, Seizing, and Reconfiguring) explain the heterogeneous performance of affordable housing developers during the COVID-19 pandemic? Accordingly, this study aims to analyze how the differential mobilization of the Dynamic Capabilities triad contributes to explaining the heterogeneous performance of affordable housing developers listed on B3 during the COVID-19 pandemic. To this end, a comparative analysis was conducted on the trajectories of five Brazilian affordable housing developers between 2020 and 2023, based on the coding of earnings releases, Financial Statements, and earnings call transcripts, followed by triangulation with semi-structured interviews. The results reveal significant heterogeneity among firms exposed to the same shock, indicating that organizations with less capital-intensive structures, greater adjustment capacity, and positioning in upper tiers of the Minha Casa Minha Vida Program showed better performance during the period, with lower leverage, greater price-capturing capacity, and less impact on demand. In addition, the findings show that the mobilization of the triad did not occur in a linear or sequential manner, but rather in a coordinated and context-contingent way. It is concluded that the differential mobilization of Sensing, Seizing, and Reconfiguring helps explain an important part of the performance heterogeneity observed among the analyzed developers, while its effectiveness is manifested in interaction with firms’ structural conditions. Based on these findings, the study proposes an analytical framework that systematizes the empirical manifestations of the triad in the real estate development context, offering a useful tool for industry managers and contributing to the empirical advancement of the Dynamic Capabilities literature.