Eficiência de investimentos em bens de capital: uma avaliação com indicadores compostos por meio da análise envoltória de dados

Abstract

Making investments in capital goods is a strategic decision that can make a decisive contribution to an organization's performance. It is a complex process that involves the evaluation of multiple alternatives and has a high degree of uncertainty. Qualified decisions increase the likelihood of positive returns in the future by choosing the most viable alternative. The general objective of this study is to evaluate the efficiency of investments in capital goods with composite indicators (CIs) through Data Envelopment Analysis (DEA). As main results, the study addresses theoretical and managerial issues. On a theoretical level, the integration of DEA into the Directional Distance Function (DDF) model and CIs articulates internal goals and benchmarks, offering a means for measurement and comparison. On a managerial level, the combined use of scores, beta, lambda, and slack provides practical criteria for prioritization, intervention, and monitoring. In terms of decision-making, the procedure increases assertiveness in capital allocation by transforming multiple measures into an operationally clear roadmap. It outlines the path from diagnosis to implementation, contributing to more assertive choices based on well-founded analyses aligned with value creation in the investment portfolio. In addition to covering technical and theoretical aspects, it is combined with widely used financial indicators, which, in this study, form the set of individual indicators applied to generate the aggregate indicator, the CI, which allows direct comparison between the investment projects under analysis. The research not only explores the advantages of DEA, but also identifies and discusses its limitations, providing a balanced and critical view of the applicability of this technique in business practice. It is hoped, therefore, that this study will contribute to a deeper understanding of efficiency assessment methods for capital goods investments, offering support to both researchers and managers seeking to optimize the use of resources in organizations.