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Timberland Investment Management Organizations: Business Strategies in Forest Plantations in Brazil


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US-based timberland investment management organizations (TIMOs) have led a group of institutional investors that manage timberland assets in Brazil. This research investigates US-based TIMO strategies and preferences in investments in Brazil. We performed a statistical cluster analysis to identify similarities between TIMOs according to forest, institutional, and macroeconomic preferences. Four TIMOs had similar strategies and ranked macroeconomic indicators as more important than forest and institutional elements for making investments. Return and risks were listed as the most crucial variables in investment strategies. Market size, political risk, tax systems, and timber markets were also cited as important indicators of a business environment. Brazil and other emerging countries should focus on political stability, granting complete land tenure rights, and simplification of the tax system to attract new investors to timberland.

Management and Policy Implications Investments in timberland have increased globally in the last few decades; timberland investors have expanded their portfolios to different regions, species, and markets. Developing countries have made political and economic changes to create a favorable business environment for foreign investments. For instance, Brazil, Colombia, and South Africa often promote international events to demonstrate their potential and opportunities for expanding their forest-based economies. In light of the dynamism of the forest market worldwide, our research provides crucial information for policymakers and private investors. By using our approach and findings, policymakers could minimize local business risk by implementing desirable policies for forest investors. In addition, TIMO managers could apply a similar method in other regions, thereby expanding their risk analysis. Finally, readers could use our research as a benchmark or guidelines for the Brazilian timber market and similar developing economies.
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Keywords: Brazilian forest sector; business strategies; forest asset investments; international investments

Document Type: Research Article

Publication date: March 1, 2017

This article was made available online on December 22, 2016 as a Fast Track article with title: "Timberland Investment Management Organizations: Business Strategies in Forest Plantations in Brazil".

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