Análise da criação de valor : um estudo multicaso nas empresas nordestinas listadas na BOVESPA

Detalhes bibliográficos
Ano de defesa: 2011
Autor(a) principal: Caldas, Antonio Vinicius Silva lattes
Orientador(a): Santana, José Ricardo de lattes
Banca de defesa: Não Informado pela instituição
Tipo de documento: Dissertação
Tipo de acesso: Acesso aberto
Idioma: por
Instituição de defesa: Universidade Federal de Sergipe
Programa de Pós-Graduação: Pós-Graduação em Economia
Departamento: Não Informado pela instituição
País: BR
Palavras-chave em Português:
Palavras-chave em Inglês:
Área do conhecimento CNPq:
Link de acesso: https://ri.ufs.br/handle/riufs/4545
Resumo: This work aims to analyse the value creation of the publicly traded firms from northeast of Brazil over 2005 2009 years, using Economic Value Added (EVA) as the financial measure. The most difficult process in EVA method was to calculate the cost of equity and to solve that problem it was used the CAPM method with the adaptation suggested by Damodaran (2005) to emergent countries as Brazil. The universe of the research was composed of 48 firms listed on São Paulo Stock Exchange (BOVESPA) but, after some exclusion criteria, 23 firms remained to be analyzed. The accounting statements were brought up to date with the whole consumer price index (IPCA) to guarantee the same purchase power. It was not noted the optimal structure of capital in any debt to equity ratio, what confirmed the Modigliani and Miller principles. It was calculated the weighted asset average capital (WACC) of every northeast firms and compared their results with the biggest firms from the same sector, according to EXAME Maganize (2009). The firms that created or destroyed value were identified and it was established a ranking with the best ones. The firms from Rio Grande do Norte, Sergipe and Bahia States have obtained a performance almost twofold higher than others.