PERFORMANCE INDICATORS AND MARKET VALUE: AN ANALYSIS ON THE COMPANIES LISTED IN BM&FBOVESPA
The study investigated the relationship between the performance indicators and the market value of the BM&FBovespa listed companies by analyzing six performance variables (ROA, ROE, Net Margin, EBITDA and EBITDA margin) through Pearson correlation and multiple linear regressions with panel d...
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| Principais autores: | , , , |
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| Formato: | Online |
| Idioma: | por |
| Publicado em: |
Portal de Periódicos Eletrônicos da UFRN
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| Endereço do item: | https://periodicos.ufrn.br/ambiente/article/view/10787 |
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| Resumo: | The study investigated the relationship between the performance indicators and the market value of the BM&FBovespa listed companies by analyzing six performance variables (ROA, ROE, Net Margin, EBITDA and EBITDA margin) through Pearson correlation and multiple linear regressions with panel data. In order to meet the general objective proposed, the following specific objectives were adopted: (i) to investigate the conduct of the firms' performance indicators, as well as their market values, over the analyzed period; and (ii) of performance and market value of firms has different conduct depending on the industry in which companies are inserted. The data was extracted from Economática® database, the analyze period comprehend the fiscal year 2009 to 2014 and the sample was formed of 88 companies. The results generally suggested that net margin, EBITDA and EBITDA margin are, in general, the most influential indicators on the market value of Brazilian companies, while ROA and ROE were not relevant to the formation of the stock price of companies. It was also possible to present evidences of differences in the significance of the indicators on the market values ??of firms in function of the respective economic industry. |
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