RESUMOO artigo apresenta uma análise do desempenho de empresas brasileiras do setor de construção civil do segmento de edificações, adotando a abordagem do valor econômico adicionado (EVA). A amostra contém empresas que estão dentre as maiores do segmento e que apresentam risco sistêmico bem próximo. Para quantificar o custo de oportunidade do capital das empresas foi adotado o modelo CAPM condicional, tendo em vista a presença de heteroscedasticidade. No geral, as empresas obtiveram retornos operacionais positivos. Entretanto, em relação à geração de valor adicionado, foi identificado um quadro distinto, caracterizado pelo fato que todas as empresas analisadas destruíram valor no período de 2008 a 2012, exceto a construtora MRV em 2010 e 2011. Esses resultados são preocupantes tendo em vista a importância das empresas e reforçam as advertências de que nem sempre uma empresa que gera lucro contábil cria valor ao acionista, demonstrando a importância do cálculo do EVA como medida de desempenho corporativo.Palavras-chave: EVA; Risco Sistémico; Estrutura de Capital; Indústria da Construção. CONSTRUCTION INDUSTRY IN BRAZIL : CREATING OR DESTROYING VALUE? ABSTRACTThe articles provides an analysis of the performance of Brazilian companies of the construction sector in the buildings segment, adopting the Economic Value Added (EVA) approach. The sample contains companies that are among the largest in the segment and with rather similar systemic risk. To quantify the opportunity cost of capital of companies CAPM conditional model was adopted, considering the presence of data heteroscedasticity. Overall, companies have achieved positive operating returns. However, in relation to economic value generation, a distinct pattern was identified, characterized by the fact that all the analyzed companies destroyed value from 2008 to 2012, except MRV Construction Co., in 2010 and 2011. Therefore, there was no remuneration to shareholders consistent with business risk. These results are worrying in view of the importance of the sector and strengthen the warnings that not always a company that generates profit accounting creates value to shareholder, demonstrating the importance of calculating the EVA as a measure of corporate performance.
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