A Relação entre a Geração de Valor Econômico e o Valor de Mercado das Empresas Sucroalcooleiras Brasileiras &lt;br&gt;http://dx.doi.org/10.5007/2175-8069.2012v9n17p103

Sobue, Melise Alessandra; Pimenta, Tabajara

doi:10.5007/2175-8069.2012v9n17p103

Cited by 4 publications

(6 citation statements)

References 2 publications

(2 reference statements)

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“…No Brasil, considerando as possíveis diferenças existentes entre as empresas, o uso de métricas de desempenho é comum em grandes firmas (AMORIN, 2011). Porém, as pesquisas acadêmicas realizadas no Brasil apresentam contradições sobre qual métricas é superior para monitorar o desempenho financeiro (SILVEIRA; OKIMURA; SOUSA, 2004;FERREIRA;LOPES, 2005;SANTOS;WATANABE, 2005;SOBUE;PIMENTA, 2012;GIRÃO;MACHADO;CALLADO, 2013;SANTOS et al, 2017). A próxima seção aborda as principais comparações entre essas métricas.…”

Section: Referencial Conceitualunclassified

Comparação entre as Métricas de Desempenho Financeiro e a Maximização do Valor nas Firmas Abertas Brasileiras

Vasconcelos¹,

Callado

2019

SCG

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ResumoEsta pesquisa busca comparar diferentes métricas de desempenho financeiro e a sua relação na criação de valor das firmas. As métricas foram divididas em dois grupos: aquelas relacionadas com a o desempenho financeiro da empresa e as relacionadas com o desempenho financeiro para os acionistas. Foram estudadas métricas de lucro: Lucro líquido e Lucro operacional; métricas de rentabilidade: Retorno sobre o patrimônio líquido (ROE) e Retorno sobre os ativos (ROA), e; métricas de lucro econômico: o Lucro Econômico e o Valor Econômico Adicionado (EVA). O Market Value Added (MVA) foi adotado como proxy para a criação de valor. A amostra foi composta por 145 empresas de capital aberto listadas na B3, no período de 2010 até 2017, observadas anualmente. Os resultados dos testes de regressão com dados em painel apontaram para a superioridade das medidas de lucro, das quais apresentaram maior correlação e significância dos coeficientes com o valor de mercado adicionado (MVA). Em adição, quando em conjunto com outras métricas, apenas o ROA, dentre as medidas de rentabilidade, apresentou relação com a criação de valor. Porém, o principal achado desta pesquisa, foi a observação de que as métricas de lucro econômico possuem uma relação defasada com o MVA. Adotando um modelo com estas variáveis defasadas, seus resultados são superiores aos observados nas métricas contábeis e acrescentam informação value relevant quando utilizadas em conjunto. Palavras-chave: Criação de Valor; Métricas de Desempenho Financeiro; MVA. AbstractThis research aimed to compare different metrics of financial performance and their role in the value creation of public firms in Brazil. The metrics were divided into two groups: those related to the company's financial performance and those related to financial performance for the shareholders. The following variables were studied: Net income, Operating profit, Return on equity (ROE) and Return on assets (ROA), Economic Profit and Economic Value Added (EVA). The Market Value Added (MVA) was used as a proxy for value creation. The sample consisted of 145 public companies in B3, from 2010 to 2017, with an annual frequency. The results of panel data regressions show the superiority of accounting information measures, which have a Sociedade, Contabilidade e Gestão, Rio de Janeiro, v. 14, n. 1, jan/abr, 2019 Vasconcelos, L.;Callado, A. 33 greater correlation and significant regression coefficients with MVA. In addition, when the profitability metrics are put in the same model with other metrics, only ROA was related to the value creation. However, the main finding of this research was the observation that the Economic Profit metrics shows a lagged relationship with the market value added (MVA). By adopting a model with these lagged variables, the results are superior to those observed in accounting and related metrics, adding value relevant information.

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Section: Referencial Conceitualunclassified

Comparação entre as Métricas de Desempenho Financeiro e a Maximização do Valor nas Firmas Abertas Brasileiras

Vasconcelos¹,

Callado

2019

SCG

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“…De acordo com Sobue & Pimenta Junior (2012), uma organização voltada ao valor a torna mais atraente para todos, tanto para investidores quanto para empregados, clientes e demais grupos que mantenham interesse na empresa.…”

Section: Avaliação De Empresasunclassified

Análisis de la relación entre el valor económico agregado (EVA) y los indicadores del mercado de empresas brasileñas

Pletsch

Reif

Silva

2014

Rev. fac. cien. econ.

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ResumoEste artigo mostra os resultados de um estudo que teve como objetivo analisar a relação entre o Valor Econômico Agregado (EVA) e os indicadores do mercado de empresas brasileiras pertencentes ao índice IBrX 100 no período 2008-2012. Tratou-se de uma pesquisa descritiva e quantitativa, que usou como técnica de análise estatística a regreção linear múltipla. Os resultados mostram que somente a variável valor de mercado tem influência no EVA. Palavras chave: Valorização de empresas, EVA, Indicadores de mercado. ANALYSIS OF THE RELATIONSHIP BETWEEN THE ECONOMIC VALUE ADDED (EVA) AND THE MARKET INDICATORS OF BRAZILIAN BUSINESS AbstractThe objective of this study was to analyze the relationship between the Economic Value Added (EVA) and indicators of the Brazilian business that belong to index IBrX 100 during the period 2008-2012. It was a descriptive and quantitative research that used the multiple lineal regression as statistical analysis. The results pointed out that only the market value variable has effect on EVA.

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“…Thus, the EVA ® (also known as Economic Value Added) developed by Stern Stewart & Co. arises in the 80s, to assist the companies in conducting their activities (Stern Stewart & Co., 2013). Studies indicate that this management tool allows the organization to make decisions based on adding value to the company itself, i.e., plan and decide actions that increase the company's value (Stewart, 1991;Carvalho, 2000;Shinohara, 2003;Kim, 2006;Medeiros, 2009;Hu, 2010;Altendorfer & Jodlbauer, 2011;Ismail, 2011;Sobue & Pimenta Jr., 2012).…”

Section: Economic Value Added-eva ®mentioning

confidence: 99%

“…Used to measure the performance of companies, the EVA ® is an indicator that displays parameters by which the high management and investors can use to check the evolution of the company's economic value (Sobue & Pimenta Jr., 2012).…”

Section: Economic Value Added-eva ®mentioning

confidence: 99%

“…One of the tools available to assess in a useful way the value number that an organization acquires in a determinate period is the Economic Value Added-EVA ® (Altendorfer & Jodlbauer, 2011;Ismail, 2011;Sobue & Pimenta Jr., 2012). According to Sobue and Pimenta Jr. (2012), the EVA® is used to measure the companies' performance, because is an indicator that showing parameters which the high management and investors can use to check the evolution of the companies' economic value. That is, it represents a measure of economic profit in which subtracts the capital cost from operating profits in a company.…”

Section: Introductionmentioning

confidence: 99%

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Measuring the Economic Cost of Hydrated Ethanol by the EVA®: a Case Study in the São Martinho Mill, in Brazil

Júnior¹,

Alves²,

Lima³

et al. 2014

IBR

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The aim of this paper is to evaluate and measure the economic costs of hydrated ethanol during the periods from 2004 to 2012 in the São Martinho Mill (a large Brazilian company) by the EVA ® (Economic Value Added) approach. We adopted as initial conception the economic costs of hydrated ethanol towards their respective sectoral economic aspects, so as to clarify the EVA ® among the levels of investment versus the capital cost employed. For this, it was applied a quantitative metric within of an exploratory approach adopted in the studies by Saito, Savoia and Angelo (2011). Results offer reflections that the São Martinho Mill is in a situation of economic value aggregation and emphasize the importance of adequacy of capital costs from the year 2012 in order to align the metric and also allow the assessment of investments and achieve economies of scale by the optimizing of the production cost, enabling the real perception of the assessment by the shareholders on an analysis of the next cycle of the EVA ® performance. Results also allow us to infer the importance of parametric consideration of the capital cost, and moreover, in parallel, reinforce the need to understand the structure of the operational cost, hence the need for a new approach to the opportunity capital cost.

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A Relação entre a Geração de Valor Econômico e o Valor de Mercado das Empresas Sucroalcooleiras Brasileiras <br>http://dx.doi.org/10.5007/2175-8069.2012v9n17p103

Cited by 4 publications

References 2 publications

Comparação entre as Métricas de Desempenho Financeiro e a Maximização do Valor nas Firmas Abertas Brasileiras

Comparação entre as Métricas de Desempenho Financeiro e a Maximização do Valor nas Firmas Abertas Brasileiras

Análisis de la relación entre el valor económico agregado (EVA) y los indicadores del mercado de empresas brasileñas

Measuring the Economic Cost of Hydrated Ethanol by the EVA®: a Case Study in the São Martinho Mill, in Brazil

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