Criação ou destruição de valor na perspectiva do EVA® no ranking das maiores empresas da Revista Exame

Meneses, Anelise Florencio de; Cunha, Larissa Teixeira da; Luca, Márcia Martins Mendes De; Holanda, Allan Pinheiro

doi:10.5007/2175-8077.2012v14n34p103

Cited by 4 publications

(3 citation statements)

References 2 publications

(6 reference statements)

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“…From this analysis with the geographic regions, it was evidenced that a high creation of value is associated with the Midwest region, that is, organizations in that location have higher EVA®. When comparing the ranking of the largest companies, established by Exame Magazine, with the ranking elaborated from the EVA® perspective, it was found that only 5 of the 316 companies analyzed remained in their positions (DE MENESES, 2012).…”

Section: Research Related To the Themes Of This Studymentioning

confidence: 99%

PROFITABILITY OF BRAZILIAN LISTED CAPITAL COMPANIES: measurement alternatives and the influence of corporate governance

Filho¹,

Fernandes²,

Carinta³

et al. 2023

JASCS

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Introduction/Problematization: to analyze in what terms the various measures of profitability of companies: financial indicators, generation of value such as -EVA®, and value attributed by the market -market value, are related to each other. On the other hand, the globalization of capital markets has increased the pressure on companies to adopt and strengthen corporate governance practices. Would the adoption of governance practices also be an influencing factor in the creation of value for companies? Objective/proposal: to investigate the behavior of publicly traded Brazilian companies in relation to the different types of profitability calculation: economic return (RE), value addition (EVA®) and market value (MV), in the period from 2015 to 2019, as well as to identify if there was influence of corporate governance practices (GC) implemented by companies, in these results, in addition to a possible influence of the sector of activity. Methodological procedures: The study was carried out on a sample of 182 publicly traded Brazilian companies from 2015 to 2019. The EBIT and Net Income indexes were collected, as well as data for calculating the NOPAT and Cost of Debt indicators, in addition to market value. For corporate governance, B3's governance levels were used. Descriptive statistics used: Average, Standard deviation, Coefficient of variation, covariance and correlation; and the inferential, simple regression by the method of ordinary least squares. Main results: In the sample, the Coefficient of variation resulted around 5 times, high amplitude. The correlation was strongly positive between MV, LL and EBIT; the EVA® was strongly Negative. In the regression, MV was explained by EBIT with R² of 0.61 and LL of 0.23. The EVA was Negative with R² of 0.31. In the evolution of indicators over time, 51% of the sample generates RE and MV Positives. 20% generate only MV Positives and 15% generate RE, MV and EVA Positives. Differentiated level of GC is present in 70% of the sample; of these, 91% generate MV Positive, 71% generate RE Positive, and only 13% generate EVA® Positive. Conclusion:In the evolution of profitability, there was a predominance of MV, followed by RE. It is noteworthy that the EVA® obtained a negative correlation with RE and VM. In this way, the generation of value did not corroborate with the economic profit or how the market perceives the company. Observed that the MV has a strong relationship with RE. Companies with differentiated GC are also highlighted in the sample, especially in cases where MV resulted Positive. Results were achieved that partially corroborate with other studies cited in this study. The results and analyzes performed are limited to the sample, period and tools used. Work Contributions: It is possible to infer that the companies that presented Positive levels of RE were well evaluated by the market, as well as those that had a differentiated level of GC. This result goes against the common sense that the market is not concerned with the past results of companies, but only with...

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Section: Research Related To the Themes Of This Studymentioning

confidence: 99%

PROFITABILITY OF BRAZILIAN LISTED CAPITAL COMPANIES: measurement alternatives and the influence of corporate governance

Filho¹,

Fernandes²,

Carinta³

et al. 2023

JASCS

View full text Add to dashboard Cite

show abstract

“…Also, in the study conducted by Hall [35], the average value of EVA® of the sample companies was negative, indicating that South African industrial companies, on average, for the period analyzed, have destroy value instead of create. In the study conducted by Meneses, Cunha, De Luca and Holanda [36], which compared the ranking of the largest sales companies, established by Exame Magazine in 2010, found that of the 316 companies in the sample, 217 created value for investors, while 99 destroyed value.…”

Section: Analysis Of Eva® Valuesmentioning

confidence: 99%

Value Creation: EVA® Value Drivers - The Case of Euronext Lisbon

Galvão¹,

Teixeira²,

Nunes³

2020

IJAFRM

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Value-based management has gained prominence in both business and academia, supported by the notion that It is no longer sufficient for a company to generate profit, it is also required that the profit be higher than the cost of the total capital invested in the company. To increase value creation, managers need to understand which are its relevant determinants (value drivers). Therefore, this study aims to identify the main value creation drivers measured by EVA® (economic value added), one of the value-based performance measures more referenced in financial literature. A sample of non-financial listed companies on Euronext Lisbon, from 2011 till 2016, is analyzed. The data was collected from the companies' annual consolidated financial reports. The data was analyzed using tree statistical analysis techniques, binary logistic regression, Pearson correlation coefficient, and t-test for independent groups, with SPSS (Statistical package for social sciences). The results show that the variables more relevant to value creation are the operating profit margin ratio, invested capital turnover, and the cost of equity rate. This study provides valuable information that assists managers in their decision-making, allowing to maximize value creation, through the identification of the main value drivers, and it also contributes to the dissemination on the subject of value creation.

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“…Complementarmente, Meneses et al (2012) afirmam que entre as medidas de criação de valor de uma empresa, destaca-se o Valor Econômico Agregado (EVA), o qual é considerado uma medida de desempenho que avalia a rentabilidade de um investimento diante de outros investimentos.…”

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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Criação ou destruição de valor na perspectiva do EVA® no ranking das maiores empresas da Revista Exame

Cited by 4 publications

References 2 publications

PROFITABILITY OF BRAZILIAN LISTED CAPITAL COMPANIES: measurement alternatives and the influence of corporate governance

PROFITABILITY OF BRAZILIAN LISTED CAPITAL COMPANIES: measurement alternatives and the influence of corporate governance

Value Creation: EVA® Value Drivers - The Case of Euronext Lisbon

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

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