Tobin's q and Iron and Steel Companies: a study of Brazilian and North-American open companies

Detalhes bibliográficos
Autor(a) principal: Nogueira, Igor Vasconcelos
Data de Publicação: 2010
Outros Autores: Lamounier, Wagner Moura, Colauto, Romualdo Douglas
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista Brasileira de Gestão de Negócios (Online)
Texto Completo: https://rbgn.fecap.br/RBGN/article/view/536
Resumo: Models for investment evaluation that employ financial measures based on the market such as Tobin's q, are still scarce in the national literature. Therefore, the present work aims to analyze the behavior of Tobin's q for Brazilian and North American iron and steel companies present in the stock market at BOVESPA and NYSE, by presenting an econometric study on some of its key macroeconomic and microeconomic determinants from 1997 to 2005. Tobin's q calculated for selected Brazilian companies revealed to be increasing over the selected period. Regarding Tobin's q for U.S. companies, it was verified that such indicator was less than 1, thus pointing to a disincentive to new investment. The econometric analysis carried out indicated that the economic variables such as interest rate, unemployment rate, and the level of industrial production were influent factors in explaining the behavior of Tobin's q, both for Brazilian and for U.S. companies. We conclude that the indicator captures relevant information from the major macroeconomic and microeconomic determinants of iron and steel companies, enhancing their potential for the financial analysis of this sector. Key words: Tobin's q. Iron and steel companies. Econometric model.
id FECAP-3_35779b76cd0f163327cb5962274751fd
oai_identifier_str oai:ojs.emnuvens.com.br:article/536
network_acronym_str FECAP-3
network_name_str Revista Brasileira de Gestão de Negócios (Online)
repository_id_str
spelling Tobin's q and Iron and Steel Companies: a study of Brazilian and North-American open companiesEl q de Tobin y el Sector Siderúrgico: un estudio de las compañías abiertas brasileñas y norteamericanasO q de Tobin e o Setor Siderúrgico: um estudo em companhias abertas brasileiras e norte-americanasTobin's q. Iron and steel companies. Econometric model.El q de Tobin y el Sector Siderúrgicoun estudio de las compañías abiertas brasileñas y norteamericanasq de Tobin. Companhias siderúrgicas. Modelo econométrico. Models for investment evaluation that employ financial measures based on the market such as Tobin's q, are still scarce in the national literature. Therefore, the present work aims to analyze the behavior of Tobin's q for Brazilian and North American iron and steel companies present in the stock market at BOVESPA and NYSE, by presenting an econometric study on some of its key macroeconomic and microeconomic determinants from 1997 to 2005. Tobin's q calculated for selected Brazilian companies revealed to be increasing over the selected period. Regarding Tobin's q for U.S. companies, it was verified that such indicator was less than 1, thus pointing to a disincentive to new investment. The econometric analysis carried out indicated that the economic variables such as interest rate, unemployment rate, and the level of industrial production were influent factors in explaining the behavior of Tobin's q, both for Brazilian and for U.S. companies. We conclude that the indicator captures relevant information from the major macroeconomic and microeconomic determinants of iron and steel companies, enhancing their potential for the financial analysis of this sector. Key words: Tobin's q. Iron and steel companies. Econometric model.Los modelos para evaluar inversiones que emplean medidas financieras con base en el mercado, como el q de Tobin, aún son incipientes en la literatura nacional. De forma que este estudio tiene como objetivo analizar el comportamiento del q de Tobin en las compañías siderúrgicas brasileñas y norteamericanas, con acciones negociadas en BOVESPA y en NYSE y presentar un estudio econométrico sobre algunos de los principales determinantes macro y microeconómicos en el período comprendido entre 1997 y 2005. El q de Tobin calculado para las empresas brasileñas seleccionadas permaneció en aumento durante el período seleccionado. Con relación al q de Tobin en empresas norteamericanas se comprobó que este indicador fue inferior a 1, indicando desinterés en nuevas inversiones. El análisis econométrico realizado indicó que las variables económicas tales como la tasa de interés, la tasa de desempleo y el nivel de la producción industrial fueron factores de influencia determinantes para explicar el comportamiento del q de Tobin, tanto en empresas brasileñas como en empresas norteamericanas. Se concluye que este indicador captura informaciones relevantes de los principales determinantes macro y microeconómicos del sector siderúrgico y destaca su potencial para el análisis financiero de este sector.Palabras clave: q de Tobin. Compañías siderúrgicas. Modelo econométrico. Modelos de avaliação de investimentos, que empregam medidas financeiras com base no mercado, como o q de Tobin, ainda são incipientes na literatura nacional. Assim, o presente trabalho tem por objetivo analisar o comportamento do q de Tobin para Companhias Siderúrgicas Brasileiras e Norte-americanas, com ações negociadas na BOVESPA e NYSE, apresentando um estudo econométrico sobre alguns de seus principais determinantes macro e microeconômicos no período de 1997 a 2005. O q de Tobin calculado para as empresas brasileiras selecionadas apresentou-se crescente ao longo do período selecionado. Em relação ao q de Tobin para as empresas norte-americanas, verificou-se que este indicador foi menor que 1, demonstrando um desestímulo a novos investimentos. A análise econométrica realizada indicou que, as variáveis econômicas tais como a taxa de juros, a taxa de desemprego e o nível de produção industrial foram fatores de influência determinantes para explicar o comportamento do q de Tobin, tanto para as empresas brasileiras como para as empresas norte-americanas. Conclui-se que este indicador captura informações relevantes dos principais determinantes macro e microeconômicos do setor siderúrgico, destacando o seu potencial para a análise financeira deste setor. Palavras-chave: q de Tobin. Companhias siderúrgicas. Modelo econométrico.FECAP2010-07-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por paresapplication/pdfhttps://rbgn.fecap.br/RBGN/article/view/53610.7819/rbgn.v12i35.536Review of Business Management; Vol. 12 No. 35 (2010); 156-170RBGN Revista Brasileira de Gestão de Negócios; Vol. 12 Núm. 35 (2010); 156-170RBGN - Revista Brasileira de Gestão de Negócios; v. 12 n. 35 (2010); 156-1701983-08071806-4892reponame:Revista Brasileira de Gestão de Negócios (Online)instname:Fundação Escola de Comércio Álvares Penteado (FECAP)instacron:FECAPporhttps://rbgn.fecap.br/RBGN/article/view/536/618Copyright (c) 2014 Review of Business Managementinfo:eu-repo/semantics/openAccessNogueira, Igor VasconcelosLamounier, Wagner MouraColauto, Romualdo Douglas2021-07-21T16:40:56Zoai:ojs.emnuvens.com.br:article/536Revistahttp://rbgn.fecap.br/RBGN/indexhttps://rbgn.fecap.br/RBGN/oai||jmauricio@fecap.br1983-08071806-4892opendoar:2021-07-21T16:40:56Revista Brasileira de Gestão de Negócios (Online) - Fundação Escola de Comércio Álvares Penteado (FECAP)false
dc.title.none.fl_str_mv Tobin's q and Iron and Steel Companies: a study of Brazilian and North-American open companies
El q de Tobin y el Sector Siderúrgico: un estudio de las compañías abiertas brasileñas y norteamericanas
O q de Tobin e o Setor Siderúrgico: um estudo em companhias abertas brasileiras e norte-americanas
title Tobin's q and Iron and Steel Companies: a study of Brazilian and North-American open companies
spellingShingle Tobin's q and Iron and Steel Companies: a study of Brazilian and North-American open companies
Nogueira, Igor Vasconcelos
Tobin's q. Iron and steel companies. Econometric model.
El q de Tobin y el Sector Siderúrgico
un estudio de las compañías abiertas brasileñas y norteamericanas
q de Tobin. Companhias siderúrgicas. Modelo econométrico.
title_short Tobin's q and Iron and Steel Companies: a study of Brazilian and North-American open companies
title_full Tobin's q and Iron and Steel Companies: a study of Brazilian and North-American open companies
title_fullStr Tobin's q and Iron and Steel Companies: a study of Brazilian and North-American open companies
title_full_unstemmed Tobin's q and Iron and Steel Companies: a study of Brazilian and North-American open companies
title_sort Tobin's q and Iron and Steel Companies: a study of Brazilian and North-American open companies
author Nogueira, Igor Vasconcelos
author_facet Nogueira, Igor Vasconcelos
Lamounier, Wagner Moura
Colauto, Romualdo Douglas
author_role author
author2 Lamounier, Wagner Moura
Colauto, Romualdo Douglas
author2_role author
author
dc.contributor.author.fl_str_mv Nogueira, Igor Vasconcelos
Lamounier, Wagner Moura
Colauto, Romualdo Douglas
dc.subject.por.fl_str_mv Tobin's q. Iron and steel companies. Econometric model.
El q de Tobin y el Sector Siderúrgico
un estudio de las compañías abiertas brasileñas y norteamericanas
q de Tobin. Companhias siderúrgicas. Modelo econométrico.
topic Tobin's q. Iron and steel companies. Econometric model.
El q de Tobin y el Sector Siderúrgico
un estudio de las compañías abiertas brasileñas y norteamericanas
q de Tobin. Companhias siderúrgicas. Modelo econométrico.
description Models for investment evaluation that employ financial measures based on the market such as Tobin's q, are still scarce in the national literature. Therefore, the present work aims to analyze the behavior of Tobin's q for Brazilian and North American iron and steel companies present in the stock market at BOVESPA and NYSE, by presenting an econometric study on some of its key macroeconomic and microeconomic determinants from 1997 to 2005. Tobin's q calculated for selected Brazilian companies revealed to be increasing over the selected period. Regarding Tobin's q for U.S. companies, it was verified that such indicator was less than 1, thus pointing to a disincentive to new investment. The econometric analysis carried out indicated that the economic variables such as interest rate, unemployment rate, and the level of industrial production were influent factors in explaining the behavior of Tobin's q, both for Brazilian and for U.S. companies. We conclude that the indicator captures relevant information from the major macroeconomic and microeconomic determinants of iron and steel companies, enhancing their potential for the financial analysis of this sector. Key words: Tobin's q. Iron and steel companies. Econometric model.
publishDate 2010
dc.date.none.fl_str_mv 2010-07-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Avaliado por pares
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://rbgn.fecap.br/RBGN/article/view/536
10.7819/rbgn.v12i35.536
url https://rbgn.fecap.br/RBGN/article/view/536
identifier_str_mv 10.7819/rbgn.v12i35.536
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://rbgn.fecap.br/RBGN/article/view/536/618
dc.rights.driver.fl_str_mv Copyright (c) 2014 Review of Business Management
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2014 Review of Business Management
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv FECAP
publisher.none.fl_str_mv FECAP
dc.source.none.fl_str_mv Review of Business Management; Vol. 12 No. 35 (2010); 156-170
RBGN Revista Brasileira de Gestão de Negócios; Vol. 12 Núm. 35 (2010); 156-170
RBGN - Revista Brasileira de Gestão de Negócios; v. 12 n. 35 (2010); 156-170
1983-0807
1806-4892
reponame:Revista Brasileira de Gestão de Negócios (Online)
instname:Fundação Escola de Comércio Álvares Penteado (FECAP)
instacron:FECAP
instname_str Fundação Escola de Comércio Álvares Penteado (FECAP)
instacron_str FECAP
institution FECAP
reponame_str Revista Brasileira de Gestão de Negócios (Online)
collection Revista Brasileira de Gestão de Negócios (Online)
repository.name.fl_str_mv Revista Brasileira de Gestão de Negócios (Online) - Fundação Escola de Comércio Álvares Penteado (FECAP)
repository.mail.fl_str_mv ||jmauricio@fecap.br
_version_ 1798942367567314944

Registros relacionados