O efeito da diversificação no valor das empresas: um estudo do caso brasileiro

• Autor(a) principal: Carvalho, Thomaz Freire de
• Data de Publicação: 2009
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
• Texto Completo: https://hdl.handle.net/10438/13473
• topic: Diversification; Tobin's Q; Value drivers; Segment relatedness; Enterprise value; Diversificação; Q de Tobin; Valor da empresa; Determinantes de valor; Relação entre segmentos; Economia; Empresas - Avaliação; Diversificação na indústria

This thesis provides evidence on how negative correlated is diversification and enterprise value. This relation is observed for different measures o f diversification and holds even if we control the effect of other variables known to be value drivers. We couldn't finda very robust prove that the negative effect of diversification falls when it appears in more related segments. Despi te that, our results indicate that this hypothesis should be true. Another interesting result is that like the focused companies, the highly diversified ones have also a greater value then the others. We find evidence on a curvilinear relation between diversification and value. The minimum value is found with an intermediary levei of diversification. Finally, we show that the effect of diversification on the enterprise value begins to be positive ifwe consider only the years of2007 and 2008 in our sample. It suggests that the perception of value for diversitied companies grows in a significant way within periods o f tinancial crisis.