Efeitos dos investimento em capital humano no valor de mercado das empresas sociedades anônimas brasileiras do setor novo mercado

• Autor(a) principal: Armos, Saulo
• Data de Publicação: 2019
• Tipo de documento: Tese
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações da PUC_RS
• Texto Completo: http://tede2.pucrs.br/tede2/handle/tede/9605
• topic: Gestão do Conhecimento Organizacional; Capital Humano; Modelo Econométrico; EBITDA; Valor das Ações; Corporate Knowledge Management; Human Capital; Econometric Model; EBITDA; Stock’s Value; CIENCIAS SOCIAIS APLICADAS::ECONOMIA

This thesis aims to assess the effects of investments in human capital within the corporate knowledge management, in the value variation of stocks in firms listed in Novo Mercado of BM&FBOVESPA segment. The investments considered to this purpose were the ones related to trainings and collaborator’s development within the researched firms. This research assess the improvement on the qualification of the collaborator’s team as a source of competitive advantage and a way to reach better economic results, exploring broadly the possible outcomes of the values applied in knowledge in firms performances. The research also questions if the investments in qualification of firm’s collaborators may influence in their stocks market value through a secondary analysis of the EBITDA index. This research, of quantitative nature, has utilized an econometric model, which was adapted and has generated a panel that allows to analyze the sensibility of the stock’s value versus the investments in human capital, as well as in EBITDA of participating firms. Economic subgroups of Novo Mercado were not considered due to the diversity of firms present within the studied sample. The study has taken as its theoretical reference about the state of art of corporate knowledge management and human capital and econometric modeling. Through the application of the adapted econometric model, the data collection has utilized data from agencies such as CVM, BM&FBOVESPA and websites of the respective firms and published data about their investments in human capital as well as the value of EBITDA in the period within 2013 and 2017. Data collected from websites such as UOL and YAHOO were also considered to get the value of the firms stocks market value in the same period. The information utilized as input to the econometric model were statistically treated, generating a panel with results that allowed the correlation analysis of researched factors, showing a positive sensibility in stocks valorization. As for the application of the model regarding the EBITDA of firms, there was not a positive impact signalized, due to the characteristic of the index of being a long term measuring, considered as an outcome of this thesis due to the relevance of its use in the internal and external realms of the firm, providing valuable information to stakeholders.