Estimation of investment in firms’ evaluation in Brazil: an analysis of the adherence between theory and market practice

Detalhes bibliográficos
Autor(a) principal: Fernandes, Vitória Estanilau de Aguiar
Data de Publicação: 2013
Outros Autores: Cunha, Moisés Ferreira da, Machado, Camila Araújo, Machado, Michele Rilany Rodrigues
Tipo de documento: Artigo
Idioma: por
Título da fonte: ConTexto
Texto Completo: https://seer.ufrgs.br/index.php/ConTexto/article/view/30732
Resumo: The firms’ evaluation process is potentially practiced and discussed by theoretical. The measurement of the investment rate is one of the most relevant stages in this process, since the firms seek for the maximization of its market value by high returns in its investment’s decisions. The aim of this paper is to verify if there is an adherence between academy and market practices in the process of estimation of the fixed and working capital investments and of the investment rate in Brazil. This research also brings an analysis between the adherence of what has been projected and what has been observed in the published statements. Regarding the methods used to reach the research’s purpose, an explanatory-descriptive study and a quantitative research, which had its variable averages statistically compared, have been done. To verify the theory, the contribution of many authors about the theme has been used as bibliographic source. To verify the brazilian market practice, a documental research among the Firms’ Evaluation Reports, which are presented as Initial Public Offering (IPO) requirement and were available in Comissão de Valores Mobiliários (CVM) site, has been done. To the analysis for adherence between what has been projected and what has been observed, have been used data from Economática. Two samples have been verified and from tests that have been done are possible to check the contribution and the credibility of the information generated by firms’ evaluation in Brazil.
id UFRGS-23_7fe0120ff44146fe0e28b8f001437a5d
oai_identifier_str oai:seer.ufrgs.br:article/30732
network_acronym_str UFRGS-23
network_name_str ConTexto
repository_id_str
spelling Estimation of investment in firms’ evaluation in Brazil: an analysis of the adherence between theory and market practiceESTIMAÇÃO DOS INVESTIMENTOS NA AVALIAÇÃO DE EMPRESAS NO BRASIL: UMA ANÁLISE DE ADERÊNCIA ENTRE A TEORIA E A PRÁTICA DE MERCADOAvaliação de empresasInvestimento em fixo (Capex)Investimento em giroTaxa de investimentoFirms’ evaluationInvestment in fixed (Capex)Investiment in workingInvestment rateThe firms’ evaluation process is potentially practiced and discussed by theoretical. The measurement of the investment rate is one of the most relevant stages in this process, since the firms seek for the maximization of its market value by high returns in its investment’s decisions. The aim of this paper is to verify if there is an adherence between academy and market practices in the process of estimation of the fixed and working capital investments and of the investment rate in Brazil. This research also brings an analysis between the adherence of what has been projected and what has been observed in the published statements. Regarding the methods used to reach the research’s purpose, an explanatory-descriptive study and a quantitative research, which had its variable averages statistically compared, have been done. To verify the theory, the contribution of many authors about the theme has been used as bibliographic source. To verify the brazilian market practice, a documental research among the Firms’ Evaluation Reports, which are presented as Initial Public Offering (IPO) requirement and were available in Comissão de Valores Mobiliários (CVM) site, has been done. To the analysis for adherence between what has been projected and what has been observed, have been used data from Economática. Two samples have been verified and from tests that have been done are possible to check the contribution and the credibility of the information generated by firms’ evaluation in Brazil.O processo de avaliação de empresas é fortemente praticado e discutido por teóricos e investidores no mercado de capitais. A mensuração da taxa de investimento é uma das etapas relevantes nesse processo, visto que as empresas buscam maximizar o seu valor de mercado a partir de elevados retornos sobre suas decisões de investimento. Este trabalho tem como objetivo central verificar se no Brasil existe aderência entre a teoria e as práticas do mercado no que tange ao processo de estimação dos investimentos em capital fixo e de giro e da taxa de investimento. A pesquisa também traz uma análise entre a aderência das projeções de investimentos nos laudos de avaliação de empresas e o que foi realizado nas demonstrações contábeis publicadas. Quanto aos métodos adotados, com o intuito de atingir o propósito desta pesquisa, optou-se por um estudo descritivo e uma pesquisa quantitativa, nos quais foi aplicado o teste de diferença de médias. Para verificar a teoria, utilizou-se como fonte bibliográfica a contribuição de diversos autores sobre o assunto. Foi realizada uma revisão bibliográfica a partir de livros, artigos e sites específicos. Para verificar a prática do mercado brasileiro, realizou-se uma pesquisa documental através da investigação dos laudos de avaliação das companhias, os quais são apresentados como requisito às ofertas públicas de aquisição de ações (OPA) e estavam disponíveis no site da Comissão de Valores Mobiliários (CVM). Para a análise de aderência entre as projeções e o realizado, foram utilizados os dados coletados na economática. Duas amostras foram verificadas, e, a partir dos testes realizados, pode-se verificar a contribuição e a credibilidade das informações geradas pelas avaliações de empresas no Brasil.UFRGS2013-04-30info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por Paresapplication/pdfhttps://seer.ufrgs.br/index.php/ConTexto/article/view/30732ConTexto - Contabilidade em Texto; v. 13 n. 23 (2013): jan./abr. 2013; 23-352175-87511676-6016reponame:ConTextoinstname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/ConTexto/article/view/30732/pdfFernandes, Vitória Estanilau de AguiarCunha, Moisés Ferreira daMachado, Camila AraújoMachado, Michele Rilany Rodriguesinfo:eu-repo/semantics/openAccess2013-10-14T17:17:54Zoai:seer.ufrgs.br:article/30732Revistahttps://www.seer.ufrgs.br/index.php/ConTexto/indexPUBhttpw://www.seer.ufrgs.br/index.php/ConTexto/oaifernanda.momo@ufrgs.br||contexto@ufrgs.br2175-87511676-6016opendoar:2013-10-14T17:17:54ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv Estimation of investment in firms’ evaluation in Brazil: an analysis of the adherence between theory and market practice
ESTIMAÇÃO DOS INVESTIMENTOS NA AVALIAÇÃO DE EMPRESAS NO BRASIL: UMA ANÁLISE DE ADERÊNCIA ENTRE A TEORIA E A PRÁTICA DE MERCADO
title Estimation of investment in firms’ evaluation in Brazil: an analysis of the adherence between theory and market practice
spellingShingle Estimation of investment in firms’ evaluation in Brazil: an analysis of the adherence between theory and market practice
Fernandes, Vitória Estanilau de Aguiar
Avaliação de empresas
Investimento em fixo (Capex)
Investimento em giro
Taxa de investimento
Firms’ evaluation
Investment in fixed (Capex)
Investiment in working
Investment rate
title_short Estimation of investment in firms’ evaluation in Brazil: an analysis of the adherence between theory and market practice
title_full Estimation of investment in firms’ evaluation in Brazil: an analysis of the adherence between theory and market practice
title_fullStr Estimation of investment in firms’ evaluation in Brazil: an analysis of the adherence between theory and market practice
title_full_unstemmed Estimation of investment in firms’ evaluation in Brazil: an analysis of the adherence between theory and market practice
title_sort Estimation of investment in firms’ evaluation in Brazil: an analysis of the adherence between theory and market practice
author Fernandes, Vitória Estanilau de Aguiar
author_facet Fernandes, Vitória Estanilau de Aguiar
Cunha, Moisés Ferreira da
Machado, Camila Araújo
Machado, Michele Rilany Rodrigues
author_role author
author2 Cunha, Moisés Ferreira da
Machado, Camila Araújo
Machado, Michele Rilany Rodrigues
author2_role author
author
author
dc.contributor.author.fl_str_mv Fernandes, Vitória Estanilau de Aguiar
Cunha, Moisés Ferreira da
Machado, Camila Araújo
Machado, Michele Rilany Rodrigues
dc.subject.por.fl_str_mv Avaliação de empresas
Investimento em fixo (Capex)
Investimento em giro
Taxa de investimento
Firms’ evaluation
Investment in fixed (Capex)
Investiment in working
Investment rate
topic Avaliação de empresas
Investimento em fixo (Capex)
Investimento em giro
Taxa de investimento
Firms’ evaluation
Investment in fixed (Capex)
Investiment in working
Investment rate
description The firms’ evaluation process is potentially practiced and discussed by theoretical. The measurement of the investment rate is one of the most relevant stages in this process, since the firms seek for the maximization of its market value by high returns in its investment’s decisions. The aim of this paper is to verify if there is an adherence between academy and market practices in the process of estimation of the fixed and working capital investments and of the investment rate in Brazil. This research also brings an analysis between the adherence of what has been projected and what has been observed in the published statements. Regarding the methods used to reach the research’s purpose, an explanatory-descriptive study and a quantitative research, which had its variable averages statistically compared, have been done. To verify the theory, the contribution of many authors about the theme has been used as bibliographic source. To verify the brazilian market practice, a documental research among the Firms’ Evaluation Reports, which are presented as Initial Public Offering (IPO) requirement and were available in Comissão de Valores Mobiliários (CVM) site, has been done. To the analysis for adherence between what has been projected and what has been observed, have been used data from Economática. Two samples have been verified and from tests that have been done are possible to check the contribution and the credibility of the information generated by firms’ evaluation in Brazil.
publishDate 2013
dc.date.none.fl_str_mv 2013-04-30
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://seer.ufrgs.br/index.php/ConTexto/article/view/30732
url https://seer.ufrgs.br/index.php/ConTexto/article/view/30732
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/ConTexto/article/view/30732/pdf
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv UFRGS
publisher.none.fl_str_mv UFRGS
dc.source.none.fl_str_mv ConTexto - Contabilidade em Texto; v. 13 n. 23 (2013): jan./abr. 2013; 23-35
2175-8751
1676-6016
reponame:ConTexto
instname:Universidade Federal do Rio Grande do Sul (UFRGS)
instacron:UFRGS
instname_str Universidade Federal do Rio Grande do Sul (UFRGS)
instacron_str UFRGS
institution UFRGS
reponame_str ConTexto
collection ConTexto
repository.name.fl_str_mv ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS)
repository.mail.fl_str_mv fernanda.momo@ufrgs.br||contexto@ufrgs.br
_version_ 1799766349404176384

Registros relacionados