Financial performance and market value sector telephony in Brazil
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Data de Publicação: | 2015 |
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Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Ciências Administrativas (Fortaleza. Online) |
Texto Completo: | https://ojs.unifor.br/rca/article/view/3419 |
Resumo: | This study investigated the relationship between traditional metrics of financial performance and the impact on the market value of the telephony companies in the Brazil, with stock in BM&FBOVESPA between 2002 and 2012. Constructed a database containing financial statements of the four companies with complete information for the period (TIM, Vivo, Embratel and Oi), which is based analyzed by regression using panel data method. The results indicate that traditional indicators of financial performance ROS, ROI, ROE, EBITDA margin were not able to explain the variation in market value, either, the metrics of value added EVA, MVA and RROI. In explaining the market value of these companies the Investment and WACC (Weighted Capital Average Cost) were found as significant. Keywords: Market Value. Financial Performance. Sector Telephony. |
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Financial performance and market value sector telephony in BrazilDesempenho financeiro e valor de mercado do setor de telefonia no Brasil (Financial performance and market value sector telephony in Brazil)This study investigated the relationship between traditional metrics of financial performance and the impact on the market value of the telephony companies in the Brazil, with stock in BM&FBOVESPA between 2002 and 2012. Constructed a database containing financial statements of the four companies with complete information for the period (TIM, Vivo, Embratel and Oi), which is based analyzed by regression using panel data method. The results indicate that traditional indicators of financial performance ROS, ROI, ROE, EBITDA margin were not able to explain the variation in market value, either, the metrics of value added EVA, MVA and RROI. In explaining the market value of these companies the Investment and WACC (Weighted Capital Average Cost) were found as significant. Keywords: Market Value. Financial Performance. Sector Telephony.O trabalho proposto estudou a relação entre métricas tradicionais de desempenho financeiro e o impacto no valor de mercado das empresas de telefonia do Brasil presentes na BM&FBOVESPA entre 2002 e 2012. Construiu-se uma base de dados com informações trimestrais das quatro empresas com informações completas no período (TIM, Vivo, Embratel e Oi), sendo esta base analisada por meio de regressão com dados em painel. Os resultados assinalam que os indicadores tradicionais de desempenho financeiro ROS, ROI, ROE, Margem EBTIDA não foram capazes de explicar a variação no valor de mercado, tampouco as métricas de valor agregado EVA, MVA e RROI. Encontraram-se como significativos na explicação do valor de mercado destas empresas o Investimento realizado e o custo médio ponderado de capital (WACC). DOI: 10.5020/2318-0722.2015.v21n1p42Universidade de Fortaleza2015-10-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ojs.unifor.br/rca/article/view/3419Revista Ciências Administrativas; v. 21 n. 1 (2015)2318-0722reponame:Revista Ciências Administrativas (Fortaleza. Online)instname:Universidade de Fortaleza (UNIFOR)instacron:UNIFORporhttps://ojs.unifor.br/rca/article/view/3419/pdfSilva, Carolina Terra ResendeSantos, David Ferreira Lopesinfo:eu-repo/semantics/openAccess2020-04-02T18:29:06Zoai:ojs.ojs.unifor.br:article/3419Revistahttps://periodicos.unifor.br/rcahttp://ojs.unifor.br/index.php/rca/oai||revcca@unifor.br|| sergioforte@unifor.br2318-07221414-0896opendoar:2020-04-02T18:29:06Revista Ciências Administrativas (Fortaleza. Online) - Universidade de Fortaleza (UNIFOR)false |
dc.title.none.fl_str_mv |
Financial performance and market value sector telephony in Brazil Desempenho financeiro e valor de mercado do setor de telefonia no Brasil (Financial performance and market value sector telephony in Brazil) |
title |
Financial performance and market value sector telephony in Brazil |
spellingShingle |
Financial performance and market value sector telephony in Brazil Silva, Carolina Terra Resende |
title_short |
Financial performance and market value sector telephony in Brazil |
title_full |
Financial performance and market value sector telephony in Brazil |
title_fullStr |
Financial performance and market value sector telephony in Brazil |
title_full_unstemmed |
Financial performance and market value sector telephony in Brazil |
title_sort |
Financial performance and market value sector telephony in Brazil |
author |
Silva, Carolina Terra Resende |
author_facet |
Silva, Carolina Terra Resende Santos, David Ferreira Lopes |
author_role |
author |
author2 |
Santos, David Ferreira Lopes |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Silva, Carolina Terra Resende Santos, David Ferreira Lopes |
description |
This study investigated the relationship between traditional metrics of financial performance and the impact on the market value of the telephony companies in the Brazil, with stock in BM&FBOVESPA between 2002 and 2012. Constructed a database containing financial statements of the four companies with complete information for the period (TIM, Vivo, Embratel and Oi), which is based analyzed by regression using panel data method. The results indicate that traditional indicators of financial performance ROS, ROI, ROE, EBITDA margin were not able to explain the variation in market value, either, the metrics of value added EVA, MVA and RROI. In explaining the market value of these companies the Investment and WACC (Weighted Capital Average Cost) were found as significant. Keywords: Market Value. Financial Performance. Sector Telephony. |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015-10-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://ojs.unifor.br/rca/article/view/3419 |
url |
https://ojs.unifor.br/rca/article/view/3419 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://ojs.unifor.br/rca/article/view/3419/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 |
Universidade de Fortaleza |
publisher.none.fl_str_mv |
Universidade de Fortaleza |
dc.source.none.fl_str_mv |
Revista Ciências Administrativas; v. 21 n. 1 (2015) 2318-0722 reponame:Revista Ciências Administrativas (Fortaleza. Online) instname:Universidade de Fortaleza (UNIFOR) instacron:UNIFOR |
instname_str |
Universidade de Fortaleza (UNIFOR) |
instacron_str |
UNIFOR |
institution |
UNIFOR |
reponame_str |
Revista Ciências Administrativas (Fortaleza. Online) |
collection |
Revista Ciências Administrativas (Fortaleza. Online) |
repository.name.fl_str_mv |
Revista Ciências Administrativas (Fortaleza. Online) - Universidade de Fortaleza (UNIFOR) |
repository.mail.fl_str_mv |
||revcca@unifor.br|| sergioforte@unifor.br |
_version_ |
1788165807564390400 |