Construction Industry in Brazil: Creating or Destroying Value?

• Autor(a) principal: Félix, Fernanda dos Santos
• Data de Publicação: 2016
• Outros Autores: Locatelli, Ronaldo Lamounier, Fernandes, Joelson de Figueiredo, Ramalho, Wanderley
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista Gestão e Projetos (GeP)
• Texto Completo: https://periodicos.uninove.br/gep/article/view/9637
• topic: EVA; Systemic Risk; Capital Structure; Capital Structure; Construction Industry.; EVA; Risco Sistémico; Estrutura de Capital; Indústria da Construção.

The articles provides an analysis of the performance of Brazilian companies of the construction sector in the buildings segment, adopting the Economic Value Added (EVA) approach. The sample contains companies that are among the largest in the segment and with rather similar systemic risk. To quantify the opportunity cost of capital of companies CAPM conditional model was adopted, considering the presence of data heteroscedasticity. Overall, companies have achieved positive operating returns. However, in relation to economic value generation, a distinct pattern was identified, characterized by the fact that all the analyzed companies destroyed value from 2008 to 2012, except MRV Construction Co., in 2010 and 2011. Therefore, there was no remuneration to shareholders consistent with business risk. These results are worrying in view of the importance of the sector and strengthen the warnings that not always a company that generates profit accounting creates value to shareholder, demonstrating the importance of calculating the EVA as a measure of corporate performance.