Financial performance and stock values in a context of regulatory change: the case of the brazilian electric sector
The objective of this study is to analyze the degree of relationship between economic-financial performance and the value of the stocks of companies in the Brazilian electric sector in the capital market, together with the effects of the economic regulation provided by Provisional Measure No. 579/20...
Main Authors: | , |
---|---|
Format: | Article |
Language: | English |
Published: |
Conselho Regional de Contabilidade de Santa Catarina
2020-03-01
|
Series: | Revista Catarinense da Ciência Contábil |
Subjects: | |
Online Access: | http://revista.crcsc.org.br/index.php/CRCSC/article/view/2891 |
_version_ | 1818310525749035008 |
---|---|
author | Marcos Lima Bandeira Paulo Augusto Pettenuzzo de Britto |
author_facet | Marcos Lima Bandeira Paulo Augusto Pettenuzzo de Britto |
author_sort | Marcos Lima Bandeira |
collection | DOAJ |
description | The objective of this study is to analyze the degree of relationship between economic-financial performance and the value of the stocks of companies in the Brazilian electric sector in the capital market, together with the effects of the economic regulation provided by Provisional Measure No. 579/2012. The theme of this work can be considered relevant as it analyzes aspects of economic regulation and economic-financial performance of an important segment of the Brazilian economy, essential for the country’s economic and social development. The results aim to contribute to the advancement of empirical studies that examine the behavior of the stock market, based on information provided by companies and those available in the market, from firms in regulated segments. The methodological procedures involve a panel econometric regression model comprising 29 concessionaires and permissions electric energy companies listed on the São Paulo Stock Exchange (B3) between 2009 and 2016. Regarding the market value of the shares of the electricity companies, the results indicated a negative association with the provisional measure, positive with the ratio between the Current Liquidity Index and negative with the Indebtedness Ratio. The results indicate that the pricing strategy of investors in regulated companies considers effects of regulatory interventions together with typical market variables. |
first_indexed | 2024-12-13T07:47:27Z |
format | Article |
id | doaj.art-2196ba3f5c2b4bbbbbfffa3ef66d9913 |
institution | Directory Open Access Journal |
issn | 1808-3781 2237-7662 |
language | English |
last_indexed | 2024-12-13T07:47:27Z |
publishDate | 2020-03-01 |
publisher | Conselho Regional de Contabilidade de Santa Catarina |
record_format | Article |
series | Revista Catarinense da Ciência Contábil |
spelling | doaj.art-2196ba3f5c2b4bbbbbfffa3ef66d99132022-12-21T23:54:46ZengConselho Regional de Contabilidade de Santa CatarinaRevista Catarinense da Ciência Contábil1808-37812237-76622020-03-01190e2891e289110.16930/2237-7662202028911814Financial performance and stock values in a context of regulatory change: the case of the brazilian electric sectorMarcos Lima Bandeira0Paulo Augusto Pettenuzzo de Britto1Controladoria-Geral da UniãoUniversidade de BrasíliaThe objective of this study is to analyze the degree of relationship between economic-financial performance and the value of the stocks of companies in the Brazilian electric sector in the capital market, together with the effects of the economic regulation provided by Provisional Measure No. 579/2012. The theme of this work can be considered relevant as it analyzes aspects of economic regulation and economic-financial performance of an important segment of the Brazilian economy, essential for the country’s economic and social development. The results aim to contribute to the advancement of empirical studies that examine the behavior of the stock market, based on information provided by companies and those available in the market, from firms in regulated segments. The methodological procedures involve a panel econometric regression model comprising 29 concessionaires and permissions electric energy companies listed on the São Paulo Stock Exchange (B3) between 2009 and 2016. Regarding the market value of the shares of the electricity companies, the results indicated a negative association with the provisional measure, positive with the ratio between the Current Liquidity Index and negative with the Indebtedness Ratio. The results indicate that the pricing strategy of investors in regulated companies considers effects of regulatory interventions together with typical market variables.http://revista.crcsc.org.br/index.php/CRCSC/article/view/2891regulação econômicasetor elétrico brasileiromercado de capitaisdesempenho econômico-financeiro. |
spellingShingle | Marcos Lima Bandeira Paulo Augusto Pettenuzzo de Britto Financial performance and stock values in a context of regulatory change: the case of the brazilian electric sector Revista Catarinense da Ciência Contábil regulação econômica setor elétrico brasileiro mercado de capitais desempenho econômico-financeiro. |
title | Financial performance and stock values in a context of regulatory change: the case of the brazilian electric sector |
title_full | Financial performance and stock values in a context of regulatory change: the case of the brazilian electric sector |
title_fullStr | Financial performance and stock values in a context of regulatory change: the case of the brazilian electric sector |
title_full_unstemmed | Financial performance and stock values in a context of regulatory change: the case of the brazilian electric sector |
title_short | Financial performance and stock values in a context of regulatory change: the case of the brazilian electric sector |
title_sort | financial performance and stock values in a context of regulatory change the case of the brazilian electric sector |
topic | regulação econômica setor elétrico brasileiro mercado de capitais desempenho econômico-financeiro. |
url | http://revista.crcsc.org.br/index.php/CRCSC/article/view/2891 |
work_keys_str_mv | AT marcoslimabandeira financialperformanceandstockvaluesinacontextofregulatorychangethecaseofthebrazilianelectricsector AT pauloaugustopettenuzzodebritto financialperformanceandstockvaluesinacontextofregulatorychangethecaseofthebrazilianelectricsector |