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...

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Main Authors: Marcos Lima Bandeira, Paulo Augusto Pettenuzzo de Britto
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
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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.
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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
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AT pauloaugustopettenuzzodebritto financialperformanceandstockvaluesinacontextofregulatorychangethecaseofthebrazilianelectricsector