Impactos da oferta pública inicial de ações no desempenho econômico-financeiro de empresas brasileiras na BM&FBOVESPA

Abstract

This paper aimed to discuss the impacts of the IPO on the economic and financial performance of Brazilian companies listed on the BM&FBOVESPA. These impacts were analyzed about: (i) sales growth, measured by the variable net sales revenue; (ii) profitability of assets, measured by the ROA indicator; (iii) return on shareholders’ equity, measured by the ROE indicator; and (iv) sales profitability, measured by the net margin indicator. In order to carry out these analyzes, it was used a database of the companies that carried out the IPO in the period from 2008 to 2013, as well as were used the financial reports of these companies during the period under analysis. This period was after the international financial crisis of the subprimes that began in 2007. Thus, the theoretical framework of this paper presented theoretical foundations and information from endorsed researchers and institutions that understand the topics related to financing decisions and capital structure; capital market; the initial public offering of shares, stock exchange; economic-financial performance of companies through indicators and, lastly, previous research on the economic-financial performance of companies that performed IPOs on the stock exchange. The methodology deals with explanatory and quantitative research, since it had the objective of explaining the performance of companies through mathematical modeling applied to finance. The financial statements were collected through the financial reports available on each company’s website and also on the BM&FBOVESPA website. The final sample included 28 companies of different sizes and sectors. It was used the multivariate analysis methodology for panel data via multiple linear regression models. Regression models were used for sales growth, profitability of assets and shareholders’ equity and profitability of sales. Based on this discussion, the results suggest that the IPO generated a positive impact on the growth of net sales revenues and on profitabi lity, measured by the net margin. On the other hand, the IPO resulted in a negative impact on the companies’ performance in terms of profitability of assets and shareholders’ equity.