Impacto das dimensões de desempenho no retorno de ações em setores de companhias abertas brasileiras

Abstract

This work had as main objective to verify how the performance dimensions are related to the return variations within the B3 sectors (Brazil, Bolsa, Balcão). However, the performance evaluation of a company is based on different forms of measurement and different perspectives of analysis. In this work, shareholders are adopted as the main interested in the performance of an organization. The return on invested capital is represented by the variation in the share price or by the distribution of dividends, which in this research make up the return. Performance in academic literature has different approaches and causative factors. To this end, a bibliometric study was carried out in order to identify how these approaches are related, and the results indicated that most of the works are related to the strategic field, both in the search results studies and with similar references in different approaches. Some studies adopt the nomenclature of one approach while the context is closer to another approach. Within the suggestions for future research, there is a recommendation on the part of the authors to replicate, in different sectors, the work they have developed. This sectorial differentiation raises the perception that there are differences in the impact of variables in each sector. Thus, in the second moment, it was evaluated how performance is related to return, for each sector of the stock exchange. This analysis was conducted using Structural Equation Modeling and separately analyzed six sectors of B3. The data covers the period between 2011 and 2018, of active companies. Two constructs were defined from the literature, taking into account specific information from the firm. One construct was based on economic and financial information and the other based on strategic information. Macroeconomic indicators made up the third construct and were tested for their impact on performance constructs. In the same model, the impact of these three constructs on return was tested. The results indicated that different indicators are relevant in each sector when the economic-financial and strategic constructs are evaluated. The results show that the economic-financial construct has a positive and significant relationship when associated with the return to the sectors of Industrial Goods, Basic Materials and Oil, Gas, and Biofuels. The strategic construct was also positively related to the return in the Basic Materials sector. The macroeconomic construct had the same representative indicators in all sectors; however, it was not representative for all sectors. The macroeconomic construct presented a negative relationship with the return in the Industrial Goods and Oil, Gas, and Biofuels sectors. These results indicate that a model that explains returns using the same indicators is not suitable for all sectors, requiring shareholders to understand the moment and sector specificities in order to allocate resources more effectively