A relação entre os indicadores contábeis e o retorno das ações no mercado brasileiro

Abstract

This study tested if there is a relationship between financial indicators and stock returns in Brazilian market. This study also sought to identify what are the financial indicators that have a greater statistical significance in relation to the return of the stocks in Brazilian market. As objectives, the research methodology of this study is explanatory. For the procedures, it is an experimental research. The study applied the quantitative approach to information, using correlation analysis, multiple linear regression, pooled cross section and data analysis. The population consisted of all companies listed on the BM&FBOVESPA and the sample was selected based on criteria of liquidity and daily trading of shares. The dependent variable is the quarterly stock returns and the independent variables are the selected financial indicators. The period chosen for the study began in January 1, 2010, ending December 31, 2014. The results of the statistical tests employed indicated that there is some relationship between financial indicators and the quarterly return of the stocks. The research identified the average collection period and working capital on net sales as the most significant financial indicators statisticaly at 1% compared to the quarterly return of the shares.