Estudo das variáveis operacionais e conjunturais sobre o market value das empresas de carnes e derivados no Brasil

Abstract

The objective of this work is to identify the variables related to the operational and market aspects that influence the Market Value of the companies from meat and derivatives segment listed in São Paulo Stock Exchange over the period 2007 until 2013. The study was developed from the perspective of two theoretical axles. The first was an analysis of Market Value contributions as a useful indicator for determining the fair market value created for shareholders and, therefore, constitute a solid basis for measurement of companies performance. The second was the efficient market hypothesis which considers the information s efficiency or the impact of certain information on pricing assets. The results produced by the model ratified some of the hypotheses in this research, both in individual significance as on some independent variable sign. In addition, the model presented global significance, given by F test, at 5%, with a coefficient of multiple determination adjusted of 9,22%