Decisões de investimentos e rentabilidade futura das empresas : um estudo nas empresas não financeiras com ações na BMF&BOVESPA no período de 2000 a 2010

Abstract

Investment decisions are meant to generate future positive returns. Hence decisions are strategically taken by companies to achieve objectives such as replacing equipment or expanding the current plant capacity, implementing new plants or still, setting up new equipment to yield new products. The shareholders' best interests must be taken into consideration regarding the efforts to maximize the return of invested capital. Therefore, must be evaluated as relevant information to shareholders. The purpose of this research was to know the relation between the investment made and the company's future profitability, quantified by two measures of performance: ROA and Tobin's q. This is an empirical-analytical study with quantitative data treatment by using linear regression technique. The samples was collected from Economatica® data base, and were selected non-financial Brazilian companies listed at BM&FBOVESPA, which have presented financial demonstrations in the 2000-2010 period. To conduct this research, the analysis period was divided into investment period and performance period, with the purpose of comparison between investment and future profitability. It is assumed that business companies make investment decisions bearing in mind future profit prospects. The regression model that uses profitability measured by ROA positively associates the performance period profitability with the performance period investments, as well as the investment period profitability. The regression model that uses profitability measured by Tobin's q positively associates the performance period profitability with the investments period profitability.