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- Title
ANÁLISE DO IMPACTO DE VARIÁVEIS MACROECONÔMICAS NO DESEMPENHO FINANCEIRO E ENDIVIDAMENTO DE EMPRESAS LISTADAS NA B3.
- Authors
Evangelista Fonseca, Simone; de Oliveira Santos, Andréia; Lopes Pereira, Marcos Vinicius; Antônio de Camargos, Marcos
- Abstract
The study had as objective to analyze if there is a significant statistical relationship between the lagged macroeconomic variables (Selic, Inflation and Exchange) and the indicators of profitability and indebtedness of 191 Brazilian publicly traded companies, from January 1996 to December 2018. In order to do so, we used parametric and non-parametric statistical tests and indicators in the analysis of the variables and models. It was verified that the best modeling consisted of Time Series, in which the GMM System (Generalized Momentums Method), model of Blundell and Bond (1998). The results pointed to the validity of all the lagged instruments and statistically significant impacts of Selic on indebtedness and, Inflation and Exchange on both profitability and indebtedness of the companies. However, among the systemic models, the model based on earnings per share and total corporate indebtedness of companies presented better presented better explanatory power, than the pairs return and indebtedness on own capital, subjected to the macroeconomic context. In addition, Inflation did not present a statistically significant influence on profitability and corporate indebtedness.
- Subjects
EARNINGS per share; PUBLIC companies; DEBT; TIME series analysis; PROFITABILITY
- Publication
Revista Universo Contábil, 2018, Vol 14, Issue 4, p93
- ISSN
1809-3337
- Publication type
Article
- DOI
10.4270/ruc.2018429