UMA ANÁLISE DO DESEMPENHO ECONÔMICO E FINANCEIRO DAS IPOs NO BRASIL
Keywords:
Contabilidade Financeira, Retorno AnormalAbstract
Diante da grande competitividade observada no mercado financeiro, muitas empresas buscam o financiamento externo, por meio da abertura de capital. Desse modo, este trabalho tem o objetivo de verificar o desempenho econômico e financeiro das empresas após a abertura de capital (IPO). E, como método de estudo utilizou-se modelos econométricos, tomando como variável dependente o retorno anormal da ação (RAt) após a IPO e demais variáveis econômico-financeiras, como independentes. O período estudado foi de 2004 a 2012 e a amostra final de 90 empresas. Por conseguinte, as variáveis selecionadas foram agrupadas em três modelos de acordo com a frequência de utilização por diversos autores e, nos resultados obtidos, não foi verificada uma relação significativa entre as variáveis e o retorno anormal, sendo também identificada a forte presença da multicolinearidade. Diante dos resultados observados, foi elaborado um novo modelo com a exclusão das variáveis que ocasionaram a multicolinearidade e os resultados obtidos foram significativos, corroborando com a não rejeição da hipótese de pesquisa (H0), no qual existe uma relação positiva entre o retorno anormal e as variáveis econômico-financeiras.
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