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Relación entre indicadores económicos y precio de acciones en empresas brasilenas

Author

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  • Xiomara Esther Vazquez Carrazana
  • Gilberto José Miranda

Abstract

Este estudio evalúa la relación entre indicadores de desempeno económicos y el precio de las acciones en diferentes etapas de la normativa contable en Brasil. Para la investigación se empleó una metodología de investigación descriptiva, cuantitativa, longitudinal para comparar los resultados entre dos periodos 2001-2007 y 2010-2016, a través de la técnica Structural Equation Modeling (SEM). Se observó que las relaciones entre los indicadores de desempeno económico y el precio de las acciones fueron más fuertes en el segundo periodo, probablemente por la adopción de los nuevos patrones contables; es notable el cambio hacia correlaciones positivas y significativas de la capitalización bursátil con el rendimiento. Así, incorporar indicadores de rendimiento en el análisis es un elemento que supera a los estudios ya existentes, y esto permite una valoración más completa del efecto de la adopción de la normativa contable sobre la relación empresa-mercado. ****** This study evaluates the relationship between economic performance indicators and the price of shares at different stages of accounting regulations in Brazil. Descriptive, quantitative, longitudinal research methodology was used to compare results between the 2001-2007 period and the 2010-2016 period, through the Structural Equation Modeling (SEM) technique. It was noted that relations between economic performance indicators and the share prices were stronger in the second period, probably due to the adoption of new accounting standards; there is a noteworthy change towards positive and significant correlations of stock exchange capitalization with performance. Thus, incorporating performance indicators in the analysis is an element that exceeds the existing studies, and this allows for a more complete assessment of the impact of adopting accounting policies on the business-market relationship. ****** Este estudo avalia a relacao entre indicadores de desempenho economico e o preco das acoes em diferentes etapas da regulamentacao contábil no Brasil. Para a pesquisa, utilizou-se uma metodologia de pesquisa descritiva, quantitativa e longitudinal para comparar os resultados entre dois períodos, 2001-2007 e 2010-2016, por meio da técnica de Modelagem de Equacoes Estruturais (SEM, na sigla em ingles). Observou-se que as relacoes entre os indicadores de desempenho economico e o preco das acoes foram mais fortes no segundo período, provavelmente devido a adocao das novas normas contábeis. A mudanca para correlacoes positivas e significativas da capitalizacao de mercado com o rendimento é notável. Assim, a incorporacao de indicadores de desempenho na análise é um elemento que excede os estudos existentes, o que permite uma avaliacao mais completa do efeito da adocao de normas contábeis na relacao empresa-mercado.

Suggested Citation

  • Xiomara Esther Vazquez Carrazana & Gilberto José Miranda, 2019. "Relación entre indicadores económicos y precio de acciones en empresas brasilenas," Revista Facultad de Ciencias Económicas, Universidad Militar Nueva Granada, vol. 27(2), pages 51-66, June.
    • Handle: RePEc:col:000180:017793
    DOI: 10.18359/rfce.3510
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    References listed on IDEAS

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    1. Billmeier, Andreas & Massa, Isabella, 2009. "What drives stock market development in emerging markets--institutions, remittances, or natural resources?," Emerging Markets Review, Elsevier, vol. 10(1), pages 23-35, March.
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    More about this item

    Keywords

    Desempeño económico; Empresa-mercado; Precio de acciones; Normativa contable;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation

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