Uma Análise do desempenho econômico e financeiro das IPOs no Brasil

Abstract

In a globalized world the enterprises need an edge to keep themselves on the competitive market, and, for that, appeal to alternate sources of capital. Thus, the Initial Public Offering of Actions (IPO) is characterized by being an instrument of resources capitation in the stock market. So, this work has the objective of verifying the economical and financial performance of the enterprises, by indicators, after the IPO. As method of study was used econometric models, taking as dependant variable the average of abnormal action return ( ) on the first three months after the IPO and further variables as independents. The models were grouped as the utilization frequency by several authors that treated about the subject, such that three models were formed, beyond one, encompassing all variables. An approach with data in panel by fixed effects model was used, descriptive statistics and correlation matrix, in order to verify in which methodology the data would present better results. However, some data were not available or were incomplete and had to be eliminated, ending the sample with only 90 companies. The results by fixed effects, on the tables 1, 2, 3 and 4, and the correlation matrix, on the table 7, were not consistent, by not presenting correlations or very sparse results, in function of multicollinearity. This way, was rolled a model without the interference of multicollinearity and was obtained a satisfactory result, where four variables could explain the abnormal return. At the end, by descriptive statistics the companies showed better performance on the majority of the indexes, at the model with all variables. Thus, its perceived that the results weren’t as satisfactory in function of the similarity between the variables. But, when these variables were removed a better result was obtained, agreeing the research hypothesis where exists a positive relation between the abnormal return and the economic and financial variables.