Análise de ações frente a indicadores financeiros: um estudo no ramo de construção civil

Abstract

The purpose of this research is to assess whether financial indicators influence the listing of companies in the construction sector listed in B3. The dependent variable was considered the average share price on a quarterly basis and the independent indicators were the pre-tax profit margin (ML) and gross debt to equity (DB/PL). The survey sample was defined by the ten largest companies in the construction sector, ordered by equity. The period analyzed was from the 4th quarter of 2016 to the 3rd quarter of 2019, totaling 12 quarters. The data were analyzed through Pearson correlation, Granger causality and panel regression. The results indicate that there is a weak positive correlation between ML and quotation and moderate negative correlation between DB/PL and quotation, but without causality between them. However, through panel regression, it was observed that DB/PL and ML were significant, but with a result contrary to that of the correlation, thus concluding that it is factual that there is a relationship between DB/PL, without it being possible to infer quantitatively on such a predictive effect on the formation of prices of quotations. The result obtained sheds light on the civil construction sector and not on an individual basis for the companies analyzed.