Valor corporativo em períodos de crise: análise de empresas dos países do G20

Abstract

Understanding and managing the elements that shape the corporate value of companies is very important for both investors and companies. However, research into corporate value often focuses on the internal and specific characteristics of companies, neglecting the environment and context in which they operate. Given this gap, this research aimed to analyze the market value added (MVA®) of Group of Twenty (G20) companies between 2010 and 2023, considering the context of recent crises (Covid-19 pandemic and Russia's invasion of Ukraine). The target population included companies listed on the stock exchanges of the G20 member countries, and the sample was defined based on the data available on the Refinitiv® Eikon platform, resulting in a final sample of 18,779 companies from 19 countries. Descriptive statistics, correlation, regression models with panel data and exploratory analysis were used to analyze the data and investigate the research hypotheses. The main results show that the crises, the Covid-19 pandemic and Russia's invasion of Ukraine, have a significant effect in explaining the MVA® of G20 companies. In addition, it was observed that the traditional indicators size, profitability, indebtedness and risk drive the MVA® of G20 companies. It was also found that each economic sector has a unique set of variables that drive the corporate value of its companies. The analysis of the countries' institutional characteristics elucidated the different conclusions observed in each model analyzed, but above all revealed the complexity and interconnectedness of the factors that drive MVA® in different institutional contexts and environments. In general, it was concluded that crises significantly influence the corporate value of companies, with measurable effects whose direction varies according to the sector and the institutional characteristics of the country of origin. In addition, traditional economic and financial indicators play an important role as drivers of MVA®. Thus, this research has contributed to understanding the characteristics that influence the corporate value of companies in contexts of economic, financial and geopolitical instability, providing a basis for guiding managerial, political and strategic decisions, with the aim of strengthening companies and markets in a global scenario that is increasingly susceptible to imbalances and crises.