Análise do retorno financeiro dos investimentos em um sistema integrado de gestão empresarial em uma empresa siderúrgica de Minas Gerais

Abstract

This work aims at clarifying the impact, in the market value of an organization, after an investment in information technology. It is justified by the incomplete transition between corporate and academic knowledge. Greenspan (2007) says that after a long preparation thatstarted soon after the World War II with the invention of the transistor, information technology has allowed advancement in organizational creative destruction and therefore in the American economy capacity for shock absorption and recovery. Inside the academic world, however, the relationship between information systems and stockholder benefits hasnot been thoroughly explored. Studies focusing on information systems, mainly those by Souza e Zwicker (2000, 2004) and the model developed by DeLone and McLean (1992, reviewed 2003) have a clear focus on a multidimensional analysis. This analysis can precisely evaluate the value but at the same time are not favored by stockholders, according to Brazilian studies (SOUZA e ZWICKER, 2000 and 2004; SILVA e FLEIG, 2005; PETRINI, FREITAS e POZZEBON, 2006). In these studies, the reasons for implementation of a new information system range from millennium bug to management fashion*. The preference for simpleranalysis agree with Mintzberg(1977), who says that managers do not use complex information systems and prefer oral information. The longevity of the capital asset pricing model (CAPM), first introduced by Sharpe (1964), Lintner (1965) and Mossin (1966) reinforces this statement. The CAPM tries to price an asset based only on the statistical risk in relation to themarket. The goal of this work is to evaluate the impact of an information system in the market value of an organization, as priced by the CAPM. In order to achieve that, market prices of the chosen asset were analyzed as a temporal series. This analysis verified that Brazil has show great volatility of stock prices and therefore has violated some of the assumptions necessary for CAPM. Assumptions as constant wealth, random walk market behavior were not confirmed. Also the beta index, as calculated by the formula proved imprecise. On another hand, it was possible to statistically verify the impact of the implementation of a system such as SAP ERP in the return analysis, even though it was not possible to verify this impact on the relation between volatility and return.