Valor econômico agregado das empresas de capital aberto na Bovespa e o retorno do valor das ações.

Abstract

Over the years, the companies have sought for ways of increasing their profitability. In a competitive business environment, it has been crucially important to the companies to have measures capable of verifying whether the businesses are going well. For this purpose, some companies use the Economic Value Added (EVA), an important measure of the business performance, considered by many specialists as the key to the wealth creation. The objective of this study is to show the influence of the EVA on the return of the stock prices. The research is quantitative, applied, descriptive, documental and is based on the quarterly data analysis of 13 companies listed in the B3, Level 1 segment. The obtained results indicate that the EVA follows an inverse relation with the stock prices, once the majority of the outcomes suggests a negative correlation. Therefore, the analyzed data does not recommend to the companies to use the EVA as measure of performance correlated to the stock prices.