Fatores macroeconômicos no desempenho financeiro de empresas brasileiras: uma análise internacional e regional

Abstract

The aim of this dissertation is to examine whether there are significant differences when comparing the impact of macroeconomic factors on the financial performance of publicly traded non-financial companies, considering their domestic or international status and different geographical locations. The research is divided into two studies: the first study analyzes the impact of macroeconomic factors on the financial performance of Brazilian publicly traded companies, comparing domestic and international companies, while the second study investigates the impact of these factors on publicly traded Brazilian companies from a regional perspective.In the first study, data from non-financial publicly traded companies from 2007 to 2020 were used. The variables examined include Earnings per Share (LPA), Return on Equity (ROE), Return on Assets (ROA), the SELIC interest rate, the IPCA inflation rate, the exchange rate (CÂMBIO), and the degree of internationalization (DOI). Three hypotheses were formulated, involving the Selic rate, inflation, and exchange rates in relation to internationalized and domestic companies. Hypotheses one and two were rejected, and the third hypothesis was not confirmed. In Chapter 3, the relationship between macroeconomic variables, business performance, and regional location was investigated. In this study, data from 633 non-financial publicly traded companies from 2000 to 2022 were analyzed. Performance variables included LPA, ROE, and MEBITDA, while macroeconomic variables were SELIC, IPCA, CÂMBIO, and the location metric was based on the population of the area (POP).The results showed a positive association between the SELIC interest rate and MEBITDA, a negative association between IPCA and LPA, as well as between IPCA and ROE. Furthermore, companies based in cities with smaller markets exhibited higher ROE.This study contributes to the literature by providing new insights into the relationship between macroeconomic factors and the financial performance of companies, highlighting differences between internationalized and domestic companies. Additionally, it investigates the impact of macroeconomic variables on the performance of companies from a regional perspective, an area of growing interest in Brazilian literature.