Submitted by Sara Ribeiro (sara.ribeiro@ucb.br) on 2017-12-06T16:18:28Z
No. of bitstreams: 1
MariaAugustaBretasLimaDissertacao2017.pdf: 394810 bytes, checksum: 67f878c23bb843aed1d6867a532c6724 (MD5) / Approved for entry into archive by Sara Ribeiro (sara.ribeiro@ucb.br) on 2017-12-06T16:18:38Z (GMT) No. of bitstreams: 1
MariaAugustaBretasLimaDissertacao2017.pdf: 394810 bytes, checksum: 67f878c23bb843aed1d6867a532c6724 (MD5) / Made available in DSpace on 2017-12-06T16:18:38Z (GMT). No. of bitstreams: 1
MariaAugustaBretasLimaDissertacao2017.pdf: 394810 bytes, checksum: 67f878c23bb843aed1d6867a532c6724 (MD5)
Previous issue date: 2017-08-29 / This article investigates Brazilian telecommunication companies??? capital structure and stock
returns compared to companies from other regulated sectors and compared to companies from
non-regulated sectors using panel data from a sample of 438 Brazilian companies, from 124
different sectors, negotiated in Brazilian stock exchange, between 1987 a 2015. Models were
built for capital structure, revenues and returns using dummy variables for comparisons.
Dummies indicate telecommunications companies??? debts are higher in the short run and
companies selling fixed lines debts are higher compared to all companies in every scenario
tested. Revenues regressions results indicate non-regulated companies had higher profits.
Investment results suggest telecommunication companies invested more in short run projects
and less in long run projects compared to non-regulated companies. / Este artigo investiga a estrutura de capital e o retorno das empresas do setor de
telecomunica????es no Brasil, em compara????o com empresas de outros mercados regulados e
n??o regulados utilizando dados em painel a partir de uma amostra de 438 empresas brasileiras
com capital aberto negociado em bolsa, de 124 diferentes setores, no per??odo de 1987 a 2015.
Foram estimados modelos para estrutura de capital, faturamento e retornos com vari??veis
dummy para diferenciar as empresas de telefonia das demais. Os modelos foram estimados em
???pooled regressions??? por OLS. Dummies indicaram que as empresas de telecomunica????es s??o
estruturalmente mais endividadas no curto prazo, e que as empresas de telefonia fixa tiveram
os maiores n??veis de endividamento em todos os cen??rios e em todas as compara????es. Nas
an??lises de faturamento, evid??ncias apontam que as empresas dos mercados n??o regulados
conseguiram faturamentos mais altos do que as empresas reguladas. Para as an??lises de
investimento, os dados mostram que as empresas de telecomunica????es investiram mais em
projetos de curto prazo e menos em projetos de longo prazo do que as empresas n??o
reguladas.
| Identifer | oai:union.ndltd.org:IBICT/oai:bdtd.ucb.br:tede/2319 |
| Date | 29 August 2017 |
| Creators | Lima, Maria Augusta Bretas |
| Contributors | Mazali, Rog??rio |
| Publisher | Universidade Cat??lica de Bras??lia, Programa Strictu Sensu em Economia de Empresas, UCB, Brasil, Escola de Gest??o e Neg??cios |
| Source Sets | IBICT Brazilian ETDs |
| Language | Portuguese |
| Detected Language | Portuguese |
| Type | info:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis |
| Format | application/pdf |
| Source | reponame:Biblioteca Digital de Teses e Dissertações da UCB, instname:Universidade Católica de Brasília, instacron:UCB |
| Rights | info:eu-repo/semantics/openAccess |
Page generated in 0.0023 seconds