Analysis of the Investment in Brazilian Companies through the Tobin’s q

Authors

  • Vanessa Rabelo Dutra Universidade Federal do Pampa – UNIPAMPA. http://orcid.org/0000-0003-2841-8495
  • Paulo Sergio Ceretta Universidade Federal de Santa Maria – UFSM. http://orcid.org/0000-0001-8264-0439
  • Lúcio Dalcin Universidade Federal de Santa Maria – UFSM.
  • Fernanda Alves Lamberti Universidade Federal de Santa Maria – UFSM.

DOI:

https://doi.org/10.23925/2178-0080.2017v20i3.36823

Keywords:

Tobin’s q, Investment, Capex

Abstract

This research aims at analyzing if Tobin’s q can be considered as an explanatory variable for the investment of Brazilian publicly traded companies, represented by the variable CAPEX. The analysis considers the possibility of heterogeneity in the coefficient values of the variables. The data explored in this study are indicators available in the BM&FBOVESPA, comprised between March 2010 and December 2015 and analyzed using software R. The results indicate that the model with four distinct regimes is more adequate than the linear model and the coefficients of the Tobin’s q in the first three regimes are significant and positive and in the fourth regime the coefficient is not significant.

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Author Biographies

Vanessa Rabelo Dutra, Universidade Federal do Pampa – UNIPAMPA.

Professora da Universidade Federal do Pampa – UNIPAMPA. Doutoranda em Administração na Universidade Federal de Santa Maria – UFSM.

Paulo Sergio Ceretta, Universidade Federal de Santa Maria – UFSM.

Professor da Universidade Federal de Santa Maria – UFSM. Doutor em Engenharia de Produção pela Universidade Federal de Santa Catarina – UFSC

Lúcio Dalcin, Universidade Federal de Santa Maria – UFSM.

Mestre em Administração pela Universidade Federal de Santa Maria – UFSM.

Fernanda Alves Lamberti, Universidade Federal de Santa Maria – UFSM.

Mestranda em Administração na Universidade Federal de Santa Maria – UFSM.

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Published

2018-09-12

How to Cite

Dutra, V. R., Ceretta, P. S., Dalcin, L., & Lamberti, F. A. (2018). Analysis of the Investment in Brazilian Companies through the Tobin’s q. Management in Dialogue Review, 20(3), 28–45. https://doi.org/10.23925/2178-0080.2017v20i3.36823

Issue

Vol. 20 No. 3 (2018): September - December

Section

Artigos

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