Relação entre o preço das ações e as variáveis endógenas das empresas do setor de utilidade pública dos mercados de ações latino-americano

Abstract

The general objective is the present study and the relation of the endogenous variables Net Margin (ML), Gross Debt (DB), Return on Assets (ROA), Current Liquidity (LC), Stock Price (PA), American companies in the public utility sector. Having as main focus in the work the relation between like endogenous variables with the stock price. As observations, they were analyzed by means of quarterly data in panel, perform analyzes of multiple regression assumptions (normality, stationarity, multicolinearity, heteroscedasticity and autocorrelation), adopting a level of significance of 1% to 10%. The study will relate Current Liquidity (LC), Net Margin (ML), Return on Assets (ROA) and Gross Debt (DB), with a variable share price (AP). Being realized then, panel analysis, use the Pooled, Fixed cross section effect and Random effect demonstrating better results No cross-sectional effect by means of the Hausmam and Chow tests. The results are valid for a VARML and LC at the 1% level, where VARDB and ROA have no relationship with PA. Through the study, they obtain results obtained on average for later studies, without evaluations of available information obtained here.