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A criação de valor através do Economic Value Added num período de crise financeira: um estudo de caso
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Advisor(s)
Abstract(s)
A presente dissertação enquadra-se no âmbito do Mestrado em Contabilidade e Finanças da Escola Superior de Ciências Empresarias do Instituto Politécnico de Setúbal.
O ano de 2008 ficou marcado a nível internacional pela crise nos mercados. Como consequência, verificou-se a descida acentuada de preços de mercado, o encerramento de empresas, aumento de desemprego e falta de acesso a créditos. Ao mesmo tempo, as constantes mudanças do paradigma social levaram a que, atualmente, os objetivos das empresas passem pela criação de valor para os acionistas, enquanto que na década de oitenta o objetivo principal era a obtenção de lucros para os mesmos. Foi desta forma que a criação de valor ganhou terreno na análise de desempenho empresarial. Existem vários indicadores que analisam a performance empresarial e entre todos os existentes, a literatura destaca o EVA®- Economic Value Added.
O objetivo principal da presente dissertação é realizar uma análise empírica para verificar se a criação de valor sofre alteração num período de crise financeira, através do indicador de criação de valor Economic Value Added. No estudo de caso realizado a análise recaiu sobre a empresa Sapec Agro S.A, no período de 2007 a 2014 (períodos antes e pós o pico da crise financeira). O estudo teve por base uma análise qualitativa e quantitativa e a amostra foi uma única unidade de análise. Este trabalho iniciou-se com uma revisão de literatura sobre os conceitos de crise económico-financeira, criação de valor, alguns estudos já efetuados e os indicadores de criação de valor, sendo que o foco principal foi o EVA®. Na revisão de literatura decidiu-se manter as designações dos autores, mesmo que desatualizadas com o Sistema de Normalização Contabilístico (SNC), uma vez que o estudo empírico incluiu anos em que ainda estava em vigor o Plano Oficial de Contabilidade (POC). Seguiu-se uma breve indicação da metodologia utilizada para o estudo de caso. No capítulo seguinte surge a aplicação prática do estudo de caso, onde se enquadra a empresa, calculamos a criação de valor e apresentamos os resultados. Por último apresentamos as conclusões.
The present dissertation is part of the Master’s degree in Accounting and Finance at the Escola Superior de Ciências Business of the Polytechnic Institute of Setúbal. The year 2008 was marked at international level by the crisis in the markets. Consequently, there was a sharp drop in market prices, the closure of companies, increased unemployment and lack of access to credit. At the same time, the constant changes of the social paradigm led to some changes on current goals of the companies: nowadays the creation of value to the shareholders is the main objective, while in the 1980s, the main objective of a company was to obtain profits for shareholders. Thus, the creation of value gained ground in the analysis of business performance. There are several indicators that analyze the business performance and among them, the literature highlights the EVA®- Economic Value Added. The main objective of the present dissertation is to accomplish an empirical analysis to verify if the value creation suffers changes during the period of financial crisis using the indicator Value Creation - Economic Value Added. In the case study the analysis focused on the company Sapec Agro S. A from the year 2007 to the year 2014 (periods before and after the peak of the financial crisis). The study was based on a qualitative and quantitative analysis and the sample was a single unit of analysis. This work began with a literature review on the concepts of economic and financial crisis, value creation, previous studies on this subject, value creation indicators, being the focus the EVA®. In the literature review was decided to maintain the designations from the authors even if they aren’t currently used in Portugal, since the case study includes a period when they were applicable. Following the literature review comes a brief indication of the methodology used for the study case. In the next chapter is presented the practical application of this study case, where the company is framed, the value creation is calculated and the results are presented. Finally, we formulate our conclusions to the study at issue.
The present dissertation is part of the Master’s degree in Accounting and Finance at the Escola Superior de Ciências Business of the Polytechnic Institute of Setúbal. The year 2008 was marked at international level by the crisis in the markets. Consequently, there was a sharp drop in market prices, the closure of companies, increased unemployment and lack of access to credit. At the same time, the constant changes of the social paradigm led to some changes on current goals of the companies: nowadays the creation of value to the shareholders is the main objective, while in the 1980s, the main objective of a company was to obtain profits for shareholders. Thus, the creation of value gained ground in the analysis of business performance. There are several indicators that analyze the business performance and among them, the literature highlights the EVA®- Economic Value Added. The main objective of the present dissertation is to accomplish an empirical analysis to verify if the value creation suffers changes during the period of financial crisis using the indicator Value Creation - Economic Value Added. In the case study the analysis focused on the company Sapec Agro S. A from the year 2007 to the year 2014 (periods before and after the peak of the financial crisis). The study was based on a qualitative and quantitative analysis and the sample was a single unit of analysis. This work began with a literature review on the concepts of economic and financial crisis, value creation, previous studies on this subject, value creation indicators, being the focus the EVA®. In the literature review was decided to maintain the designations from the authors even if they aren’t currently used in Portugal, since the case study includes a period when they were applicable. Following the literature review comes a brief indication of the methodology used for the study case. In the next chapter is presented the practical application of this study case, where the company is framed, the value creation is calculated and the results are presented. Finally, we formulate our conclusions to the study at issue.
Description
Dissertação apresentada para cumprimento dos requisitos necessários à obtenção do grau de Mestre em Contabilidade e Finanças
Keywords
Crise Financeira Criação de Valor EVA® Avaliação de Desempenho Estudo de Caso Financial Crisis Value Creation Performance Analysis Case Study
Citation
Publisher
Instituto Politécnico de Setúbal. Escola Superior de Ciências Empresariais