Desempenho empresarial e o valor da empresa no mercado de capitais: evidência empírica para o mercado de capitais português

The main objective of this paper is to analyse the effect of firms’ performance indicators in explaining the price of stocks in the Portuguese capital market, using a fundamental analysis. In the empirical setting, firms’ performance indicators are gathered into two groups: (1) economic and financial indicators and (2) stock market indicators. Using a sample of 38 firms quoted at Euronext Lisbon, estimates are obtained trough an Ordinary Least Squares (OLS) model and report to December, 31 2007. Results suggest that performance indicators are able to explain the firms’ stock market price. There is a significant positive impact of sales growth and of payout ratio, while we find a statistically significant negative effect of the firm’s financial autonomy on the stock market price for the majority of firms quoted at Euronext Lisbon.

Certificação da qualidade e desempenho empresarial: uma análise por quantis

In this paper we intend to analyse the effect of quality certification,as well as a set of other variables, specific to the company and to the industry, on the performance of Portuguese companies considering the different performance levels presented by companies. Results suggest a sensibility to quantiles regression. We highlight the fact that in industries with a high number of companies possessing quality certification the impact of the certificate`s tenure on the companies performance is only significantly positive in companies with lower levels of performance. On the other hand, in these industries, industry characteristics have a significant positive effect on companies performance, specially on companies with high levels of performance.

Certificação da qualidade e desempenho empresarial: evidência empírica para Portugal

This paper it is investigated the effect that quality certification has on Portuguese companies` performance, controlling simultaneously for the effect of a set of variables specific to the company and to the industry. Results suggest that quality certification does not have an instantaneous impact on companies’ performance. A positive and significant impact increasing function of the number of years that a company is certified. It is also highlighted a significant impact of company specific characteristics on its performance. In industries with a large number of companies with quality certification it is revealed a stronger effect of the years of certification on companies’ performance, as well as a significant effect of both company and industry specific characteristics on performance.