Desempenho econômico-financeiro e retorno das ações: uma análise nas companhias da carteira IBrX-100 da B3

Abstract

The present study aims to verify the relationship between economic and financial performance and the return of companies that are members of the IBrX-100 index. To achieve this objective, a ranking of companies was established according to the return on shares and another ranking of economic and financial performance through the TOPSIS method.The performance was represented by 9 traditional analysis indicators, calculated from historical data, extracted from the published financial statements, and the return of each share was calculated based on the relationship between the annual variation of the share price, considering the quotation in the last day of each year and the share price in the previous year, referring to the period from 2015 to 2018. The analysis was limited to 69 of the 100 companies in the index, excluding “financial” companies and those with incomplete data.The work assumed a descriptive, documentary and quantitative character. In order to evaluate the relationship between economic and financial performance and stock returns, Kendall's correlation between the two previously prepared rankings was used.The results showed that, from the 4 years under analysis, there was a significant correlation between the study variables only in the year 2017. Therefore, based on these results, it is not possible to state that there is a consistent relationship between the companies' performance and the respective returns of shares.