Fatores determinantes do volume de negociação de ações ordinárias das empresas do setor de energia elétrica listadas na Bovespa

Abstract

In the decision making process for the acquisition of financial assets, several tools and analysis techniques are used. And to attract a greater number of investors, many companies seek to promote sustainable economic growth, to be socially responsible and thus improve their visibility. These sustainable actions may not only be a market trend, but also be part of the portfolio of the Corporate Sustainability Index, to meet sustainable development requirements and encourage ethical corporate responsibility. Thus, to understand the behavior of the stock trading volume it is necessary to understand which variables affect this behavior. Considering the Fundamental Analysis, the study was based on the following question: how fundamentalist indicators in line with the participation in the portfolio of the Corporate Sustainability Index influence the trading volume of common shares, companies in the electric energy sector , listed in B3? The general objective was to analyze the association between fundamentalist indicators in line with the participation in the Corporate Sustainability Index (ISE) portfolio and the volume of common shares traded in the period 2009-2018. Refers to a descriptive research, technically classified as documentary, using the technique of regression analysis to evaluate the data. The results showed that the stock price, stock price index versus stock value and Beta coefficient can explain the variations, with only the share price index versus the equity value of the share being positively related to the volume of common shares traded , with statistical significance. The presence in the ISE portfolio, in turn, did not present statistical significance to explain the mutations of the dependent variable trading volume of common shares.