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Abstract(s)
O investimento é fundamental para o crescimento das empresas, já que permite
que as mesmas possam expandir as suas operações através da criação de novas filiais,
expandir a capacidade de produção ou alcançar novos mercados. Além disso, o
investimento permite que as empresas possam melhorar os seus níveis de eficiência,
através da aquisição de melhores equipamentos.
O objetivo deste estudo é analisar a relação entre os cash-flows e o Q de tobin das
empresas de promoção imobiliária e os seus níveis de investimento. Para realizar essa
análise, foram utilizados dados de 415 empresas do setor imobiliário em Portugal no
período de 2012 a 2020, obtendo-se os resultados do estudo através de regressões lineares
múltiplas com dados em painel e com efeitos fixos. Sendo a maior parte dos estudos
realizados acerca da relação entre os cash-flows das empresas e os seus níveis de
investimento sobre empresas cotadas em bolsa, este estudo foca-se em empresas não
cotadas. Não havendo cotações de mercado destas empresas, estimou-se uma proxy do
valor do Q de Tobin (medida de valor de mercado das empresas em relação ao seu valor
contabilístico), um conhecido determinante do investimento empresarial. Como as
empresas analisadas na amostra não estão cotadas em bolsa, foram utilizados três métodos
para chegarmos a uma estimativa do valor de mercado das empresas, sendo eles, o método
do Discounted Cash-flow (DCF), o método dos múltiplos de mercado e o método do
Economic Value Added (EVA).
Concluiu-se, utilizando modelos de dados em painel com efeitos fixos, que a
variável Q de Tobin é significativa e exerce uma influência positiva no nível de
investimento das empresas de promoção imobiliária. Por outro lado, em relação à variável
do fluxo de caixa, a mesma não se mostrou estatisticamente significativa, levando-nos a
concluir que não é determinante para o investimento das empresas de promoção
imobiliária.
Investment is essential for the company's growth, as it allows them to expand their operations by creating new branches, expanding production capacity or reaching new markets. Furthermore, the investment allows companies to improve their efficiency levels, through the acquisition of better equipment. The objective of this study is to analyze the relationship between the cash-flows and Tobin´s Q of real estate development companies and their investment levels. To carry out this analysis, data from 415 companies in the real estate sector in Portugal were used from 2012 to 2020, obtaining the results of the study through multiple linear regressions with panel data and fixed effects. Since most studies have been carried out on the relationship between companies' cash flows and their investment levels on listed companies, this study focuses on unlisted companies. As there were no market prices for these companies, a proxy was estimated for the value of Tobin's Q (measure of market value of companies in relation to their book value), a known determinant of business investment. As the companies analyzed in the sample are not listed on the stock exchange, three methods were used to arrive at an estimate of the companies' market value, namely, the Discounted Cash-flow (DCF) method, the market multiples method and the Economic Value Added (EVA) method. It was concluded, using panel data models with fixed effects, that the Tobin's Q variable is significant and exerts a positive influence on the investment level of real estate development companies. On the other hand, in relation to the cash flow variable, it was not statistically significant, leading us to conclude that it is not decisive for the investment of real estate development companies.
Investment is essential for the company's growth, as it allows them to expand their operations by creating new branches, expanding production capacity or reaching new markets. Furthermore, the investment allows companies to improve their efficiency levels, through the acquisition of better equipment. The objective of this study is to analyze the relationship between the cash-flows and Tobin´s Q of real estate development companies and their investment levels. To carry out this analysis, data from 415 companies in the real estate sector in Portugal were used from 2012 to 2020, obtaining the results of the study through multiple linear regressions with panel data and fixed effects. Since most studies have been carried out on the relationship between companies' cash flows and their investment levels on listed companies, this study focuses on unlisted companies. As there were no market prices for these companies, a proxy was estimated for the value of Tobin's Q (measure of market value of companies in relation to their book value), a known determinant of business investment. As the companies analyzed in the sample are not listed on the stock exchange, three methods were used to arrive at an estimate of the companies' market value, namely, the Discounted Cash-flow (DCF) method, the market multiples method and the Economic Value Added (EVA) method. It was concluded, using panel data models with fixed effects, that the Tobin's Q variable is significant and exerts a positive influence on the investment level of real estate development companies. On the other hand, in relation to the cash flow variable, it was not statistically significant, leading us to conclude that it is not decisive for the investment of real estate development companies.
Description
Keywords
Investimento Fluxos de caixa Setor imobiliário Promoção imobiliária Investment Real estate promotion Cash flows Real estate sector