Situação econômico-financeira e sustentabilidade do segmento de papel e celulose brasileiro no período 2010-2014

Abstract

The analysis of the return of a company can provide relevant information to users. Managers get subsidies to assess the administrative policies employed to meet the interests of various users. The investors, particularly, can see how much the resources applied in the company are being adequately managed to remunerate the capital employed, comparing it with the return of other investment options. So, it is important to understand which variables may potentially influence this indicator. Drawing on the dictates of the Fundamental Analysis theory, this study was based on this problem question: how the ratios of indebtedness, profitability, liquidity and sustainability are associated with return of companies in the Paper and Pulp segment, listed on the BM&FBOVESPA? The general objective consisted to find out as indicators of economic and financial situation and sustainability are associated with return of companies in the Pulp and Paper segment listed on the BM&FBOVESPA in the 2010-2014 period. This is a descriptive research, technically classified as a case study, documentary and bibliographical research, with quantitative data analysis. It was used multiple applied regressions in panel data arranged. The results indicated that the variables corporate profitability and general debt are statistically significant for explaining the average variations of both the total assets return as the equity return, and are positively related to the same. The general liquidity was not statistically significant. Already the variable Corporate Sustainability Index, in turn, was statistically significant just for the return of total assets, with negative association with this variable.