Desempenho econômico-financeiro das empresas participantes do IBrX 50: uma análise dos efeitos da pandemia de Covid-19

Abstract

This study aimed to comparatively analyze the economic-financial performance of the companies participating in the Brasil 50 Index (IBrX 50) in the period before and during the Covid-19 pandemic. For that, a descriptive, documental research with a quantitative approach was carried out. To carry out the study, indicators of liquidity, capital structure, profitability and profitability were selected in 37 companies participating in the IBrX 50 of Brasil, Bolsa, Balcão (B3), between the years 2017 to 2022. For the analysis of the results, the multi-criteria method Multi-Objective Optimization on the basis of Ratio Analysis (MOORA) was applied to prepare the rankings of economic-financial performance based on indicators of liquidity, capital structure, profitability and profitability. Finally, the Kendall Correlation was operationalized using the statistical software Statistical Package for the Social Science (SPSS®), to identify

whether there is a correlation between the economic-financial performance rankings in the pre- pandemic period and during the pandemic in companies analyzed. The results revealed that the

IBrX 50 companies see the difficulties arising from the pandemic. In addition, they sought to increase their liquidity, which led to an increase in indebtedness, mainly in the long term. After the start of the pandemic, some companies showed a drop in revenue, reflected in their profitability and profitability indices, but other companies managed to maintain growth, indicating that some sectors felt the effects of the Covid-19 pandemic more than others. These findings corroborate the results of Kendall's correlation, as it did not show statistical significance at the 5% level, which reveals that the positions occupied by companies in the rankings in the pre-pandemic period are not directly related to the period during the pandemic. In general, the results indicated that some companies were able to stand out in the analyzed period, while others suffered more with the crisis. Thus, it is concluded that the uncertainty caused by the Covid-19 pandemic can expose the companies in the sample to adverse economic and financial consequences. As contributions, it is highlighted that the results of this research can serve as a guide for companies to determine the ideal economic-financial structure for unexpected events, as is the case of the Covid-19 pandemic. In addition, it provides useful company-level information on how managers can deal with possible financial difficulties created by the analyzed pandemic. The findings of this study also contribute by providing evidence to defend the crucial role of the government in minimizing the consequences of the Covid-19 pandemic and in maintaining the business sectors during the crisis.