Relacionamento entre persistência do lucro residual e participação de mercado em firmas brasileiras de capital aberto
DOI:
https://doi.org/10.11606/rco.v2i3.34710Keywords:
persistence of residual income, Ohlson's model, fundamentalist analysisAbstract
This study seeks to analyze Ohlson's Linear Information Dynamics, evaluating the effect of Brazilian firm in the market over residual income series. Residual income is estimated from Ohlson's (1995) firm evaluation model. The share in the market is pondered by the representativity of the sector in relation to the sector's mean. There had been used three control variables: industrial concentration index, GDP growth and firm's size. The hypothesis that the market share, in Brazilian firms, has statistic significant temporal relation on residual income series, with Ohlson's LID persistence maintained is tested. The sample is collected from Economatica data base, including the period of 1996 - 2005. The results show that the LID premise is confirmed while the market share does not present informational content, as its coefficient (²) is not statistically significant in all models processed. Facing these results, the research hypothesis is rejected. It's concluded that the market share, according to how it is measured in this study, does not cause abnormal gains in Brazilian firms based on the analysis of its residual profits.Downloads
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