Sentimento do investidor e a influência do horizonte de investimento em decisões corporativas: evidências baseadas na Teoria de Catering
Ano de defesa: | 2018 |
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Autor(a) principal: | |
Orientador(a): | |
Banca de defesa: | |
Tipo de documento: | Tese |
Tipo de acesso: | Acesso aberto |
Idioma: | por |
Instituição de defesa: |
Universidade Federal da Paraíba
Brasil Finanças e Contabilidade Programa de Pós-Graduação em Ciências Contábeis UFPB |
Programa de Pós-Graduação: |
Não Informado pela instituição
|
Departamento: |
Não Informado pela instituição
|
País: |
Não Informado pela instituição
|
Palavras-chave em Português: | |
Link de acesso: | https://repositorio.ufpb.br/jspui/handle/123456789/15201 |
Resumo: | Based on Catering Theory, this thesis aimed to analyze the effect of the companies’ investment horizon in corporate decisions taken in line with the investor sentiment. The Catering Theory establishes the ability of managers to identify the mispricing occurrence in the stock market, causing decision-making to maintain the difference between the stock price and its fundamental value for the benefit of investors who care about current stock price – short-term investors or short-horizon investment. Assuming the mispricing occurrence when the sentiment index indicates optimism and the following decision-making, based on the sentiment index, the thesis of this study establishes that the investment, financing and earnings management decisions, taken in line with the investor sentiment, aim to cater short-term investors. The firms’ share turnover ratio measured the investment horizon. This study analyzed 245 non-financial companies, listed in B3, through an unbalanced data panel, in the period from 2010 to 2017. Following the theoretical assumption, the relationship between each decision and the investor sentiment was evaluated by simple linear regression estimated by Theil-Sen method, by firm, in order to define the expected value of the decision in function of sentiment. The sentiment index used in the regression was created using variables from the Brazilian capital market, through principal component analysis, based on the existing literature. The variables were incorporated into the index: the number of offerings de IPOs plus Follow-On, Advancing and Declining ratio, dividend premium and individual investor’s participation in the total value of the B3 segment. This latter theoretically associated with the Catering Theory and, the others, traditional in the sentiment literature. The results showed a negative relationship between the investment horizon and the investment decision, contradicting the expectation of H1. There was no relation regarding the earnings management (H3). On the other hand, the financing decision has a negative relationship with the investment horizon, according to H2, suggesting interest for cheaper debts, in optimists’ periods, by firms with short investment horizon (higher Turnover). This fact was corroborated by the disruption of the hierarchy suggested by the Pecking Order Theory (H2a), in which explanatory factors were observed, such as Turnover and ROA for the debt variation. However, it was not possible to associate the motivations for the Pecking Order rejection to the Catering Theory assumptions. In addition to the restricted analysis of the testable hypotheses, it was analyzed the possibility of some firms’ characteristic mediating the relationship between the investment horizon and corporate decisions. In this sense, it was shown that investments are expanding when, beyond the short horizon, firms were more leveraged. When interacting the revenue growth with the investment horizon, there was an increase in the earnings management level. Therefore, despite the rejection of the testable hypotheses H1 and H3, the mediation of the firm's characteristics showed the Catering Theory assumptions. As for the financing decision, besides the non-rejection of the testable hypothesis 2 (H2), there was a reduction in financial expenses in optimist moments when there was the interaction between revenue growth and the investment horizon. Sensitivity tests showed that in other scenarios (not all) these results remain. |
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Sentimento do investidor e a influência do horizonte de investimento em decisões corporativas: evidências baseadas na Teoria de CateringTeoria de CateringHorizonte de investimentoDecisões corporativasSentimento do investidorPecking orderCatering theoryInvestment horizonCorporate decisionsInvestor sentimentCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEISBased on Catering Theory, this thesis aimed to analyze the effect of the companies’ investment horizon in corporate decisions taken in line with the investor sentiment. The Catering Theory establishes the ability of managers to identify the mispricing occurrence in the stock market, causing decision-making to maintain the difference between the stock price and its fundamental value for the benefit of investors who care about current stock price – short-term investors or short-horizon investment. Assuming the mispricing occurrence when the sentiment index indicates optimism and the following decision-making, based on the sentiment index, the thesis of this study establishes that the investment, financing and earnings management decisions, taken in line with the investor sentiment, aim to cater short-term investors. The firms’ share turnover ratio measured the investment horizon. This study analyzed 245 non-financial companies, listed in B3, through an unbalanced data panel, in the period from 2010 to 2017. Following the theoretical assumption, the relationship between each decision and the investor sentiment was evaluated by simple linear regression estimated by Theil-Sen method, by firm, in order to define the expected value of the decision in function of sentiment. The sentiment index used in the regression was created using variables from the Brazilian capital market, through principal component analysis, based on the existing literature. The variables were incorporated into the index: the number of offerings de IPOs plus Follow-On, Advancing and Declining ratio, dividend premium and individual investor’s participation in the total value of the B3 segment. This latter theoretically associated with the Catering Theory and, the others, traditional in the sentiment literature. The results showed a negative relationship between the investment horizon and the investment decision, contradicting the expectation of H1. There was no relation regarding the earnings management (H3). On the other hand, the financing decision has a negative relationship with the investment horizon, according to H2, suggesting interest for cheaper debts, in optimists’ periods, by firms with short investment horizon (higher Turnover). This fact was corroborated by the disruption of the hierarchy suggested by the Pecking Order Theory (H2a), in which explanatory factors were observed, such as Turnover and ROA for the debt variation. However, it was not possible to associate the motivations for the Pecking Order rejection to the Catering Theory assumptions. In addition to the restricted analysis of the testable hypotheses, it was analyzed the possibility of some firms’ characteristic mediating the relationship between the investment horizon and corporate decisions. In this sense, it was shown that investments are expanding when, beyond the short horizon, firms were more leveraged. When interacting the revenue growth with the investment horizon, there was an increase in the earnings management level. Therefore, despite the rejection of the testable hypotheses H1 and H3, the mediation of the firm's characteristics showed the Catering Theory assumptions. As for the financing decision, besides the non-rejection of the testable hypothesis 2 (H2), there was a reduction in financial expenses in optimist moments when there was the interaction between revenue growth and the investment horizon. Sensitivity tests showed that in other scenarios (not all) these results remain.NenhumaFundamentada na Teoria de Catering, esta tese objetivou analisar o efeito do horizonte de investimento das empresas nas decisões corporativas tomadas em observância ao sentimento do investidor. A Teoria de Catering estabelece a habilidade dos gestores em identificar a ocorrência do mispricing no mercado, provocando a tomada de decisão com vistas a manter a diferença entre o preço da ação e seu valor fundamental, em benefício de investidores preocupados com o preço corrente da ação – os investidores de curto prazo ou com curto horizonte de investimento. Pressupondo a ocorrência de mispricing quando o índice de sentimento indicar otimismo e a respectiva tomada de decisão baseada no índice de sentimento, ficou estabelecida a tese de que as decisões de investimento, de financiamento e de gerenciamento de resultados, tomadas em observância ao sentimento do investidor, visam atender investidores de curto prazo. O horizonte de investimento foi mensurado pelo Turnover das ações das empresas. Foram analisadas 245 empresas não-financeiras, listadas na B3, por meio de um painel de dados não balanceado, no período de 2010 a 2017. Seguindo o pressuposto teórico, foi avaliada a relação entre cada decisão e o sentimento do investidor, por meio de regressão linear simples estimada pelo método Theil-Sen, por empresa, para definição do valor esperado da decisão em função do sentimento. O índice de sentimento utilizado na regressão foi criado com variáveis do mercado de capitais brasileiro, por meio de Análise de Componentes Principais, com base na literatura existente. Foram incorporadas ao índice as variáveis: número de ofertas de IPOs e Follow-on, proporção de altas e baixas, prêmio de dividendos e participação de investidores individuais no volume financeiro de negociação da B3. Essa última teoricamente associada com a Teoria e Catering e, as demais, tradicionais na literatura de sentimento. Os resultados demonstraram uma relação negativa entre o horizonte de investimento e a decisão de investimento, contrariando a expectativa de H1. Não foi evidenciada relação quanto ao gerenciamento de resultados (H3). Por outro lado, a decisão de financiamento possui relação negativa com o horizonte de investimento, conforme H2, sugerindo o interesse por dívidas mais baratas, em períodos de otimismo, por empresas com horizonte de investimento curto (maior Turnover). Esse fato foi corroborado pelo rompimento da hierarquia sugerida pela Teoria do Pecking Order (H2a), quando se observou fatores explicativos, tais como Turnover e ROA para a variação de dívida. Não foi possível, entretanto, associar as motivações para a rejeição da Pecking Order aos pressupostos da Teoria de Catering. Além da análise restrita das hipóteses de pesquisa, foi analisada a possibilidade de alguma característica da firma mediar a relação entre o horizonte de investimento e as decisões corporativas. Nesse sentido, ficou demonstrado que os investimentos se ampliam quando, além do horizonte curto, as empresas eram mais endividadas. Ao interagir o crescimento de receitas com horizonte de investimento, foi observado haver aumento do nível de gerenciamento de resultados. Portanto, a despeito da rejeição das hipóteses de pesquisa H1 e H3, a mediação de características da firma evidenciaram os pressupostos da Teoria de Catering. Já quanto a decisão de financiamento, além da não rejeição da Hipótese de pesquisa 2 (H2), houve redução das despesas financeiras em momentos de otimismo quando há a interação entre o crescimento de receitas e o horizonte de investimento. Os testes de sensibilidade realizados demonstraram que em outros cenários (não todos) esses resultados permanecem.Universidade Federal da ParaíbaBrasilFinanças e ContabilidadePrograma de Pós-Graduação em Ciências ContábeisUFPBMachado, Márcio Andre Verashttp://lattes.cnpq.br/7863514939024209Miranda, Kléber Formiga2019-08-06T16:55:03Z2019-08-062019-08-06T16:55:03Z2018-12-14info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesishttps://repositorio.ufpb.br/jspui/handle/123456789/15201porAttribution-NoDerivs 3.0 Brazilhttp://creativecommons.org/licenses/by-nd/3.0/br/info:eu-repo/semantics/openAccessreponame:Biblioteca Digital de Teses e Dissertações da UFPBinstname:Universidade Federal da Paraíba (UFPB)instacron:UFPB2019-08-06T16:55:03Zoai:repositorio.ufpb.br:123456789/15201Biblioteca Digital de Teses e Dissertaçõeshttps://repositorio.ufpb.br/PUBhttp://tede.biblioteca.ufpb.br:8080/oai/requestdiretoria@ufpb.br|| diretoria@ufpb.bropendoar:2019-08-06T16:55:03Biblioteca Digital de Teses e Dissertações da UFPB - Universidade Federal da Paraíba (UFPB)false |
dc.title.none.fl_str_mv |
Sentimento do investidor e a influência do horizonte de investimento em decisões corporativas: evidências baseadas na Teoria de Catering |
title |
Sentimento do investidor e a influência do horizonte de investimento em decisões corporativas: evidências baseadas na Teoria de Catering |
spellingShingle |
Sentimento do investidor e a influência do horizonte de investimento em decisões corporativas: evidências baseadas na Teoria de Catering Miranda, Kléber Formiga Teoria de Catering Horizonte de investimento Decisões corporativas Sentimento do investidor Pecking order Catering theory Investment horizon Corporate decisions Investor sentiment CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
title_short |
Sentimento do investidor e a influência do horizonte de investimento em decisões corporativas: evidências baseadas na Teoria de Catering |
title_full |
Sentimento do investidor e a influência do horizonte de investimento em decisões corporativas: evidências baseadas na Teoria de Catering |
title_fullStr |
Sentimento do investidor e a influência do horizonte de investimento em decisões corporativas: evidências baseadas na Teoria de Catering |
title_full_unstemmed |
Sentimento do investidor e a influência do horizonte de investimento em decisões corporativas: evidências baseadas na Teoria de Catering |
title_sort |
Sentimento do investidor e a influência do horizonte de investimento em decisões corporativas: evidências baseadas na Teoria de Catering |
author |
Miranda, Kléber Formiga |
author_facet |
Miranda, Kléber Formiga |
author_role |
author |
dc.contributor.none.fl_str_mv |
Machado, Márcio Andre Veras http://lattes.cnpq.br/7863514939024209 |
dc.contributor.author.fl_str_mv |
Miranda, Kléber Formiga |
dc.subject.por.fl_str_mv |
Teoria de Catering Horizonte de investimento Decisões corporativas Sentimento do investidor Pecking order Catering theory Investment horizon Corporate decisions Investor sentiment CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
topic |
Teoria de Catering Horizonte de investimento Decisões corporativas Sentimento do investidor Pecking order Catering theory Investment horizon Corporate decisions Investor sentiment CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
description |
Based on Catering Theory, this thesis aimed to analyze the effect of the companies’ investment horizon in corporate decisions taken in line with the investor sentiment. The Catering Theory establishes the ability of managers to identify the mispricing occurrence in the stock market, causing decision-making to maintain the difference between the stock price and its fundamental value for the benefit of investors who care about current stock price – short-term investors or short-horizon investment. Assuming the mispricing occurrence when the sentiment index indicates optimism and the following decision-making, based on the sentiment index, the thesis of this study establishes that the investment, financing and earnings management decisions, taken in line with the investor sentiment, aim to cater short-term investors. The firms’ share turnover ratio measured the investment horizon. This study analyzed 245 non-financial companies, listed in B3, through an unbalanced data panel, in the period from 2010 to 2017. Following the theoretical assumption, the relationship between each decision and the investor sentiment was evaluated by simple linear regression estimated by Theil-Sen method, by firm, in order to define the expected value of the decision in function of sentiment. The sentiment index used in the regression was created using variables from the Brazilian capital market, through principal component analysis, based on the existing literature. The variables were incorporated into the index: the number of offerings de IPOs plus Follow-On, Advancing and Declining ratio, dividend premium and individual investor’s participation in the total value of the B3 segment. This latter theoretically associated with the Catering Theory and, the others, traditional in the sentiment literature. The results showed a negative relationship between the investment horizon and the investment decision, contradicting the expectation of H1. There was no relation regarding the earnings management (H3). On the other hand, the financing decision has a negative relationship with the investment horizon, according to H2, suggesting interest for cheaper debts, in optimists’ periods, by firms with short investment horizon (higher Turnover). This fact was corroborated by the disruption of the hierarchy suggested by the Pecking Order Theory (H2a), in which explanatory factors were observed, such as Turnover and ROA for the debt variation. However, it was not possible to associate the motivations for the Pecking Order rejection to the Catering Theory assumptions. In addition to the restricted analysis of the testable hypotheses, it was analyzed the possibility of some firms’ characteristic mediating the relationship between the investment horizon and corporate decisions. In this sense, it was shown that investments are expanding when, beyond the short horizon, firms were more leveraged. When interacting the revenue growth with the investment horizon, there was an increase in the earnings management level. Therefore, despite the rejection of the testable hypotheses H1 and H3, the mediation of the firm's characteristics showed the Catering Theory assumptions. As for the financing decision, besides the non-rejection of the testable hypothesis 2 (H2), there was a reduction in financial expenses in optimist moments when there was the interaction between revenue growth and the investment horizon. Sensitivity tests showed that in other scenarios (not all) these results remain. |
publishDate |
2018 |
dc.date.none.fl_str_mv |
2018-12-14 2019-08-06T16:55:03Z 2019-08-06 2019-08-06T16:55:03Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/doctoralThesis |
format |
doctoralThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://repositorio.ufpb.br/jspui/handle/123456789/15201 |
url |
https://repositorio.ufpb.br/jspui/handle/123456789/15201 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
Attribution-NoDerivs 3.0 Brazil http://creativecommons.org/licenses/by-nd/3.0/br/ info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Attribution-NoDerivs 3.0 Brazil http://creativecommons.org/licenses/by-nd/3.0/br/ |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Universidade Federal da Paraíba Brasil Finanças e Contabilidade Programa de Pós-Graduação em Ciências Contábeis UFPB |
publisher.none.fl_str_mv |
Universidade Federal da Paraíba Brasil Finanças e Contabilidade Programa de Pós-Graduação em Ciências Contábeis UFPB |
dc.source.none.fl_str_mv |
reponame:Biblioteca Digital de Teses e Dissertações da UFPB instname:Universidade Federal da Paraíba (UFPB) instacron:UFPB |
instname_str |
Universidade Federal da Paraíba (UFPB) |
instacron_str |
UFPB |
institution |
UFPB |
reponame_str |
Biblioteca Digital de Teses e Dissertações da UFPB |
collection |
Biblioteca Digital de Teses e Dissertações da UFPB |
repository.name.fl_str_mv |
Biblioteca Digital de Teses e Dissertações da UFPB - Universidade Federal da Paraíba (UFPB) |
repository.mail.fl_str_mv |
diretoria@ufpb.br|| diretoria@ufpb.br |
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1797057853273407488 |