Relações com investidores e geração de valor: um estudo das percepções de profissionais da área de RI, analistas de investimentos e de investidores individuais no Brasil

• Ano de defesa: 2010
• Autor(a) principal: Ali, Salim Augusto Amed
• Orientador(a): Barros, Lucas Ayres Barreira de Campos
• Banca de defesa: Yamamoto, Marina Mitiyo , Nakamura, Wilson Toshiro
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Presbiteriana Mackenzie
• Programa de Pós-Graduação: Administração de Empresas
• Departamento: Administração
• País: BR
• Palavras-chave em Português: relações com investidores; geração de valor; transparência; governança corporativa; investidores individuais; analistas de investimentos; gestores de investimentos
• Palavras-chave em Inglês: investor relations; value creation; transparency; corporate governance; individual investors; investment analysts; investment managers
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
• Link de acesso: http://dspace.mackenzie.br/handle/10899/23340

This study aimed to gather the perceptions of three audiences in specific, about their understanding on the generation of value through the activity of Investor Relations in Brazilian listed companies. The first group, consisting of 16 professionals and experts in Investor Relations and the second group, comprised of 11 investment analysts and portfolio managers, were personally interviewed using structured interview, survey-type. The third group of individual investors answered a questionnaire via Internet, totaling 457 valid responses. The findings show that in the perceptions of the three groups, IR adds value to the company. They also pointed out several activities and structures presents in Investor Relations that are considered more relevant in the sense of adding value to the company. Reflecting these activities and structures, it was possible to divide them into five groups: Communication, Activities, Meetings with the Market, Strategy and Metrics of Direct Measurement. The Communication was of higher importance, noting that IR and the company must be transparent, providing the information in a quick, clear, reasoned way, and the IR website and electronic media were identified as the main means. Activities undertaken by IR, shows relevance the contact with foreign investors; the explanation of profit distribution policy; relevant future events, as new investments; the diversification of the shareholder bases; comparative analysis of the sector in which the company operates; and actions to promote the liquidity of shares. Regarding Meetings With the Market, public meetings, individual (with sell side, buy side and institutional) and road shows, were revealed as relevant. About the Strategy in IR, it became clear that it must be drawn on the Executive Board, and the area should be subordinated to the CEO. Finally, Metrics of Direct Measurement point to three main items, namely the amount of "houses" covering the company's stock, the average market valuation compared to the valuation prepared by the company itself, and decrease in volatility of stock price compared with peer companies in the industry. The article seeks to contribute to, in future searches, build more objective and justified proxies for the quality of IR, in an attempt to quantify the value that the IR area adds to the public companies.