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Authors
Advisor(s)
Abstract(s)
Dada a importância que a Gestão Baseada no Valor (GBV) tem vindo a ganhar no contexto empresarial com o conceito de criação de valor, é cada vez mais importante as empresas efetuarem uma gestão eficiente dos recursos tendo em conta a avaliação da performance e da criação de valor. Neste sentido, a criação de valor levou à adoção de sistemas de GBV e a novas métricas de avaliação que permitem a obtenção de novos e
mais adequados dados sobre o desempenho atual e futuro da empresa.
O objetivo principal desta investigação é analisar a criação de valor para os acionistas, a performance da empresa e a relação com alguns indicadores como o Economic Value Added (EVA), o Market Value Added (MVA), o Cash Value Added (CVA) e o Cash Flow Return on Investment (CFROI), como medidas de desempenho. Neste sentido, foi efetuado um estudo de caso que incide sobre uma empresa do setor da cortiça português, a Corticeira Amorim SGPS, S.A., cujo horizonte temporal é entre 2017-2021. Para isso,
escolheu-se o estudo de caso como metodologia de investigação, sendo os dados obtidos através dos relatórios e contas consolidados da empresa.
De acordo com o estudo realizado, é possível concluir que no período analisado, a Corticeira Amorim SGPS, S.A. obteve sempre resultados positivos e consequentemente criação de valor, demonstrando que os stakeholders podem continuar a investir uma vez que trouxe valor para os mesmos. Além disso, o CVA apresentou-se como uma métrica que melhor traduz a análise do valor da empresa.
Given the importance that Value-Based Management (GBV) has been gaining in the business context with the concept of value creation, it is increasingly important for companies to manage resources efficiently, considering the evaluation of performance and value creation. In this sense, the creation of value has led to the adoption of GBV systems and new evaluation metrics that allow obtaining new and more adequate data on the current and future performance of the company. The main objective of this research is to analyze the creation of value for shareholders, the company performance and the relationship with some indicators such as Economic Value Added (EVA), Market Value Added (MVA), Cash Value Added (CVA) and Cash Flow Return on Investment (CFROI), as performance measures. In this sense, a case study was carried out that focuses on a company in the portuguese cork sector, Corticeira Amorim SGPS, S.A., whose time horizon will be between 2017-2021. For this, the case study was chosen as a research methodology, with the data being obtained through the company's consolidated reports and accounts. According to the study carried out, it is possible to conclude that in the analyzed period, Corticeira Amorim SGPS, S.A. always obtained positive results and consequently created value, demonstrating that stakeholders can continue to invest once it has brought value to them. In addition, CVA presented itself as a metric that best translates the analysis of the company's value.
Given the importance that Value-Based Management (GBV) has been gaining in the business context with the concept of value creation, it is increasingly important for companies to manage resources efficiently, considering the evaluation of performance and value creation. In this sense, the creation of value has led to the adoption of GBV systems and new evaluation metrics that allow obtaining new and more adequate data on the current and future performance of the company. The main objective of this research is to analyze the creation of value for shareholders, the company performance and the relationship with some indicators such as Economic Value Added (EVA), Market Value Added (MVA), Cash Value Added (CVA) and Cash Flow Return on Investment (CFROI), as performance measures. In this sense, a case study was carried out that focuses on a company in the portuguese cork sector, Corticeira Amorim SGPS, S.A., whose time horizon will be between 2017-2021. For this, the case study was chosen as a research methodology, with the data being obtained through the company's consolidated reports and accounts. According to the study carried out, it is possible to conclude that in the analyzed period, Corticeira Amorim SGPS, S.A. always obtained positive results and consequently created value, demonstrating that stakeholders can continue to invest once it has brought value to them. In addition, CVA presented itself as a metric that best translates the analysis of the company's value.
Description
Mestrado em Controlo de Gestão e Avaliação de Desempenho
Keywords
Gestão baseada no valor Criação de valor Avaliação de performance empresarial Indicadores de desempenho Value-based management Value creation Business performance assessment Performance indicators
Citation
Santiago, C. V. (2023) O EVA , MVA , CVA e CFROI como criação de valor - Estudo de caso da Corticeira Amorim SGPS, S.A. (Dissertação de mestrado não publicada). Instituto Politécnico de Lisboa, Instituto Superior de Contabilidade e Administração de Lisboa. Disponível em http://hdl.handle.net/10400.21/16115