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Abstract(s)
O valor das empresas é fundamental para o cálculo do preço das suas acções e desta
forma permitir aos investidores e accionistas determinar onde aplicar o seu dinheiro. Em
última análise, podemos também dizer que o valor de um país é determinado pelo valor
da riqueza que consegue produzir, e para essa riqueza, em muito contribuem as
empresas e a criação de valor por parte destas. É também necessário realçar o papel
fundamental que um gestor financeiro desempenha na criação de valor para as
empresas, e nessa medida, é imprescindível que este seja dotado do conhecimento dos
modelos de avaliação financeira, pois só assim poderá maximizar o valor desta através
dos investimentos que irá efectuar.
Nos últimos anos, em especial após 2007 com a crise financeira desencadeada nos
Estados Unidos e que rapidamente se alastrou à Europa e restantes continentes, muitas
foram as alterações verificadas nas empresas por todo o globo. Assim, pretende-se
avaliar o impacto desta crise nas empresas, com especial enfoque nas empresas
portuguesas, italianas, irlandesas, gregas e espanholas através da análise do Q de Tobin
de cada uma delas no período de 2000 a 2010.
Companies’ value is fundamental for the calculation of their share prices and thus enables the investors and shareholders determine where to invest their money. Ultimately we can also say that a country’s value is determined by the wealth it can produce, and for this, the companies play a key role by creating their own wealth. It is also necessary to emphasize the key role that a financial manager plays in creating value for companies, and to that extent, it is imperative that it be provided with the knowledge of financial valuation models, since only thus can maximize the value of the company. In recent years, especially since 2007 with the financial crisis started in the United States and that rapidly spread to Europe and all the other continents, many changes have been registered in companies all around the globe. Thus, it is intended to evaluate the impact of this crisis on the companies, with special focus on the Portuguese, Irish, Italian, Greek and Spanish companies thru the analysis of Tobin’s Q of each one in the period between 2000 and 2010.
Companies’ value is fundamental for the calculation of their share prices and thus enables the investors and shareholders determine where to invest their money. Ultimately we can also say that a country’s value is determined by the wealth it can produce, and for this, the companies play a key role by creating their own wealth. It is also necessary to emphasize the key role that a financial manager plays in creating value for companies, and to that extent, it is imperative that it be provided with the knowledge of financial valuation models, since only thus can maximize the value of the company. In recent years, especially since 2007 with the financial crisis started in the United States and that rapidly spread to Europe and all the other continents, many changes have been registered in companies all around the globe. Thus, it is intended to evaluate the impact of this crisis on the companies, with special focus on the Portuguese, Irish, Italian, Greek and Spanish companies thru the analysis of Tobin’s Q of each one in the period between 2000 and 2010.
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Keywords
Q-Tobin Investimento Crise financeira Avaliação de empresas Companies valuation Tobin’s Q Investment Financial crisis