Análise da fronteira de eficência do indicador de alavancagem financeira de companhias brasileiras de ensino superior com ações negociadas na BM&FBOVESPA em 2015 e 2016 a partir da Análise Envoltória de Dados (DEA)

Abstract

With the growth of higher education in Brazil, several companies in the education sector began to seek investments to increase profitability and gain scale. This research has as main objective to analyze the efficiency frontier of the degree of financial leverage of the Brazilian companies of the educational sector with shares traded in BMF&BOVESPA in the years 2015 and 2016, through Data Envelopment Analysis (DEA), with the aid of software SIAD v.3. They were collected from financial statements of 5 companies with shares traded on the BMF&BOVESPA based on the information of the Advanced Financial Network (ADVFN) and on the database available on the BMF&BOVESPA website. As a main result, it was verified that in 2015, the companies SER Educacional S/A and Estácio Participações S/A were considered efficient comparing the standard and inverted frontier and as inefficient companies Kroton Educacional S/A and GAEC Educação S/A. In 2016, only the company SER Educacional S/A reached the frontier of standard and inverted efficiency, while the companies Kroton Educacional S/A, Estácio Participações S/A and GAEC Educação S/A were considered inefficient. In the normalized efficiency ranking, the company SER Educacional S/A was the most efficient within the analyzed period.