Estudo da capacidade explicativa do investimento pelo “Q” de Tobin em empresas brasileiras de capital aberto

Abstract

This paper was developed to analyze if Tobin's “q” theory explains the investments of Brazilian public companies. In this study, data from the Balance Sheet and stock prices were explored on the BM & Bovespa. The present study was made through a panel data analysis. Tobin's theory “q” has the greatest difficulty in calculating the replacement cost, yet there are approximations that may facilitate the calculation. The models adopted in this work were proposed by Chung and Pruitt (1994) and Lee and Tompkins (1994), aiming at a simplified approximation of q, allowing a better observation of the variables for the calculation. For these analyzes we used the years 2015 to 2018, using the variable “q” in the same year of the investment, lagging in a period and squared. After linear regressions by the Ordinary Least Squares (OLS) and panel data methods, it can be inferred that the relationship between Tobin's q and the investment rate is not statistically significant.