Determinantes da rendibilidade das ações: um estudo de empresas cotadas na Euronext Lisbon

Maria Elisabete Duarte Neves, Mara Sousa, Carlos Barbosa


O presente trabalho tem por objetivo estudar os determinantes da rendibilidade das ações no mercado de capitais português. Para alcançar o objetivo proposto foi utilizada a metodologia de dados em painel para 33 empresas cotadas na Euronext Lisbon no período compreendido entre 2007 e 2015. As variáveis utilizadas dividem-se em dois grupos, internas e externas à empresa, de acordo com a literatura proposta. O primeiro grupo inclui variáveis contabilísticas/financeiras e variáveis de Corporate Governance e o segundo grupo inclui variáveis macroeconómicas e uma proxy que capta o sentimento do investidor.

Os resultados do modelo, sugerem que as variáveis contabilísticas/financeiras assim como as de Corporate Governance são determinantes na explicação da rendibilidade das ações portuguesas. Da mesma forma, tanto o Produto Interno Bruto como o sentimento dos investidores podem contribuir para a rendibilidade das ações do mercado Português.


Rendibilidade das ações; determinantes internos, de corporate governance e externos; Euronext Lisbon.

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