A Relação entre a Geração de Valor Econômico e o Valor de Mercado das Empresas Sucroalcooleiras Brasileiras

Abstract

This paper is about creating value for Brazilian sugar and alcohol companies, as measured by EVA and MVA. We analyze the existence and the level of correlation between the EVA generated by sugar and alcohol companies (São Martinho, Cosan, Cosan Limited and Guarani), and their MVAs reached the market. The results showed the existence of correlation, statistically significant level of 5%, only to Cosan Limited. There is no significant correlation for three of the four companies examined. We conclude that EVA is not a consistent measure to signal the future behavior of the MVA of the companies.