um estudo da relação entre o valor de mercado de empresas listadas na bovespa e seus direcionadores de valor

Since the decade of 90, liberalization of capitals markets, added to the processes of merger and acquisitions had evidenced the need to know which is the right value of a company and which drives it in many countries. Need of enterprises valuation and de stock valuation lead investors, creditors and academics scholars to know factors or variables which drive it. This paper was developed to investigate the considered value drivers of a stock and understand the relation between value drivers and stock prices in Bovespa, by sector, in the period 1997 to 2007. The paper focus was investigated if a change in value drivers can predict and motive a stock price change. Were used Pool to 243 stocks, of 181 firms from 15 sectors, a total of 3.689 observations. The results showed no statistic relation for seven of the sectors studied. Otherwise, for companies from eight sectors, there are signs of statistics relations, but with low R2. The relevant results wastransport sector, which value drivers as sales and taxes, explain to 28.5% of the changes in stock price.