Como o risco-país influencia o desempenho financeiro das empresas brasileiras?

Abstract

This study investigates the relationship between country risk and the financial performance of Brazilian companies listed on B3, using data from 2021 to 2023. The sample comprises the 100 companies with the largest market capitalization. Country risk is measured by the EMBI+ index, and financial performance by Earnings Per Share (EPS). The methodology includes panel regressions, such as the Pooled, Fixed Effects, and Random Effects models. To carry out this study, the descriptive statistical method and the inferential estimation model of ordinary least squares (OLS) and the generalized least squares (GLS) model were also chosen. The econometric analysis software, Gretl, was used to analyze the regressions. The results revealed a positive and significant relationship between country risk and indicators such as earnings per share (EPS). As the perception of risk associated with the country increases, investors tend to demand a higher risk premium to invest in Brazilian companies. This study contributes to the financial literature on country risk by providing empirical evidence on the relationship between financial performance and profitability of B3 companies. The results may be useful for companies, investors and policy makers in making decisions related to the topic.