AS INTERVENÇÕES DO ESTADO NO SETOR ELÉTRICO – UMA ANÁLISE FINANCEIRA

Abstract

The aim of this paper is discuss if the state intervention can influence the financial results and corporate value, using as case the power industry. The analysis studies the company ELETROPAULO using quarterly data for the period between 1999 and 2012 according to multivariable regression, testing 10 independent variables and two dummys variables that represent the two periods in which there were state intervention in the company. The methodology presents a statistically representative result. With the analysis, it was concluded that state interventions can promote both negative changes and the positive changes in the short-term results of the company, but in the long-term are not sustainable.