DETERMINANTES ECONÔMICOS DO VALOR DE MERCADO DAS EMPRESAS DO SETOR DE ENERGIA ELÉTRICA

The objective of the present study was to evaluate the effect of financial, economic and legal variables on the market value of companies operating in the electricity sector of the brazilian economy. To perform this study, we used the methodology Ordinary Least Squares (OLS). The Electricity Sector Index (ESI) was used as a proxy to evaluate the performance of these companies that make up the sector. The results pointed that the market value of these companies is influenced by the rates charged for the services, by the consumption of electricity in the country and also by the interest rate. In addition, it is verified also that institutional and regulatory changes are important determinants of the market value of these companies. Keywords: Electricity Sector. Electricity Sector Index (ESI). Brazil.