ANALYSIS OF THE RELATIONSHIP BETWEEN DISCLOSED VOLUME OF INVESTMENT IN INFORMATION SYSTMES AND MARKET VALUE OF OPEN CAPITAL BRAZILIAN COMPANIES IN THE ELECTRIC ENERGY SECTOR

Abstract

The objective of this article is to identify how the market value of open capital Brazilian companies behaves in light of investment in information systems. The research sample consists 10 open capital Brazilian companies in the electric energy sector that had their administrative reports published on the site: Comissão de Valores Mobiliários, between 1997 and 2004. Investments in information system was identified on the companies’ Administration Report by the following terms: information system, information technology, generation work, electric energy distribution and transmit ion, system’s expansion, maintenance and security, telecommunications, electronic trades, e-business, Companies Resources Planning (CRP) and professional practice and development. The methodology used involved log-linear returns estimated by Ordinary Least Squares (OLS) for information in panel data, in which there is a combination of temporary series with transversals information (cross-section). In order to guarantee strong results, three types of panel data were tested. The research results emphasize the hypothesis H1, in which the value invested in information systems, circulated in the annual administration reports of open capital Brazilian electric energy block companies, affects the market value of these companies. The hypothesis H2, in which the magnitude of variation of this value it is a function of the variation in investment in information systems was rejected by this research. Keywords: Information system. Investment. Market value.