Risco sistemático e estágios do ciclo de vida organizacional: evidências empíricas no Brasil

Abstract

This research aims to examine the variation of systematic risk among the life cycle stages of Brazilian publicly traded companies listed on B3 S.A. - Brasil, Bolsa, Balcão (B3 S/A). The method used, developed by Dickinson (2011), classifies companies based on their cash flows and divides them into: introduction, growth, maturity, turbulence, and decline stages. The research sample consists of 276 companies listed on B3 S/A, totaling 5,416 observations from the 1st quarter of 2010 to the 4th quarter of 2022. The research results have achieved the proposed objective and confirm the hypothesis that, when compared to the maturity stage, systematic risk is higher in the growth and turbulence stages, but lower in the introduction and decline stages. This study provides contributions regarding the relationship between company life cycle stages and systematic risk in the Brazilian stock market. It also highlights how investors and analysts can incorporate the company life cycle into the evaluation process of Brazilian companies, allowing for better risk management at each stage of the firm's life cycle.