{"id":1228,"date":"2012-04-16T21:27:13","date_gmt":"2012-04-17T00:27:13","guid":{"rendered":"http:\/\/alcantara.pro.br\/portal\/2012\/04\/16\/alavancagem-financeira-e-bom-para-o-acionista\/"},"modified":"2012-04-16T21:27:13","modified_gmt":"2012-04-17T00:27:13","slug":"alavancagem-financeira-e-bom-para-o-acionista","status":"publish","type":"post","link":"https:\/\/alcantara.pro.br\/portal\/2012\/04\/16\/alavancagem-financeira-e-bom-para-o-acionista\/","title":{"rendered":"Alavancagem Financeira \u00e9 bom para o acionista?"},"content":{"rendered":"<p> \t<span style=\"font-size: 14px;\"><span style=\"font-family: arial,helvetica,sans-serif;\"><img decoding=\"async\" alt=\"\" src=\"http:\/\/www.stock-options-made-easy.com\/images\/financial-leverage.jpg\" style=\"float: left; width: 124px; height: 123px;\" \/><\/span><\/span><\/p>\n<p align=\"right\"> \t<em>Por Alexandre Alcantara <\/em><\/p>\n<p align=\"right\"> \t&nbsp;<\/p>\n<p> \t<span style=\"font-size:14px;\"><span style=\"font-family: arial,helvetica,sans-serif;\">Uma interessante mat&eacute;ria foi postada na revista eletr&ocirc;nica CFO.com. A mat&eacute;ria por t&iacute;tulo &quot;<strong><em>Is Financial Leverage Good for Shareholders?<\/em> <\/strong>&quot; questiona a ampla aplica&ccedil;&atilde;o da m&aacute;xima que alavancagem financeira &eacute; um bom neg&oacute;cio. A mat&eacute;ria surgiu a partir de estudo realizado pelos autores (Gregory V. Milano &amp; Joseph Theriault) com 512 empresas n&atilde;o financeiras, com dados de demonstrativos financeiros de 2001 a 2010.<\/span><\/span><\/p>\n<p> \t&nbsp;<\/p>\n<p> \t<span style=\"font-size:14px;\"><span style=\"font-family: arial,helvetica,sans-serif;\">De acordo com os autores da pesquisa [tradu&ccedil;&atilde;o livre]:<\/span><\/span><\/p>\n<p> \t&nbsp;<\/p>\n<blockquote>\n<p> \t\t<span style=\"font-size:14px;\"><span style=\"font-family: arial,helvetica,sans-serif;\"><em>[&#8230;] para a maioria das empresas, o aumento da alavancagem tende a tornar a gest&atilde;o mais conservadora, que parece reduzir a propens&atilde;o a ser estrategicamente oportunista &ndash; pois muitas vezes a empresa &eacute; obrigada a comprometer o crescimento da receita. A Alavancagem constringe o crescimento da receita, o que leva a um pior desempenho do pre&ccedil;o das a&ccedil;&otilde;es, em m&eacute;dia.<\/em><\/span><\/span><\/p>\n<\/blockquote>\n<p> \t&nbsp;<\/p>\n<p> \t<span style=\"font-size:14px;\"><span style=\"font-family: arial,helvetica,sans-serif;\">Recomendo a leitura da mat&eacute;ria na &iacute;ntegra (<strong><a href=\"http:\/\/www3.cfo.com\/article\/2012\/4\/capital-markets_milano-theriault-fortuna-wacc-tsr\" target=\"_blank\" rel=\"noopener\">CLIQUE AQUI<\/a><\/strong>). Um bom texto para apimentar as discuss&otilde;es acad&ecirc;micas e corporativas sobre o tema.<\/span><\/span><\/p>\n<p> \t&nbsp;<\/p>\n<p> \t<span style=\"font-size:14px;\"><span style=\"font-family: arial,helvetica,sans-serif;\">Sobre &nbsp;os autores: Gregory V. Milano &eacute; CEO da <a href=\"http:\/\/www.fortuna-advisors.com\/team.html\" target=\"_blank\" rel=\"noopener\">Fortuna Advisors<\/a> &amp; Joseph Theriault, &eacute; um associado da mesma empresa.<\/span><\/span><\/p>\n<hr \/>\n<p> \t<span style=\"font-size:12px;\"><span style=\"font-family: arial,helvetica,sans-serif;\">Imagem: <a href=\"http:\/\/www.stock-options-made-easy.com\/images\/financial-leverage.jpg\" target=\"_blank\" rel=\"noopener\">aqui<\/a><\/span><\/span><\/p>\n<hr \/>\n","protected":false},"excerpt":{"rendered":"<p>Por Alexandre Alcantara &nbsp; Uma interessante mat&eacute;ria foi postada na revista eletr&ocirc;nica CFO.com. A mat&eacute;ria<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-1228","post","type-post","status-publish","format-standard","hentry","category-analise-de-balanco"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Alavancagem Financeira \u00e9 bom para o acionista? - Prof. Alexandre Alcantara<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alcantara.pro.br\/portal\/2012\/04\/16\/alavancagem-financeira-e-bom-para-o-acionista\/\" \/>\n<meta property=\"og:locale\" content=\"pt_BR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alavancagem Financeira \u00e9 bom para o acionista? - Prof. Alexandre Alcantara\" \/>\n<meta property=\"og:description\" content=\"Por Alexandre Alcantara &nbsp; Uma interessante mat&eacute;ria foi postada na revista eletr&ocirc;nica CFO.com. 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