Measures of Efficiency and Investments return: an study of Brazilian electricity distributors with Data Envelopment Analysis, Malmquist Index and ROI

Authors

  • Valter Saurin UFSC
  • Ana Lúcia Miranda Lopes FACE - UFMG
  • Newton Carneiro A. Costa Júnior CPGA - UFSC
  • Carlos Alberto Gonçalves UFMG e FUMEC

DOI:

https://doi.org/10.5902/198346597845

Abstract

DOI: 10.5902/198346597845 This paper aims to determine, in a group of companies from the Brazilian electric sector, if there is a relationship between the return on investment (ROI) and the concept of efficiency estimated by the method Data Envelopment Analysis (DEA), as well as evaluating the growth of productivity based on Malmquist Index (Fare et al, 1996). The hypothesis is that firms that had return on investment higher during certain period of time are those employed their resources efficiently in getting their outputs (DEA efficient). The input (1) Products (5) DEA model correspond to the operating cost (I), the network length (km), the number of consumers and the market billed high, medium and low voltage, respectively. The sample consisted of 31 companies of Brazilian electricity distribution and timing of the study was from 2007 to 2009. We calculated the Malmquist index (M0), represented by the change in total factor productivity (TFPC), which is composed by the evolution of technical efficiency (EC) and the change in the technological frontier (TC) of the companies were also determined ROI for each period. We calculated the correlation between the TFPC, TC, EC, score the DEA and the ROI for the period 2007 to 2009. The results showed a positive correlation, although weak, between efficiency change and the indexes mentioned above, rejecting the initial hypothesis

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Author Biographies

Valter Saurin, UFSC

Professor associado da Universidade Federal de Santa Catarina. Tem experiência na área de Administração, com ênfase em Administração Financeira, atuando principalmente nos seguintes temas: avaliação de empresas, finanças comportamentais, e, finanças pessoais.

Ana Lúcia Miranda Lopes, FACE - UFMG

Professora do Departamento de Ciencias Administrativas da FACE/UFMG. Possui pesquisas com foco em análise de eficiencia por meio de Data Envelopment Analysis - DEA, em especial nas áreas de energia elétrica e mercado de capitais. É editora convidada da Socio Economic Planning Sciences, Elsevier.

Newton Carneiro A. Costa Júnior, CPGA - UFSC

Professor da UFSC. Realiza pesquisas e consultoria na área de finanças, com diversas publicações em periódicos nacionais e internacionais. Em suas pesquisas atuais investiga sobre comportamento humano para entender melhor a teoria econômica. É pesquisador do CNPq desde 1995.

Carlos Alberto Gonçalves, UFMG e FUMEC

Professor das Universidades FUMEC e UFMG. Pesquisador em temas de Mercadologia e Estratégia das Organizações com foco em eficiência, desempenho e crescimento sustentável. Possui trabalhos publicados em revistas nacionas e internacionais.

Published

2013-04-10

How to Cite

Saurin, V., Lopes, A. L. M., Costa Júnior, N. C. A., & Gonçalves, C. A. (2013). Measures of Efficiency and Investments return: an study of Brazilian electricity distributors with Data Envelopment Analysis, Malmquist Index and ROI. Revista De Administração Da UFSM, 6(1), 25–38. https://doi.org/10.5902/198346597845

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