Resumo: This paper aims to identify if theimplementation of investment decisions in Brazilian companies traded on theBM&FBovespa, occurred between Jan/1995 and Jun/2010 improved their operationalperformance, profitability of the invested capital and result in shareholder value creation. Based on the proxies of investmentdecision: Variation in Assets, Variation in Fixed Assets and Variation inSubgroup Investments, three samples were analyzed separately, by the way ofmetrics: variation of EBIT, Gross Margin, Net Margin; Return on Assets, Returnon Investment, Return on Equity; Abnormal Return, Book-to-Market ratio andTobin´s Q. We used the Wilcoxon Signed Rank Test to comparedthe aggregate means (all firms for sample) of the eight previous quarters witheight post-implementation. We found a reduction in profitability,improve economic performance, beyond of the shareholder value creation, that can have been influenced by the growthof the Brazilian economy.
