Análise de desempenho econômico-financeiro e de mercado das incorporadoras brasileiras: antes, durante e pós-pandemia

Abstract

The real estate development sector plays a crucial role in the Brazilian economy and the well-being of families by providing residential properties. This study aimed to compare the economic, financial, and market performance of Brazilian real estate companies listed on the B3 stock exchange across three periods, contextualizing them within the socio-economic environment. Quantitative, descriptive, and documentary research strategies were employed, utilizing the Wilcoxon and Spearman tests. When comparing performance before (4Q2017-4Q2019) and during the pandemic (1Q2020-1Q2022), significant differences were found, with increases in median values for quick liquidity, profitability, and market indicators, except for stock price returns. In the post-pandemic period (2Q2022-2Q2024), there was an increase in overall debt and reliance on third-party capital, along with a decrease in profitability and return on investment. However, compared to the pre-pandemic level, recent performance still exhibits higher profitability and return on investment. The socioeconomic indicators associated with most the analyzed indices were interest rates, unemployment rates, and exchange rates, as well as the occurrence of the pandemic. This study contributes to the literature by analyzing the recent performance of real estate developers, even contrasting it with the pre-pandemic level, demonstrating that the segment expanded its business, according to the sample. For stakeholders, it highlights that socioeconomics measures and the search for safer investments during the pandemic favored the recovery of the performance of the analyzed real estate companies, with a decline in the post-pandemic period, but still better than before.