Rentabilidade e fatores de influência: um estudo no setor de petróleo, gás e biocombustíveis

Abstract

Companies in the fossil energy sector present complex financial dynamics that can directly impact their profitability. This article aims to investigate the influence of the components of the DuPont model and macroeconomic variables on the return on equity (ROE) performance of Brazilian companies in the oil, gas, and biofuels sector listed on B3. Quantitative, descriptive, and documentary research strategies were applied, using quantile regression (2014–2024), based on data extracted from the LSEG platform, for a sample of ten companies. The main results indicate that, in low- and medium-performing companies, internal factors such as net profit margin (NPM) and asset turnover (AT) have a greater impact on ROE. The degree of financial leverage (DFL) had a positive impact on ROE in higher-performing companies. Among the macroeconomic variables, only the Selic rate showed a significant influence—negatively—on ROE, and exclusively in the lower-performing companies. In all scenarios, the company's efficiency in generating profits through its assets (ROA) proved to be relevant and consistent for increasing ROE. These findings provide empirical evidence supporting the Resource-Based View (RBV) theory, indicating that strategies to maximize ROE should be adapted according to the performance stage: prioritizing operational efficiency (cost control and asset productivity) for less profitable companies, and optimized financial leverage for more established ones. This study, therefore, offers relevant insights for stakeholders strategic decisions, especially managers and investors.