Analysis of the Investment Brazilian Companies through the Tobin's q

This research aims at analyzing if Tobin's q can be considered as an explanatory variable for the investment of Brazilian publicly traded companies, represented by the variable CAREX, The analysis considers the possibility of heterogeneity in the coefficient values of the variables. The data explored in this study are indicators available in the BM&FBOVESPA, comprised between March 2010 and December 2015 and analyzed using software R. The results indicate that the model with four distinct regimes is more adequate than the linear model and the coefficients of the Tobin's q in the first three regimes are significant and positive and in the fourth regime the coefficient is not significant.