Performance Assessment of Brazilian Financial Institutions through the Dividend Discount Model and the CAMEL Model

Authors

DOI:

https://doi.org/10.5380/rcc.17.98367

Abstract

This research aims to apply performance assessment and evaluation methods to Brazilian financial institutions. The research methodology consists of using the analyzes of the Dividend Discount Model and the Camel Model applied in commercial banks Itaú-Unibanco, Pan Americano and Inter, for the period observed from 2019 to 2024. Thus, the research objective is to evaluate the performance, risk and profitability of these companies based on the analyzes used. The academic question is to observe the financial characteristics of performance, risk and profitability of these companies in the Brazilian financial market for the same period previously reported. Considering that, to measure the performance of institutions, a benchmark was carried out on the fair value and distribution of expected dividends in relation to the share value of each company at the end of the period. It was also used by the quantitative method of real dividend distribution, through the dividend discount model. And with the purpose of carrying out a better performance analysis for these companies, the Camel methodology was added, a model in which certain risk management indicators of each bank are compared, in which indicators of capital adequacy, asset qualities and managerial management, profitability and liquidity.

Author Biographies

Leandro Pereira da Silva, Unesp

Doutorando em Economia pela Universidade Paulista UNESP. Mestre em economia pela Universidade Estadual Paulista Júlio de Mesquita Filho (UNESP). Graduado em Ciências Econômicas pelo Instituo de Ciências Aplicadas de Limeira - ISCA. Pesquisa realizada: Investimentos na Indústria Automobilística Brasileira BNDES. Experiência como Professor Convidado na Universidade Presbiteriana Mackenzie desde (2013 a 2023), no Programa de Pós-Graduação presencial do departamento CCSA. Curador e professor de ambiente virtual EAD do programa de Pós-Graduação em Gestão financeira de Negócios, no componente curricular Tópicos de Finanças empresariais e Controladoria. Professor Substituto de Graduação na Universidade Federal de São Carlos UFSCar (2013 a 2014) - Campus de Sorocaba/Departamento de Economia. Experiência em corretora de valor - mercado financeiro e de capitais. Investimentos de ações, derivativos e mercados futuros. Sócio Proprietário de empresa de Consultoria e treinamento em gestão e reestruturação financeira de fluxo de caixa e capital de giro.

Cláudio César de Paiva, Universidade Estadual Unesp

He has a degree in Economic Sciences (1997), a master's degree in Economic Development from UNICAMP (2001) and a PhD in Applied Economics from UNICAMP (2007). Deputy Director of FCL-UNESP, term 2013-2017. Director of FCL-UNESP (term 2017-2021), President of the Board of Directors of the Unesp Araraquara Campus (2020-2021); Professor and Researcher at the Department of Economics at UNESP/Araraquara (Universidade Estadual Paulista) and - is part of the Editorial Board of the Revista Engenharia Urbana em Debate, the Editorial Board of Editora Átomo e Alínea de Campinas-SP and the Editorial Board of Proex-UNESP; former Vice-President of the Municipal Council for Planning and Urban Environmental Policy of Araraquara COMPUA. Scientific Director of the School of Government of the Municipality of Araraquara (EGMA) and President of the Supervisory Board of FUNDECIF (Foundation for the Development of Pharmaceutical Sciences). He has experience in the area of ​​Economics, with an emphasis on Regional and Urban Economy, working mainly on the following topics: regional development, Brazilian economy, economic development, public finances and Brazilian urbanization.

Guilherme Bertucci, Universidade Estadual Unesp

Graduado em Economia pela Universidade estadual Paulista - Unesp. Experiência profissional no banco Itaú-Unibanco.

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Published

2025-10-20

How to Cite

Silva, L. P. da, César de Paiva, C., & Bertucci, G. (2025). Performance Assessment of Brazilian Financial Institutions through the Dividend Discount Model and the CAMEL Model. Revista Contabilidade E Controladoria - RC&C, 17. https://doi.org/10.5380/rcc.17.98367

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Vol. 17 (2025): VOLUME 17 | 2025

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