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IS THE TOBIN’S Q A GOOD INDICATOR OF A COMPANY'S PERFORMANCE?

Business games play an important role in the transmission of these concepts to the future manager, as they promote experiential learning (Sauaia, 1997:14). It is important to stress that the Games are based on models and as such are simplifications of the complex rules of the real market. In them, a high level of realism can be portrayed, but being a game, there are limitations. Teixeira (1982:5) recommends that games should not be used for the evaluation of the executives' or students' performance without having ascertained the correlation between the success of the game and success in managing a real organization. Nevertheless, he believes that the business games are a valuable way to observe potentialities and probable performances. In these games, participants are given an opportunity to use the acquired knowledge and, as it is a simulation, they may dare to learn, reducing, through simulation, the risks they would incur to act in real life. The Tobin’s q was discussed as a new parameter for the TE Total Enterprise simulations. The value of the Tobin’s q for each simulated company was used as a proxy of company’s performance and compared to the other seven past performance indicators in the game (The MMG). Just like in entrepreneurial reality, the hypothesis was proven that companies with a high performance exhibited at the end of ten rounds a higher value for the Tobin’s q than those with a poor performance. In addition to portraying past events, as takes place with most performance indicators (sectorial multiples), the Tobin's q demonstrates aspects of the companies' future tendencies. INTRODUCTION In a former article (Sauaia, 2001) the use of new performance evaluation criteria during simulation was discussed, based upon financial and non-financial indicators. The aspects discussed here included: the business Games as tools for managerial education; the main characteristics of the game utilized in this experiment: the scenario, the decisions, the results and the performance evaluation criteria utilized in the simulations; the possible uses of the Tobin’s q as a performance indicator from the investors point of view; the methodology used in the experiment; the results of the experiment, submitted and discussed and, finally, the conclusions showing how the Tobin’s q can contribute and add understanding to simulation as an indicator of the value of the firm and performance of the administration (past and future), in an attempt to combine sectorial multiples relating to several dimensions in one single measure. Belonging to a context that privileges experiential learning, the business games may be viewed as facilitators of the teaching and learning process. In this type of activity the participant (player) acts like a strategist transforming the data, he receives about the game's environment and making decisions that will affect the future results of the company. According to Carl Rogers (1969:137-9), most of the consequential learning is acquired by means of action. The practical experiencing of problems enables the student to be involved in a teaching environment in which he himself is in charge of the learning. To this, Rogers has given the name of significant learning that comprises the entire person bringing about deeper cognitive and affective changes. In the vision of Sauaia (1997:13), the student or professional who is preparing himself to act as an administrator is liable to demands that challenge him in two ways: (a) Acquire technical knowledge to exercise the administration-science and continuously increase its basis of cognitive learning; BUSINESS GAMES The source of business games was war games, vastly used in training of military for the combat strategy. Adapted for the administrative environment, these simulations have been perfected over the years and, today, are as (b) Develop technical and behavior capabilities in the use of knowledge, practice the administration – art, interact affectionately and emotionally with persons in his work group and create an environment of satisfaction.