Another important aspect that should be noted in Table 3 is the progress of Beta, which stands for the
company’s risk perception in relation to the market. A trend for an increased beta may be seen in Aracruz
while that for Sadia is declining – which facts were confirmed in 2009. This trend shows Aracruz as a
company that increases its risk propensity while Sadia seeks to reduce its exposure. It should be born in
mind that greater risk leads to the increased cost of capital.