Capital de Giro

The present study investigates whether listed Brazilian companies between 1995 and 2008 coordinated cash and debt policies for effects of hedging against underinvestment under conditions of financial constraint. The results indicate the absence of a hedging component when simultaneously using cash and debt policies in constrained firms. For firms with financial constraints there was positive sensitivity of cash to cash flow and negative sensitivity of debt to cash flow, regardless of the need for hedging. The unconstrained firms did not present statistically significant sensitivity of cash to cash flow, but presented negative sensitivity of debt to cash flow, results that were also independent of the need for hedging. These findings run counter to those of Acharya, Almeida & Campello (2007) in the American market, where cash and negative debt were found to play different roles in intertemporal optimization of investments among constrained firms, according to the need for hedging.

O presente estudo objetivou encontrar evidências dos efeitos da restrição financeira sobre a relação negativa entre fluxo de caixa e fundos externos, comportamento associado à teoria do pecking order. Esta teoria sugere que companhias sujeitas a fundos externos mais custosos (companhias restritas) deveriam apresentar uma relação negativa mais intensa relativamente às companhias sujeitas a menores fricções financeiras (companhias irrestritas). Os resultados indicam que companhias restritas apresentam sensibilidade negativa dos fundos externos ao fluxo de caixa sistematicamente menor do que a sensibilidade apresentada pelas companhias irrestritas. Adicionalmente, companhias restritas apresentam sensibilidade positiva dos fundos internos ao fluxo de caixa, enquanto companhias irrestritas não apresentaram comportamento significante. Estes resultados mantêm correspondência com os achados de Almeida e Campello (2010), sugerindo: primeiro, em razão da endogeneidade das decisões de investim...

The present study aimed to document the effects of financial constraints on the negative relationship between cash flow and external funds, a phenomenon associated with the Pecking Order Theory. This theory suggests that companies subject to more expensive external funds (financially constrained firms) should demonstrate a stronger negative relationship with cash flow than companies subject to minor financial frictions (financially unconstrained firms). The results indicate that the external funds of constrained firms consistently present less negative sensitivity to cash flow compared with those of unconstrained companies. Additionally, the internal funds of constrained companies demonstrate a positive sensitivity to cash flow, whereas those of unconstrained companies do not show any such significant behavior. These results are in accordance with the findings of Almeida and Campello (2010), who suggest the following: first, because of the endogenous nature of investment decisions in constrained companies, the complementary relationship between internal and external funds prevails over the substitutive effects suggested by the Pecking Order Theory; and second, the negative relationship between cash flow and external funds cannot be interpreted as evidence of costly external funds and therefore does not corroborate the Pecking Order Theory.

The present study aimed to document the effects of financial constraints on the negative relationship between cash flow and external funds, a phenomenon associated with the Pecking Order Theory. This theory suggests that companies subject to more expensive external funds (financially constrained firms) should demonstrate a stronger negative relationship with cash flow than companies subject to minor financial frictions (financially unconstrained firms). The results indicate that the external funds of constrained firms consistently present less negative sensitivity to cash flow compared with those of unconstrained companies. Additionally, the internal funds of constrained companies demonstrate a positive sensitivity to cash flow, whereas those of unconstrained companies do not show any such significant behavior. These results are in accordance with the findings of Almeida and Campello (2010), who suggest the following: first, because of the endogenous nature of investment decisions i...

The present study aimed to document the effects of financial constraints on the negative relationship between cash flow and external funds, a phenomenon associated with the Pecking Order Theory. This theory suggests that companies subject to more expensive external funds (financially constrained firms) should demonstrate a stronger negative relationship with cash flow than companies subject to minor financial frictions (financially unconstrained firms). The results indicate that the external funds of constrained firms consistently present less negative sensitivity to cash flow compared with those of unconstrained companies. Additionally, the internal funds of constrained companies demonstrate a positive sensitivity to cash flow, whereas those of unconstrained companies do not show any such significant behavior. These results are in accordance with the findings of Almeida and Campello (2010), who suggest the following: first, because of the endogenous nature of investment decisions i...

O presente artigo visa analisar qual e o efeito do financiamento do capital de giro na gestao financeira das micro e pequenas empresas na cidade de Montes Claros/MG a partir de uma pesquisa de campo em uma amostra nao probabilistica de 62 empresarios comparada a entrevistas com tres gerentes de um grande banco na mesma cidade. Os resultados permitiram compreender melhor os diversos problemas de gestao financeira que afligem esse segmento de empresas, principalmente no que tange a gestao do capital de giro, e o papel do financiamento bancario na resolucao desses problemas. Conclui-se que os financiamentos permitem aos empresarios investir mais nas suas organizacoes, com a reposicao de estoques de mercadorias, pagamento de fornecedores, melhorias na sua infraestrutura, dentre outros. Identificou-se, a partir das entrevistas, que em expressiva parte dos casos o financiamento tende a gerar um retorno positivo para as empresas, e isso indica ser necessario estimular mais iniciativas de o...

O presente estudo investigou se as companhias brasileiras de capital aberto, entre 1995 e 2008, coordenam as políticas de caixa e dívida para efeitos de hedging contra subinvestimento em condições de restrição financeira. Os resultados indicam a inexistência de um componente de hedging usando, simultaneamente, as políticas de caixa e dívida em companhias restritas. Foi observada para as companhias restritas financeiramente uma sensibilidade positiva do caixa ao fluxo de caixa e sensibilidade negativa da dívida ao fluxo de caixa, independentemente da necessidade de hedging. As companhias irrestritas não apresentaram uma sensibilidade do caixa ao fluxo de caixa significante estatisticamente, mas apresentaram sensibilidade negativa da dívida ao fluxo de caixa, resultados também independentes da necessidade de hedging. As evidências contrariam os resultados encontrados por Acharya, Almeida e Campello (2007) no mercado norte-americano, onde caixa e dívida negativa apresentaram de acordo ...