IDEAS home Printed from https://ideas.repec.org/a/col/000129/017091.html
   My bibliography  Save this article

Restricao financeira e a sensibilidade do fluxo de caixa das empresas brasileiras

Author

Listed:
  • David Ferreira Lopes Santos

Abstract

Este estudo analisa o impacto da restricao financeira na sensibilidade do caixa das empresas brasileiras, a partir de um modelo empírico que extrapola a literatura com a moderacao do nível de governanca e a proximidade geográfica das empresas ao principal centro financeiro do país. Este tema é relevante em mercados emergentes em razao da fraca eficiencia do mercado, da desigualdade economica e do acesso ao mercado financeiro. A partir da análise de regressao com dados em painel em uma amostra com 319 empresas (2009-2016) verificou-se o impacto positivo e significativo da restricao financeira na sensibilidade do fluxo de caixa, com especificidades para o mercado brasileiro. Propoem-se contribuicoes teóricas e práticas, especialmente, para a necessidade de interiorizacao da bolsa de valores brasileira.

Suggested Citation

  • David Ferreira Lopes Santos, 2018. "Restricao financeira e a sensibilidade do fluxo de caixa das empresas brasileiras," Estudios Gerenciales, Universidad Icesi, vol. 34(149), pages 373-384, December.
    • Handle: RePEc:col:000129:017091
    as

    Download full text from publisher

    File URL: https://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/2735
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    assimetria de informação; economias emergentes; endividamento; investimento; localização geográfica.;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000129:017091. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Coordinador ICESI (email available below). General contact details of provider: https://edirc.repec.org/data/fciceco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.