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La holgura financiera en el resultado económico de las empresas brasileñas y chilenas

Author

Listed:
  • Jaime Dagostim Picolo

    (Universidade Regional de Blumenau --- FURB, Rua Arthur Eugênio da Silveira, n. 280, Pinheirinho, CEP - 88804-655, Criciúma, SC, Brazil)

  • Cristian Baú Dal Magro

    (Universidade Regional de Blumenau --- FURB, Rua São Paulo, n. 3250 - Itoupava Seca, CEP 89.030-080, Blumenau, SC, Brazil)

  • Tarcísio Pedro da Silva

    (Universidade Regional de Blumenau --- FURB, Rua São Paulo, n. 3250 - Itoupava Seca, CEP 89.030-080, Blumenau, SC, Brazil)

  • Luciano Bernardo

    (Universidade Regional de Blumenau --- FURB, Rua Dr. Antônio Haffner, n. 455 - Água Verde, CEP 89.036-640, Blumenau, SC, Brazil)

Abstract

La holgura financiera es un recurso utilizado para generar oportunidades. Sin embargo, un nivel elevado de esta puede generar una gestión más relajada (o «acomodaticia»). Teniendo presente esta divergencia, este trabajo comprueba la influencia de la holgura financiera en el resultado económico de 190 empresas de Brasil y 140 de Chile. Los resultados indican que en los 2 países la holgura financiera presenta un mayor poder explicativo del beneficio bruto. En concreto, dicho beneficio bruto tiene una relación negativa con una elevada holgura financiera discrecional y un vínculo positivo con la demanda de recursos financieros. Estoindica que las empresas son proactivas a nuevas inversiones y elecciones estratégicas cuandodemandan recursos financieros.

Suggested Citation

  • Jaime Dagostim Picolo & Cristian Baú Dal Magro & Tarcísio Pedro da Silva & Luciano Bernardo, 2018. "La holgura financiera en el resultado económico de las empresas brasileñas y chilenas," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 41(115), pages 19-30, Enero.
    • Handle: RePEc:cud:journl:v:41:y:2018:i:115:p:19-30
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    More about this item

    Keywords

    Holgura financiera; Holgura transitoria; Holgura discrecional; Resultado económico;
    All these keywords.

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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