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

Camila Aparecida Bragioni; David Ferreira Lopes Santos

doi:10.18046/j.estger.2018.149.2735

Authors

Camila Aparecida Bragioni Graduanda em Administração de Empresas, Universidade Estadual Paulista “Júlio de Mesquita Filho” -UNESP, Jaboticabal, Brasil.
David Ferreira Lopes Santos Professor Assistente Doutor, Departamento de Economia, Administração e Educação, Universidade Estadual Paulista “Júlio de Mesquita Filho” –UNESP, Jaboticabal, Brasil. https://orcid.org/0000-0003-3890-6417

DOI:

https://doi.org/10.18046/j.estger.2018.149.2735

Keywords:

Information asymmetry, Emerging economies, Indebtedness, Investment, Geographic location

Abstract

This study analyzes the impact of financial constraint on the cash sensitivity of Brazilian companies, based on an empirical model that extrapolates literature with the moderation of the level of governance and the geographical vicinity of companies to the main financial center of the country. This issue is relevant in emerging markets due to poor market efficiency, economic inequality and access to financial market. A regression analysis performed with panel data in a sample of 319 companies (2009-2016) demonstrated a positive and significant impact of financial constraint on cash flow sensitivity, with specificities for the Brazilian market. Both theoretical and practical contributions are proposed, particularly around the need for internalization of the Brazilian stock exchange market.

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Author Biography

Camila Aparecida Bragioni, Graduanda em Administração de Empresas, Universidade Estadual Paulista “Júlio de Mesquita Filho” -UNESP, Jaboticabal, Brasil.

Graduanda em Administração na Universidade Estadual Paulista "Júlio de Mesquita Filho". Desenvolve pesquisa no âmbito da Universidade.

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