Complementariedad de las inversiones a largo plazo y de capital de trabajo ante oportunidades de negocios y consideraciones de liquidez en países latinoamericanos
DOI:
https://doi.org/10.1016/j.estger.2015.07.004Palavras-chave:
Administración financiera, Corto plazo, Inversión, LatinoaméricaResumo
El objetivo del estudio es analizar la relación entre la inversión a largo plazo y la inversión de capital de trabajo, para lo cual se utiliza el método de mínimos cuadrados generalizados para paneles con corrección de errores por hetercedasticidad y autocorrelación específica por panel. A partir de lo anterior se encuentra que la inversión en activos a largo plazo en las empresas que cotizan en la bolsa de 7 de los principales países latinoamericanos está precedida por aumentos en el capital de trabajo, lo que fortalece la hipótesis de que se da en respuesta a mejoras en las oportunidades de negocios. Esta relación es estadísticamente significativa en lo general y en empresas que tienen alto o mediano apalancamiento, más no en las de bajo.
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