Sensibilidade do fluxo de caixa em relação ao caixa e ao investimento
Autor(a) principal: | |
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Data de Publicação: | 2018 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Biblioteca Digital de Teses e Dissertações do UFSM |
Texto Completo: | http://repositorio.ufsm.br/handle/1/16609 |
Resumo: | The present study aims to verify the sensitivity of the cash flow in relation to the cash and the investment for Brazilian public companies, classifying them as restricted and unrestricted. Aiming to identify the predominant behavior in Brazilian companies: the retention of cash or the realization of investments. The dissertation is distinguished from the others in the non-arbitrary classification of the companies according to their financial constraint, for that, the Threshold method is used, which operates considering heterogeneity in the coefficients, which will also be useful in the classification of the sample. The sample is made up of the data of the companies listed on the BM & FBOVESPA during the period between 2010 and 2016. Fazzari models are applied. Hubbard and Petersen (1984) and Almeida, Campello and Weisbach (2004), using as dividend Threshold the payment of dividends, total assets, Z-score and KZ-index. Finding that dividend payments and KZ-index are not adequate in the classification of companies according to their financial constraint, and that in the use of total assets as a Threshold variable, the most representative model for the Brazilian reality is Fazzari. Hubbard and Petersen (1984), while using the Z-score as Threshold variable, the most representative model is Almeida, Campello and Weisbach (2004). Concluding that for the Brazilian reality, according to the classification of the companies in restricted and unrestricted the predominant behavior is changed. |
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2019-05-22T19:42:59Z2019-05-22T19:42:59Z2018-04-16http://repositorio.ufsm.br/handle/1/16609The present study aims to verify the sensitivity of the cash flow in relation to the cash and the investment for Brazilian public companies, classifying them as restricted and unrestricted. Aiming to identify the predominant behavior in Brazilian companies: the retention of cash or the realization of investments. The dissertation is distinguished from the others in the non-arbitrary classification of the companies according to their financial constraint, for that, the Threshold method is used, which operates considering heterogeneity in the coefficients, which will also be useful in the classification of the sample. The sample is made up of the data of the companies listed on the BM & FBOVESPA during the period between 2010 and 2016. Fazzari models are applied. Hubbard and Petersen (1984) and Almeida, Campello and Weisbach (2004), using as dividend Threshold the payment of dividends, total assets, Z-score and KZ-index. Finding that dividend payments and KZ-index are not adequate in the classification of companies according to their financial constraint, and that in the use of total assets as a Threshold variable, the most representative model for the Brazilian reality is Fazzari. Hubbard and Petersen (1984), while using the Z-score as Threshold variable, the most representative model is Almeida, Campello and Weisbach (2004). Concluding that for the Brazilian reality, according to the classification of the companies in restricted and unrestricted the predominant behavior is changed.A presente dissertação tem como objetivo verificar a sensibilidade do Fluxo de Caixa com relação ao caixa e ao investimento para as empresas brasileiras de capital aberto, classificando-as em restritas e irrestritas. Visando identificar qual o comportamento predominante nas empresas brasileiras: a retenção de caixa ou a realização de investimentos. A dissertação se distingue dos demais na classificação não arbitraria das empresas conforme sua restrição financeira, para tanto, utiliza-se o método Threshold, que opera considerando heterogeneidade nos coeficientes, que também será útil na classificação da amostra. A amostra é composta pelos dados das empresas listadas na BM&FBOVESPA durante o período entre 2010 e 2016. Aplica-se os modelos de Fazzari. Hubbard e Petersen (1984) e Almeida, Campello e Weisbach (2004), utilizando como variáveis Threshold o pagamento de Dividendos, o Ativo Total, Z-score e KZ-index. Encontrando que os pagamentos de Dividendos e o KZ-index não são adequados na classificação das empresas conforme sua restrição financeira e ainda que, na utilização do Ativo Total como variável Threshold o modelo mais representativo para a realidade brasileira é o de Fazzari. Hubbard e Petersen (1984), enquanto que, utilizando o Z-score como variável Threshold o modelo mais representativo é o de Almeida, Campello e Weisbach (2004). Concluindo que, para a realidade brasileira, conforme a classificação das empresas em restritas e irrestritas o comportamento predominante é alterado.porUniversidade Federal de Santa MariaCentro de Ciências Sociais e HumanasPrograma de Pós-Graduação em AdministraçãoUFSMBrasilAdministraçãoAttribution-NonCommercial-NoDerivatives 4.0 Internationalhttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessInvestimentoCaixaFluxo de caixaRestrições financeirasInvestmentCashCash flowFinancial constraintsCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAOSensibilidade do fluxo de caixa em relação ao caixa e ao investimentoSensitivity of cash flows in cash and investimentinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisSonza, Igor Bernardihttp://lattes.cnpq.br/0001554374469356Ceretta, Paulo Sergiohttp://lattes.cnpq.br/3049029014914257Milani, Brunohttp://lattes.cnpq.br/0005005751598450http://lattes.cnpq.br/1817817588228738Lamberti, Fernanda Alves6002000000066001c0ef05b-2862-4582-9f9d-e14724de30b303249182-333a-4b14-9040-82cb426bdd6f79409bea-66ff-4242-9add-76a6b543c11ce725ff00-5df9-4f8a-a68c-28fe48abdbcbreponame:Biblioteca Digital de Teses e Dissertações do UFSMinstname:Universidade Federal de Santa Maria (UFSM)instacron:UFSMORIGINALDIS_PPGADMINISTRACAO_2018_LAMBERTI_FERNANDA.pdfDIS_PPGADMINISTRACAO_2018_LAMBERTI_FERNANDA.pdfDissertação de Mestradoapplication/pdf542828http://repositorio.ufsm.br/bitstream/1/16609/1/DIS_PPGADMINISTRACAO_2018_LAMBERTI_FERNANDA.pdf03a1273d72fa7de76ee38e0caf3acc80MD51CC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; 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dc.title.por.fl_str_mv |
Sensibilidade do fluxo de caixa em relação ao caixa e ao investimento |
dc.title.alternative.eng.fl_str_mv |
Sensitivity of cash flows in cash and investiment |
title |
Sensibilidade do fluxo de caixa em relação ao caixa e ao investimento |
spellingShingle |
Sensibilidade do fluxo de caixa em relação ao caixa e ao investimento Lamberti, Fernanda Alves Investimento Caixa Fluxo de caixa Restrições financeiras Investment Cash Cash flow Financial constraints CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
title_short |
Sensibilidade do fluxo de caixa em relação ao caixa e ao investimento |
title_full |
Sensibilidade do fluxo de caixa em relação ao caixa e ao investimento |
title_fullStr |
Sensibilidade do fluxo de caixa em relação ao caixa e ao investimento |
title_full_unstemmed |
Sensibilidade do fluxo de caixa em relação ao caixa e ao investimento |
title_sort |
Sensibilidade do fluxo de caixa em relação ao caixa e ao investimento |
author |
Lamberti, Fernanda Alves |
author_facet |
Lamberti, Fernanda Alves |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Sonza, Igor Bernardi |
dc.contributor.advisor1Lattes.fl_str_mv |
http://lattes.cnpq.br/0001554374469356 |
dc.contributor.referee1.fl_str_mv |
Ceretta, Paulo Sergio |
dc.contributor.referee1Lattes.fl_str_mv |
http://lattes.cnpq.br/3049029014914257 |
dc.contributor.referee2.fl_str_mv |
Milani, Bruno |
dc.contributor.referee2Lattes.fl_str_mv |
http://lattes.cnpq.br/0005005751598450 |
dc.contributor.authorLattes.fl_str_mv |
http://lattes.cnpq.br/1817817588228738 |
dc.contributor.author.fl_str_mv |
Lamberti, Fernanda Alves |
contributor_str_mv |
Sonza, Igor Bernardi Ceretta, Paulo Sergio Milani, Bruno |
dc.subject.por.fl_str_mv |
Investimento Caixa Fluxo de caixa Restrições financeiras |
topic |
Investimento Caixa Fluxo de caixa Restrições financeiras Investment Cash Cash flow Financial constraints CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
dc.subject.eng.fl_str_mv |
Investment Cash Cash flow Financial constraints |
dc.subject.cnpq.fl_str_mv |
CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
description |
The present study aims to verify the sensitivity of the cash flow in relation to the cash and the investment for Brazilian public companies, classifying them as restricted and unrestricted. Aiming to identify the predominant behavior in Brazilian companies: the retention of cash or the realization of investments. The dissertation is distinguished from the others in the non-arbitrary classification of the companies according to their financial constraint, for that, the Threshold method is used, which operates considering heterogeneity in the coefficients, which will also be useful in the classification of the sample. The sample is made up of the data of the companies listed on the BM & FBOVESPA during the period between 2010 and 2016. Fazzari models are applied. Hubbard and Petersen (1984) and Almeida, Campello and Weisbach (2004), using as dividend Threshold the payment of dividends, total assets, Z-score and KZ-index. Finding that dividend payments and KZ-index are not adequate in the classification of companies according to their financial constraint, and that in the use of total assets as a Threshold variable, the most representative model for the Brazilian reality is Fazzari. Hubbard and Petersen (1984), while using the Z-score as Threshold variable, the most representative model is Almeida, Campello and Weisbach (2004). Concluding that for the Brazilian reality, according to the classification of the companies in restricted and unrestricted the predominant behavior is changed. |
publishDate |
2018 |
dc.date.issued.fl_str_mv |
2018-04-16 |
dc.date.accessioned.fl_str_mv |
2019-05-22T19:42:59Z |
dc.date.available.fl_str_mv |
2019-05-22T19:42:59Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://repositorio.ufsm.br/handle/1/16609 |
url |
http://repositorio.ufsm.br/handle/1/16609 |
dc.language.iso.fl_str_mv |
por |
language |
por |
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600200000006 |
dc.relation.confidence.fl_str_mv |
600 |
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Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess |
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Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Universidade Federal de Santa Maria Centro de Ciências Sociais e Humanas |
dc.publisher.program.fl_str_mv |
Programa de Pós-Graduação em Administração |
dc.publisher.initials.fl_str_mv |
UFSM |
dc.publisher.country.fl_str_mv |
Brasil |
dc.publisher.department.fl_str_mv |
Administração |
publisher.none.fl_str_mv |
Universidade Federal de Santa Maria Centro de Ciências Sociais e Humanas |
dc.source.none.fl_str_mv |
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