Uma análise sobre a relação entre o retorno de empresas brasileiras e os componentes do ciclo de conversão de caixa
Autor(a) principal: | |
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Data de Publicação: | 2016 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/17708 |
Resumo: | Literature devoted to study the working capital and profitability relation points out that the cash conversion cycle and its components are linked to companies’ results. This empirical dissertation aims to estimate this relation for Brazil, using a self-constructed database, composed mostly by closely held and privately owned companies. Following Lazaridis and Tryfonidis (2006) and Gill, Biger and Mathur (2010), and applying a fixed effect methodology, the results confirm the well documented inverse relation between operating profit rate and cash conversion cycle present in the literature. A sectoral analysis is conducted and indicates that industry, commerce and services confirm these patterns. Agriculture and energy, however, do not present significant results, which, by its turn, indicates that profitability in these sectors has a different approach when compared to the others. Futures researches should focus on understanding these differences. |
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Sousa, Thiago Ferreira deEscolas::EESPSampaio, Joelson OliveiraSheng, Hsia HuaRochman, Ricardo Ratner2017-01-03T15:01:05Z2017-01-03T15:01:05Z2016-12-08SOUSA, Thiago Ferreira de. Uma análise sobre a relação entre o retorno de empresas brasileiras e os componentes do ciclo de conversão de caixa. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2016.http://hdl.handle.net/10438/17708Literature devoted to study the working capital and profitability relation points out that the cash conversion cycle and its components are linked to companies’ results. This empirical dissertation aims to estimate this relation for Brazil, using a self-constructed database, composed mostly by closely held and privately owned companies. Following Lazaridis and Tryfonidis (2006) and Gill, Biger and Mathur (2010), and applying a fixed effect methodology, the results confirm the well documented inverse relation between operating profit rate and cash conversion cycle present in the literature. A sectoral analysis is conducted and indicates that industry, commerce and services confirm these patterns. Agriculture and energy, however, do not present significant results, which, by its turn, indicates that profitability in these sectors has a different approach when compared to the others. Futures researches should focus on understanding these differences.A literatura que estuda a relação entre capital de giro e lucratividade aponta que o ciclo de conversão de caixa de uma companhia, bem como seus componentes, pode influenciar o resultado da empresa. Esta dissertação é um trabalho empírico que tem por propósito, contribuir para com o tema estimando a relação entre capital de giro e resultado operacional, utilizando uma base de dados para o Brasil, composta majoritariamente por empresas de capital fechado. Seguindo o modelo proposto por Lazaridis e Tryfonidis (2006), posteriormente replicado por Gill, Biger e Mathur (2010), e aplicando uma metodologia de efeitos fixos, encontram-se evidências de relações inversamente proporcionais entre a lucratividade, medida pela taxa de lucro operacional, o ciclo de conversão de caixa, dias de pagamento, recebimento e estoques. Esses resultados estão em linha com diversos trabalhos sobre o tema. A seguir, a relação de interesse é analisada para cinco setores da economia. Indústria, comércio e serviços apresentam os sinais esperados, mas agropecuária e energia não apresentam relação significativa, sugerindo que a lucratividade nesses setores possui determinação distinta dos demais. Futuras pesquisas devem tentar entender essas diferenças.porCorporate financeWorking capital managementProfitabilityFinanças corporativasLucratividadeEconomiaEmpresas - BrasilSociedades comerciais - FinançasEmpresas - LucratividadeCapital de giroUma análise sobre a relação entre o retorno de empresas brasileiras e os componentes do ciclo de conversão de caixainfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessTEXTDissertacao_Thiago_Sousa_Versao_Final.pdf.txtDissertacao_Thiago_Sousa_Versao_Final.pdf.txtExtracted 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|
dc.title.por.fl_str_mv |
Uma análise sobre a relação entre o retorno de empresas brasileiras e os componentes do ciclo de conversão de caixa |
title |
Uma análise sobre a relação entre o retorno de empresas brasileiras e os componentes do ciclo de conversão de caixa |
spellingShingle |
Uma análise sobre a relação entre o retorno de empresas brasileiras e os componentes do ciclo de conversão de caixa Sousa, Thiago Ferreira de Corporate finance Working capital management Profitability Finanças corporativas Lucratividade Economia Empresas - Brasil Sociedades comerciais - Finanças Empresas - Lucratividade Capital de giro |
title_short |
Uma análise sobre a relação entre o retorno de empresas brasileiras e os componentes do ciclo de conversão de caixa |
title_full |
Uma análise sobre a relação entre o retorno de empresas brasileiras e os componentes do ciclo de conversão de caixa |
title_fullStr |
Uma análise sobre a relação entre o retorno de empresas brasileiras e os componentes do ciclo de conversão de caixa |
title_full_unstemmed |
Uma análise sobre a relação entre o retorno de empresas brasileiras e os componentes do ciclo de conversão de caixa |
title_sort |
Uma análise sobre a relação entre o retorno de empresas brasileiras e os componentes do ciclo de conversão de caixa |
author |
Sousa, Thiago Ferreira de |
author_facet |
Sousa, Thiago Ferreira de |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.member.none.fl_str_mv |
Sampaio, Joelson Oliveira Sheng, Hsia Hua |
dc.contributor.author.fl_str_mv |
Sousa, Thiago Ferreira de |
dc.contributor.advisor1.fl_str_mv |
Rochman, Ricardo Ratner |
contributor_str_mv |
Rochman, Ricardo Ratner |
dc.subject.eng.fl_str_mv |
Corporate finance Working capital management Profitability |
topic |
Corporate finance Working capital management Profitability Finanças corporativas Lucratividade Economia Empresas - Brasil Sociedades comerciais - Finanças Empresas - Lucratividade Capital de giro |
dc.subject.por.fl_str_mv |
Finanças corporativas Lucratividade |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Empresas - Brasil Sociedades comerciais - Finanças Empresas - Lucratividade Capital de giro |
description |
Literature devoted to study the working capital and profitability relation points out that the cash conversion cycle and its components are linked to companies’ results. This empirical dissertation aims to estimate this relation for Brazil, using a self-constructed database, composed mostly by closely held and privately owned companies. Following Lazaridis and Tryfonidis (2006) and Gill, Biger and Mathur (2010), and applying a fixed effect methodology, the results confirm the well documented inverse relation between operating profit rate and cash conversion cycle present in the literature. A sectoral analysis is conducted and indicates that industry, commerce and services confirm these patterns. Agriculture and energy, however, do not present significant results, which, by its turn, indicates that profitability in these sectors has a different approach when compared to the others. Futures researches should focus on understanding these differences. |
publishDate |
2016 |
dc.date.issued.fl_str_mv |
2016-12-08 |
dc.date.accessioned.fl_str_mv |
2017-01-03T15:01:05Z |
dc.date.available.fl_str_mv |
2017-01-03T15:01:05Z |
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.citation.fl_str_mv |
SOUSA, Thiago Ferreira de. Uma análise sobre a relação entre o retorno de empresas brasileiras e os componentes do ciclo de conversão de caixa. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2016. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/17708 |
identifier_str_mv |
SOUSA, Thiago Ferreira de. Uma análise sobre a relação entre o retorno de empresas brasileiras e os componentes do ciclo de conversão de caixa. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2016. |
url |
http://hdl.handle.net/10438/17708 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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https://repositorio.fgv.br/bitstreams/314ed580-b62b-40fc-bba8-bc20dfa96815/download https://repositorio.fgv.br/bitstreams/900553a3-dcba-4988-a00d-9f91b89173db/download https://repositorio.fgv.br/bitstreams/6106565f-e35f-4f56-877b-16b0449266f7/download https://repositorio.fgv.br/bitstreams/ec1dafc2-1e9d-44c7-9981-8f98ad352d7f/download |
bitstream.checksum.fl_str_mv |
6341ec61cc197156747c5eebf3cc1619 b5fb19f1c41c3b7f36016eb81def3c3c dfb340242cced38a6cca06c627998fa1 153fc5c420edb0d83189fda900b95da2 |
bitstream.checksumAlgorithm.fl_str_mv |
MD5 MD5 MD5 MD5 |
repository.name.fl_str_mv |
Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
|
_version_ |
1813797688187027456 |