Determinantes do nível de caixa das empresas: análise de amostra de países da América Latina
Autor(a) principal: | |
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Data de Publicação: | 2010 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/8341 |
Resumo: | We examine, using panel data modeling techniques, the determinants of corporate liquidity in a sample of publicly traded firms in Brazil, Argentina, Chile, Mexico and Peru in the 1995-2009 period. In this paper, the ratio utilized in the models is denominated liquid assets (or simply cash), which includes the available cash and the investment in short term securities, divided by the firm’s total assets. It is possible to identify an increasing trend in the firms’ liquid assets ratio in the period analyzed for the majority of the countries. We find evidence that firms with stronger growth opportunities, larger total assets position, higher dividends payment and higher profitability, accumulate more cash. Also, firms with higher capital expenditures, higher cash flow generation and cash flow volatility, stronger leverage position and higher working capital level accumulate less cash. We identify similarities in the determinants of corporate liquidity with the empirical studies of firms in developed countries, as well as differences due to specific characteristics in emergent economies such as high internal interest rates, different access levels to international credit market and to development agencies credit lines, equity kicking, among others. We find evidence in tests applied for Brazil’s largest firms sample the presence of cash target levels through first order auto regressive model (AR1). Variables utilized in tests in recent papers with firms in developed economies such as acquisitions, recent IPO activities and corporate governance level are also tested for Brazil’s firms sample. |
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Dylewski, CarolinaEscolas::EESPDana, SamyCaselani, César NazarenoRochman, Ricardo Ratner2011-06-03T19:02:03Z2011-06-03T19:02:03Z2010-12-13DYLEWSKI, Carolina. Determinantes do nível de caixa das empresas: análise de amostra de países da América Latina. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2010.http://hdl.handle.net/10438/8341We examine, using panel data modeling techniques, the determinants of corporate liquidity in a sample of publicly traded firms in Brazil, Argentina, Chile, Mexico and Peru in the 1995-2009 period. In this paper, the ratio utilized in the models is denominated liquid assets (or simply cash), which includes the available cash and the investment in short term securities, divided by the firm’s total assets. It is possible to identify an increasing trend in the firms’ liquid assets ratio in the period analyzed for the majority of the countries. We find evidence that firms with stronger growth opportunities, larger total assets position, higher dividends payment and higher profitability, accumulate more cash. Also, firms with higher capital expenditures, higher cash flow generation and cash flow volatility, stronger leverage position and higher working capital level accumulate less cash. We identify similarities in the determinants of corporate liquidity with the empirical studies of firms in developed countries, as well as differences due to specific characteristics in emergent economies such as high internal interest rates, different access levels to international credit market and to development agencies credit lines, equity kicking, among others. We find evidence in tests applied for Brazil’s largest firms sample the presence of cash target levels through first order auto regressive model (AR1). Variables utilized in tests in recent papers with firms in developed economies such as acquisitions, recent IPO activities and corporate governance level are also tested for Brazil’s firms sample.Neste estudo são analisados, através de técnicas de dados em painel, os fatores determinantes dos níveis de ativos líquidos de empresas abertas do Brasil, Argentina, Chile, México e Peru no período de 1995 a 2009. O índice utilizado nas modelagens é denominado de ativo líquido (ou simplesmente caixa), o qual inclui os recursos disponíveis em caixa e as aplicações financeiras de curto prazo, divididos pelo total de ativos da firma. É possível identificar uma tendência crescente de acúmulo de ativos líquidos como proporção do total de ativos ao longo dos anos em praticamente todos os países. São encontradas evidências de que empresas com maiores oportunidades de crescimento, maior tamanho (medido pelo total de ativos), maior nível de pagamento de dividendos e maior nível de lucratividade, acumulam mais caixa na maior parte dos países analisados. Da mesma forma, empresas com maiores níveis de investimento em ativo imobilizado, maior geração de caixa, maior volatilidade do fluxo de caixa, maior alavancagem e maior nível de capital de giro, apresentam menor nível de acúmulo de ativos líquidos. São identificadas semelhanças de fatores determinantes de liquidez em relação a estudos empíricos com empresas de países desenvolvidos, bem como diferenças devido a fenômenos particulares de países emergentes, como por exemplo elevadas taxas de juros internas, diferentes graus de acessibilidade ao mercado de crédito internacional e a linhas de crédito de agências de fomento, equity kicking, entre outros. Em teste para a base de dados das maiores firmas do Brasil, é identificada a presença de níveis-alvo de caixa através de modelo auto-regressivo de primeira ordem (AR1). Variáveis presentes em estudos mais recentes com empresas de países desenvolvidos como aquisições, abertura recente de capital e nível de governança corporativa também são testadas para a base de dados do Brasil.porCashLiquid assetsLiquidityCaixaAtivos líquidosEconomiaAdministração de caixa - América LatinaCapital de giro - América LatinaEstrutura de capitalLiquidez (Economia)Determinantes do nível de caixa das empresas: análise de amostra de países da América Latinainfo: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/openAccessORIGINAL66080100242.pdf66080100242.pdfapplication/pdf1293551https://repositorio.fgv.br/bitstreams/516255da-2189-4aec-a17c-4d8f330ccfa2/download7ee3120dcba713fbbbac7968573ec9adMD51LICENSElicense.txtlicense.txttext/plain; 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|
dc.title.por.fl_str_mv |
Determinantes do nível de caixa das empresas: análise de amostra de países da América Latina |
title |
Determinantes do nível de caixa das empresas: análise de amostra de países da América Latina |
spellingShingle |
Determinantes do nível de caixa das empresas: análise de amostra de países da América Latina Dylewski, Carolina Cash Liquid assets Liquidity Caixa Ativos líquidos Economia Administração de caixa - América Latina Capital de giro - América Latina Estrutura de capital Liquidez (Economia) |
title_short |
Determinantes do nível de caixa das empresas: análise de amostra de países da América Latina |
title_full |
Determinantes do nível de caixa das empresas: análise de amostra de países da América Latina |
title_fullStr |
Determinantes do nível de caixa das empresas: análise de amostra de países da América Latina |
title_full_unstemmed |
Determinantes do nível de caixa das empresas: análise de amostra de países da América Latina |
title_sort |
Determinantes do nível de caixa das empresas: análise de amostra de países da América Latina |
author |
Dylewski, Carolina |
author_facet |
Dylewski, Carolina |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.member.none.fl_str_mv |
Dana, Samy Caselani, César Nazareno |
dc.contributor.author.fl_str_mv |
Dylewski, Carolina |
dc.contributor.advisor1.fl_str_mv |
Rochman, Ricardo Ratner |
contributor_str_mv |
Rochman, Ricardo Ratner |
dc.subject.por.fl_str_mv |
Cash Liquid assets Liquidity Caixa Ativos líquidos |
topic |
Cash Liquid assets Liquidity Caixa Ativos líquidos Economia Administração de caixa - América Latina Capital de giro - América Latina Estrutura de capital Liquidez (Economia) |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Administração de caixa - América Latina Capital de giro - América Latina Estrutura de capital Liquidez (Economia) |
description |
We examine, using panel data modeling techniques, the determinants of corporate liquidity in a sample of publicly traded firms in Brazil, Argentina, Chile, Mexico and Peru in the 1995-2009 period. In this paper, the ratio utilized in the models is denominated liquid assets (or simply cash), which includes the available cash and the investment in short term securities, divided by the firm’s total assets. It is possible to identify an increasing trend in the firms’ liquid assets ratio in the period analyzed for the majority of the countries. We find evidence that firms with stronger growth opportunities, larger total assets position, higher dividends payment and higher profitability, accumulate more cash. Also, firms with higher capital expenditures, higher cash flow generation and cash flow volatility, stronger leverage position and higher working capital level accumulate less cash. We identify similarities in the determinants of corporate liquidity with the empirical studies of firms in developed countries, as well as differences due to specific characteristics in emergent economies such as high internal interest rates, different access levels to international credit market and to development agencies credit lines, equity kicking, among others. We find evidence in tests applied for Brazil’s largest firms sample the presence of cash target levels through first order auto regressive model (AR1). Variables utilized in tests in recent papers with firms in developed economies such as acquisitions, recent IPO activities and corporate governance level are also tested for Brazil’s firms sample. |
publishDate |
2010 |
dc.date.issued.fl_str_mv |
2010-12-13 |
dc.date.accessioned.fl_str_mv |
2011-06-03T19:02:03Z |
dc.date.available.fl_str_mv |
2011-06-03T19:02:03Z |
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 |
DYLEWSKI, Carolina. Determinantes do nível de caixa das empresas: análise de amostra de países da América Latina. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2010. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/8341 |
identifier_str_mv |
DYLEWSKI, Carolina. Determinantes do nível de caixa das empresas: análise de amostra de países da América Latina. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2010. |
url |
http://hdl.handle.net/10438/8341 |
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 |
dc.source.none.fl_str_mv |
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Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
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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 |
|
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