Estudo empírico dos determinantes dos gastos com investimentos das empresas brasileiras

Detalhes bibliográficos
Autor(a) principal: Bordalo, Eduardo Riedlinger Mont'Alverne
Data de Publicação: 2017
Tipo de documento: Dissertação
Idioma: por
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: https://hdl.handle.net/10438/18749
Resumo: This sludy aims to analyze lhe microeconomic variabJes that influence lhe decision af Brazilian companics to makc Capital Expenditure. Four hypothesis related to lhe folJowing investment thesis were tested: Neoclassical theory, Free Cash Flow theory and Agency theory. The motivatian af this study is to understand lhe investment decision process af Brazilian fimls and compare it with similar studics applicd in developed countries outside Latin America. Furtherrnore, lhe govemment influence in lhe inveslment decision process af some ofthe firms was segregated and analyzed separately. The analysis is based on 1.520 data from quarterly financiai statements of 38 finns listed on lhe Brazilian stock exchange from 2006 to 2016. The firrns were a1so separated in two differenl groups. one of them eontaining the firms that the Brazilian govemment ean innuenee lhe Capex deeision. The results show that the sample with ali firms and the sample with fimls that do not suffer from government influenee eonfinn ali investment Iheories and indieate Ihat lhe Free Cash Flow theory is predominam in lhe Brazilian business environment. The independent variables sales. free cash flow and Tobin 's Q ratio have positive efTeet on eapex. while leverage and size have a negative effeet. The results from lhe sample with finns lhal suffer from govemment influence eonfirrn only the Neoclassical theory lhat states that the variab le sales is positively correlated with lhe Capex.
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spelling Bordalo, Eduardo Riedlinger Mont'AlverneEscolas::EPGEFGVGonçalves, Edson Daniel LopesVal, Flavio de FreitasMaia, Marcelo Verdini2017-09-06T20:05:13Z2017-09-06T20:05:13Z2017-05-31https://hdl.handle.net/10438/18749This sludy aims to analyze lhe microeconomic variabJes that influence lhe decision af Brazilian companics to makc Capital Expenditure. Four hypothesis related to lhe folJowing investment thesis were tested: Neoclassical theory, Free Cash Flow theory and Agency theory. The motivatian af this study is to understand lhe investment decision process af Brazilian fimls and compare it with similar studics applicd in developed countries outside Latin America. Furtherrnore, lhe govemment influence in lhe inveslment decision process af some ofthe firms was segregated and analyzed separately. The analysis is based on 1.520 data from quarterly financiai statements of 38 finns listed on lhe Brazilian stock exchange from 2006 to 2016. The firrns were a1so separated in two differenl groups. one of them eontaining the firms that the Brazilian govemment ean innuenee lhe Capex deeision. The results show that the sample with ali firms and the sample with fimls that do not suffer from government influenee eonfinn ali investment Iheories and indieate Ihat lhe Free Cash Flow theory is predominam in lhe Brazilian business environment. The independent variables sales. free cash flow and Tobin 's Q ratio have positive efTeet on eapex. while leverage and size have a negative effeet. The results from lhe sample with finns lhal suffer from govemment influence eonfirrn only the Neoclassical theory lhat states that the variab le sales is positively correlated with lhe Capex.Esse estudo analisa as variáveis microeconômicas que influenciam as empresas brasileiras na tomada de decisão ao realizar investimentos em capital. Foram testadas quatro hipóteses relacionadas as seguintes teorias de investimento: teoria Neoclássica, teoria dos Fluxos de Caixa Livres e teoria da Agência. A motivação do estudo é compreender o processo de decisão de investimento das firmas brasileiras e comparar os resultados com o encontrado em estudos similares realizados em países desenvolvidos fora da América Latina. Além disso, foi analisada a participação do governo em firmas nas quais ele possui poder de influência na política de investimentos. A análise é baseada em 1,520 observações provenientes de dados trimestrais de 38 firmas listadas em bolsa de 2006 a 2016. As firmas também foram separadas e analisadas em dois grupos distintos, um deles contendo as empresas que o governo possui influência na tomada das decisões de investimento e outro de empresas que o governo não possui nenhum tipo de do governo na tomada de decisão de investimento. Os resultados encontrados para a amostra completa e para a amostra com as firmas que não sofrem influência do governo confirmam as três teorias e indicam que a teoria dos Fluxos de Caixa Livres é predominante no ambiente de negócios brasileiro. As variáveis vendas, fluxo de caixa livre e q de Tobin possuem uma relação positiva com o gasto com investimentos, enquanto que as variáveis alavancagem e tamanho possuem uma relação negativa. No caso da amostra com as firmas que sofrem influência do governo a única teoria que pode ser confirmada foi a teoria Neoclássica que prevê uma relação positiva entre a variável vendas e os gastos com investimentos.porInveslment determinantsCapital expenditureInvestment theoriesInvestimentosDeterminantes dos gastos com investimentoTeorias de InvestimentoEconomiaInvestimentosInvestimentos de capitalEmpresas - FinançasEstudo empírico dos determinantes dos gastos com investimentos das empresas brasileirasinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVTEXTTese Mestrado Eduardo Bordalo1.pdf.txtTese Mestrado Eduardo Bordalo1.pdf.txtExtracted 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dc.title.por.fl_str_mv Estudo empírico dos determinantes dos gastos com investimentos das empresas brasileiras
title Estudo empírico dos determinantes dos gastos com investimentos das empresas brasileiras
spellingShingle Estudo empírico dos determinantes dos gastos com investimentos das empresas brasileiras
Bordalo, Eduardo Riedlinger Mont'Alverne
Inveslment determinants
Capital expenditure
Investment theories
Investimentos
Determinantes dos gastos com investimento
Teorias de Investimento
Economia
Investimentos
Investimentos de capital
Empresas - Finanças
title_short Estudo empírico dos determinantes dos gastos com investimentos das empresas brasileiras
title_full Estudo empírico dos determinantes dos gastos com investimentos das empresas brasileiras
title_fullStr Estudo empírico dos determinantes dos gastos com investimentos das empresas brasileiras
title_full_unstemmed Estudo empírico dos determinantes dos gastos com investimentos das empresas brasileiras
title_sort Estudo empírico dos determinantes dos gastos com investimentos das empresas brasileiras
author Bordalo, Eduardo Riedlinger Mont'Alverne
author_facet Bordalo, Eduardo Riedlinger Mont'Alverne
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EPGE
dc.contributor.affiliation.none.fl_str_mv FGV
dc.contributor.member.none.fl_str_mv Gonçalves, Edson Daniel Lopes
Val, Flavio de Freitas
dc.contributor.author.fl_str_mv Bordalo, Eduardo Riedlinger Mont'Alverne
dc.contributor.advisor1.fl_str_mv Maia, Marcelo Verdini
contributor_str_mv Maia, Marcelo Verdini
dc.subject.eng.fl_str_mv Inveslment determinants
Capital expenditure
Investment theories
topic Inveslment determinants
Capital expenditure
Investment theories
Investimentos
Determinantes dos gastos com investimento
Teorias de Investimento
Economia
Investimentos
Investimentos de capital
Empresas - Finanças
dc.subject.por.fl_str_mv Investimentos
Determinantes dos gastos com investimento
Teorias de Investimento
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Investimentos
Investimentos de capital
Empresas - Finanças
description This sludy aims to analyze lhe microeconomic variabJes that influence lhe decision af Brazilian companics to makc Capital Expenditure. Four hypothesis related to lhe folJowing investment thesis were tested: Neoclassical theory, Free Cash Flow theory and Agency theory. The motivatian af this study is to understand lhe investment decision process af Brazilian fimls and compare it with similar studics applicd in developed countries outside Latin America. Furtherrnore, lhe govemment influence in lhe inveslment decision process af some ofthe firms was segregated and analyzed separately. The analysis is based on 1.520 data from quarterly financiai statements of 38 finns listed on lhe Brazilian stock exchange from 2006 to 2016. The firrns were a1so separated in two differenl groups. one of them eontaining the firms that the Brazilian govemment ean innuenee lhe Capex deeision. The results show that the sample with ali firms and the sample with fimls that do not suffer from government influenee eonfinn ali investment Iheories and indieate Ihat lhe Free Cash Flow theory is predominam in lhe Brazilian business environment. The independent variables sales. free cash flow and Tobin 's Q ratio have positive efTeet on eapex. while leverage and size have a negative effeet. The results from lhe sample with finns lhal suffer from govemment influence eonfirrn only the Neoclassical theory lhat states that the variab le sales is positively correlated with lhe Capex.
publishDate 2017
dc.date.accessioned.fl_str_mv 2017-09-06T20:05:13Z
dc.date.available.fl_str_mv 2017-09-06T20:05:13Z
dc.date.issued.fl_str_mv 2017-05-31
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 https://hdl.handle.net/10438/18749
url https://hdl.handle.net/10438/18749
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 reponame:Repositório Institucional do FGV (FGV Repositório Digital)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str 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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https://repositorio.fgv.br/bitstreams/1217960e-7c00-4375-929b-fbd9d1bcf225/download
https://repositorio.fgv.br/bitstreams/ee95cdf0-8e91-4534-b1aa-fced1c698881/download
bitstream.checksum.fl_str_mv 5fbd5f629a39756ddadf0a5f5cecf9d3
dfb340242cced38a6cca06c627998fa1
a0821a2c67e1faf16c4100ee93ecd150
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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
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