FIRM SIZE MATTERS FOR FINANCIAL CONSTRAINTS: EVIDENCE FROM BRAZIL

Detalhes bibliográficos
Autor(a) principal: Crisóstomo, Vicente Lima
Data de Publicação: 2012
Outros Autores: López Iturriaga, Félix Javier, Vallelado, Eleuterio
Tipo de documento: Artigo
Idioma: por
Título da fonte: Sistemas & Gestão
Texto Completo: https://www.revistasg.uff.br/sg/article/view/V7N3A16
Resumo: The purpose of this work is to verify the existence of financial constraints for investment in Brazil and the specific firm size effect on it. Dynamic investment models are estimated for a panel dataset of 289 Brazilian nonfinancial firms for the time period 1995-2006. Results show that Brazilian firms face financial constraints since their investment depend on internally generated funds. Firm size has shown to be, effectively, an important determinant of it. Investment of smaller firms is more sensitive to cash flow than that of larger ones. At the firm level, our findings suggest the need for further developments on information disclosure as a way to mitigate asymmetric information problem. At the policy level, additional advance in the institutional environment might also be important for minimizing financial constraints for Brazilian firms.
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spelling FIRM SIZE MATTERS FOR FINANCIAL CONSTRAINTS: EVIDENCE FROM BRAZILFIRM SIZE MATTERS FOR FINANCIAL CONSTRAINTS: EVIDENCE FROM BRAZILTAMANHO DA EMPRESA IMPORTA PARA RESTRIÇÕES FINANCEIRA: EVIDÊNCIAS DO BRASILInvestmentFinancial ConstraintsFirm SizeCash FlowBrazilInvestmentFinancial ConstraintsFirm SizeCash FlowBrazilInvestimentoRestrições FinanceirasTamanho da EmpresaFluxo de CaixaBrasilThe purpose of this work is to verify the existence of financial constraints for investment in Brazil and the specific firm size effect on it. Dynamic investment models are estimated for a panel dataset of 289 Brazilian nonfinancial firms for the time period 1995-2006. Results show that Brazilian firms face financial constraints since their investment depend on internally generated funds. Firm size has shown to be, effectively, an important determinant of it. Investment of smaller firms is more sensitive to cash flow than that of larger ones. At the firm level, our findings suggest the need for further developments on information disclosure as a way to mitigate asymmetric information problem. At the policy level, additional advance in the institutional environment might also be important for minimizing financial constraints for Brazilian firms.The purpose of this work is to verify the existence of financial constraints for investment in Brazil and the specific firm size effect on it. Dynamic investment models are estimated for a panel dataset of 289 Brazilian nonfinancial firms for the time period 1995-2006. Results show that Brazilian firms face financial constraints since their investment depend on internally generated funds. Firm size has shown to be, effectively, an important determinant of it. Investment of smaller firms is more sensitive to cash flow than that of larger ones. At the firm level, our findings suggest the need for further developments on information disclosure as a way to mitigate asymmetric information problem. At the policy level, additional advance in the institutional environment might also be important for minimizing financial constraints for Brazilian firms.O objetivo deste trabalho é verificar a existência de restrições financeiras para o investimento no Brasil e o efeito específico do tamanho da empresa sobre isso. Modelos dinâmicos de investimento são estimados para um painel de dados composto por observações anuais de 289 empresas brasileiras não financeiras para o período 1995-2006. Os resultados mostram que a empresa brasileira enfrenta dificuldades financeiras, uma vez que tem o seu investimento dependente de fundos gerados internamente. O tamanho da empresa mostrou ser, efetivamente, um importante determinante de situações de restrições financeiras. Empresas de menor porte têm sua política de investimento mais sensível ao fluxo de caixa do que as maiores. No nível da empresa, nossos resultados sugerem a necessidade de avanços na evidenciação de informações como forma de minimizar problemas de informação assimétrica. Ao nível de políticas nacionais, o avanço adicional no ambiente institucional também pode ser importante para minimizar as restrições financeiras das empresas brasileiras.ABEC2012-11-15info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPesquisa Empírica de Campoapplication/pdfhttps://www.revistasg.uff.br/sg/article/view/V7N3A1610.7177/sg.2012.V7.N3.A16Sistemas & Gestão; v. 7 n. 3 (2012): Setembro/2012; 490-5011980-516010.7177/sg.2012.v7.n3reponame:Sistemas & Gestãoinstname:Universidade Federal Fluminense (UFF)instacron:UFFporhttps://www.revistasg.uff.br/sg/article/view/V7N3A16/V7N3A16Copyright (c) 2015 Sistemas & Gestãoinfo:eu-repo/semantics/openAccessCrisóstomo, Vicente LimaLópez Iturriaga, Félix JavierVallelado, Eleuterio2023-01-09T18:18:58Zoai:ojs.www.revistasg.uff.br:article/236Revistahttps://www.revistasg.uff.br/sgPUBhttps://www.revistasg.uff.br/sg/oai||sg.revista@gmail.com|| periodicos@proppi.uff.br1980-51601980-5160opendoar:2023-01-09T18:18:58Sistemas & Gestão - Universidade Federal Fluminense (UFF)false
dc.title.none.fl_str_mv FIRM SIZE MATTERS FOR FINANCIAL CONSTRAINTS: EVIDENCE FROM BRAZIL
FIRM SIZE MATTERS FOR FINANCIAL CONSTRAINTS: EVIDENCE FROM BRAZIL
TAMANHO DA EMPRESA IMPORTA PARA RESTRIÇÕES FINANCEIRA: EVIDÊNCIAS DO BRASIL
title FIRM SIZE MATTERS FOR FINANCIAL CONSTRAINTS: EVIDENCE FROM BRAZIL
spellingShingle FIRM SIZE MATTERS FOR FINANCIAL CONSTRAINTS: EVIDENCE FROM BRAZIL
Crisóstomo, Vicente Lima
Investment
Financial Constraints
Firm Size
Cash Flow
Brazil
Investment
Financial Constraints
Firm Size
Cash Flow
Brazil
Investimento
Restrições Financeiras
Tamanho da Empresa
Fluxo de Caixa
Brasil
title_short FIRM SIZE MATTERS FOR FINANCIAL CONSTRAINTS: EVIDENCE FROM BRAZIL
title_full FIRM SIZE MATTERS FOR FINANCIAL CONSTRAINTS: EVIDENCE FROM BRAZIL
title_fullStr FIRM SIZE MATTERS FOR FINANCIAL CONSTRAINTS: EVIDENCE FROM BRAZIL
title_full_unstemmed FIRM SIZE MATTERS FOR FINANCIAL CONSTRAINTS: EVIDENCE FROM BRAZIL
title_sort FIRM SIZE MATTERS FOR FINANCIAL CONSTRAINTS: EVIDENCE FROM BRAZIL
author Crisóstomo, Vicente Lima
author_facet Crisóstomo, Vicente Lima
López Iturriaga, Félix Javier
Vallelado, Eleuterio
author_role author
author2 López Iturriaga, Félix Javier
Vallelado, Eleuterio
author2_role author
author
dc.contributor.author.fl_str_mv Crisóstomo, Vicente Lima
López Iturriaga, Félix Javier
Vallelado, Eleuterio
dc.subject.por.fl_str_mv Investment
Financial Constraints
Firm Size
Cash Flow
Brazil
Investment
Financial Constraints
Firm Size
Cash Flow
Brazil
Investimento
Restrições Financeiras
Tamanho da Empresa
Fluxo de Caixa
Brasil
topic Investment
Financial Constraints
Firm Size
Cash Flow
Brazil
Investment
Financial Constraints
Firm Size
Cash Flow
Brazil
Investimento
Restrições Financeiras
Tamanho da Empresa
Fluxo de Caixa
Brasil
description The purpose of this work is to verify the existence of financial constraints for investment in Brazil and the specific firm size effect on it. Dynamic investment models are estimated for a panel dataset of 289 Brazilian nonfinancial firms for the time period 1995-2006. Results show that Brazilian firms face financial constraints since their investment depend on internally generated funds. Firm size has shown to be, effectively, an important determinant of it. Investment of smaller firms is more sensitive to cash flow than that of larger ones. At the firm level, our findings suggest the need for further developments on information disclosure as a way to mitigate asymmetric information problem. At the policy level, additional advance in the institutional environment might also be important for minimizing financial constraints for Brazilian firms.
publishDate 2012
dc.date.none.fl_str_mv 2012-11-15
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Pesquisa Empírica de Campo
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://www.revistasg.uff.br/sg/article/view/V7N3A16
10.7177/sg.2012.V7.N3.A16
url https://www.revistasg.uff.br/sg/article/view/V7N3A16
identifier_str_mv 10.7177/sg.2012.V7.N3.A16
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://www.revistasg.uff.br/sg/article/view/V7N3A16/V7N3A16
dc.rights.driver.fl_str_mv Copyright (c) 2015 Sistemas & Gestão
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2015 Sistemas & Gestão
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv ABEC
publisher.none.fl_str_mv ABEC
dc.source.none.fl_str_mv Sistemas & Gestão; v. 7 n. 3 (2012): Setembro/2012; 490-501
1980-5160
10.7177/sg.2012.v7.n3
reponame:Sistemas & Gestão
instname:Universidade Federal Fluminense (UFF)
instacron:UFF
instname_str Universidade Federal Fluminense (UFF)
instacron_str UFF
institution UFF
reponame_str Sistemas & Gestão
collection Sistemas & Gestão
repository.name.fl_str_mv Sistemas & Gestão - Universidade Federal Fluminense (UFF)
repository.mail.fl_str_mv ||sg.revista@gmail.com|| periodicos@proppi.uff.br
_version_ 1798320142845739008

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