Reservas de caixa e ameaças biológicas: um estudo das políticas de cash holding frente ao choque exógeno causado pela pandemia da COVID-19
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional da UFG |
Texto Completo: | http://repositorio.bc.ufg.br/tede/handle/tede/11475 |
Resumo: | The objective of this research is to analyze whether Brazilian publicly traded companies manage their cash reserves when exposed to an exogenous shock, through an almost natural experiment, caused by the pandemic of COVID-19. The study sample included 273 Brazilian companies, listed on B³ and used the OLS Regression method with an estimate of difference-in-differences. The survey results are that the COVID-19 pandemic positively impacted the cash reserves of the companies analyzed, both using the year 2019 and the year 2018 as an exogenous pre-shock period. It was also identified that macroeconomic variables such as GDP, interest rates and inflation have an influence on cash retention in times of health crises. It is understood that this growth in cash reserves after exogenous shock is mainly due to the presence of uncertainties in the generation of future cash flows, encouraging an increase in the levels of cash reserves to manage fixed costs and business maintenance and avoiding the need to use third party capital, given the preference for liquidity. It was also identified that financially restricted companies retained cash to a lesser ext ent than unrestricted companies. |
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Cruz, Alethéia Ferreira dahttp://lattes.cnpq.br/4696821747588199Cruz, Alethéia Ferreira daCruz, Moisés Ferreira daTavares, Marcelohttp://lattes.cnpq.br/7253854857832883Gomes, Poliana Carine Silva2021-07-07T11:51:54Z2021-07-07T11:51:54Z2021-05-14GOMES, P. C. S. Reservas de caixa e ameaças biológicas: um estudo das políticas de cash holding frente ao choque exógeno causado pela pandemia da COVID-19. 2021. 79 f. Dissertação (Mestrado em Ciências Contábeis) - Universidade Federal de Goiás, Goiânia, 2021.http://repositorio.bc.ufg.br/tede/handle/tede/11475ark:/38995/001300000c2znThe objective of this research is to analyze whether Brazilian publicly traded companies manage their cash reserves when exposed to an exogenous shock, through an almost natural experiment, caused by the pandemic of COVID-19. The study sample included 273 Brazilian companies, listed on B³ and used the OLS Regression method with an estimate of difference-in-differences. The survey results are that the COVID-19 pandemic positively impacted the cash reserves of the companies analyzed, both using the year 2019 and the year 2018 as an exogenous pre-shock period. It was also identified that macroeconomic variables such as GDP, interest rates and inflation have an influence on cash retention in times of health crises. It is understood that this growth in cash reserves after exogenous shock is mainly due to the presence of uncertainties in the generation of future cash flows, encouraging an increase in the levels of cash reserves to manage fixed costs and business maintenance and avoiding the need to use third party capital, given the preference for liquidity. It was also identified that financially restricted companies retained cash to a lesser ext ent than unrestricted companies.O objetivo desta pesquisa é analisar se as empresas brasileiras de capital aberto gerenciam suas reservas de caixa quando expostas a um choque exógeno, por meio de um experimento quase natural, provocado pela pandemia da COVID-19. A amostra do estudo contemplou 273 empresas brasileiras, listadas na B³ e utilizou o método de Regressão OLS com estimativa de difference-in-differences. Os resultados da pesquisa são que a pandemia de COVID-19 impactou positivamente as reservas de caixa das empresas analisadas, tanto utilizando o ano de 2019 quanto o ano de 2018 como período pré choque exógeno. Foi identificado também que variáveis macroeconômicas como PIB, Taxa de juros e inflação exercem influência na retenção de caixa em período de crises sanitárias. Entende-se que esse crescimento das reservas de caixa pós choque exógeno deve-se principalmente a presença de incertezas na geração dos fluxos de caixa futuros, incentivando o aumento dos níveis de reservas de caixa para gerenciamento dos custos fixos e de manutenção do negócio e evitando a necessidade de recorrer ao capital de terceiros, dado a preferência pela liquidez. Foi identificado também que as empresas restritas financeiramente retiveram caixa em menor proporção do que as empresas irrestritas.Submitted by Luciana Ferreira (lucgeral@gmail.com) on 2021-07-06T12:56:35Z No. of bitstreams: 2 Dissertação - Poliana Carine Silva Gomes - 2021.pdf: 2037414 bytes, checksum: 176cd6ac40d1871fe4c9ab7bd4d781f7 (MD5) license_rdf: 805 bytes, checksum: 4460e5956bc1d1639be9ae6146a50347 (MD5)Approved for entry into archive by Luciana Ferreira (lucgeral@gmail.com) on 2021-07-07T11:51:54Z (GMT) No. of bitstreams: 2 Dissertação - Poliana Carine Silva Gomes - 2021.pdf: 2037414 bytes, checksum: 176cd6ac40d1871fe4c9ab7bd4d781f7 (MD5) license_rdf: 805 bytes, checksum: 4460e5956bc1d1639be9ae6146a50347 (MD5)Made available in DSpace on 2021-07-07T11:51:54Z (GMT). No. of bitstreams: 2 Dissertação - Poliana Carine Silva Gomes - 2021.pdf: 2037414 bytes, checksum: 176cd6ac40d1871fe4c9ab7bd4d781f7 (MD5) license_rdf: 805 bytes, checksum: 4460e5956bc1d1639be9ae6146a50347 (MD5) Previous issue date: 2021-05-14porUniversidade Federal de GoiásPrograma de Pós-graduação em Ciências Contábeis (FACE)UFGBrasilFaculdade de Administração, Ciências Contábeis e Ciências Econômicas - FACE (RG)Attribution-NonCommercial-NoDerivatives 4.0 Internationalhttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessRetenção de caixaCash holdingFinanças corporativasChoque exógenoQuase experimentoCOVID-19Cash holdingCorporate financeExogenous shockCOVID-19Almost-experimentCIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEISReservas de caixa e ameaças biológicas: um estudo das políticas de cash holding frente ao choque exógeno causado pela pandemia da COVID-19Cash holdings and biological threats: a study of cash holding policies facing the exogenous shock caused by the COVID-19 pandemicinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesis31500500500716reponame:Repositório Institucional da UFGinstname:Universidade Federal de Goiás (UFG)instacron:UFGLICENSElicense.txtlicense.txttext/plain; charset=utf-81748http://repositorio.bc.ufg.br/tede/bitstreams/a7e8bf9e-ebb9-4c58-a528-9e1ba15313a2/download8a4605be74aa9ea9d79846c1fba20a33MD51CC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; charset=utf-8805http://repositorio.bc.ufg.br/tede/bitstreams/2032174a-eddd-4058-859d-9ba2abb4de5a/download4460e5956bc1d1639be9ae6146a50347MD52ORIGINALDissertação - Poliana Carine Silva Gomes - 2021.pdfDissertação - Poliana Carine Silva Gomes - 2021.pdfapplication/pdf2037414http://repositorio.bc.ufg.br/tede/bitstreams/3a8a5b83-c717-4737-8e6d-a54007c8e37a/download176cd6ac40d1871fe4c9ab7bd4d781f7MD53tede/114752021-07-07 08:51:55.085http://creativecommons.org/licenses/by-nc-nd/4.0/Attribution-NonCommercial-NoDerivatives 4.0 Internationalopen.accessoai:repositorio.bc.ufg.br:tede/11475http://repositorio.bc.ufg.br/tedeRepositório InstitucionalPUBhttp://repositorio.bc.ufg.br/oai/requesttasesdissertacoes.bc@ufg.bropendoar:2021-07-07T11:51:55Repositório Institucional da UFG - Universidade Federal de Goiás (UFG)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 |
dc.title.pt_BR.fl_str_mv |
Reservas de caixa e ameaças biológicas: um estudo das políticas de cash holding frente ao choque exógeno causado pela pandemia da COVID-19 |
dc.title.alternative.eng.fl_str_mv |
Cash holdings and biological threats: a study of cash holding policies facing the exogenous shock caused by the COVID-19 pandemic |
title |
Reservas de caixa e ameaças biológicas: um estudo das políticas de cash holding frente ao choque exógeno causado pela pandemia da COVID-19 |
spellingShingle |
Reservas de caixa e ameaças biológicas: um estudo das políticas de cash holding frente ao choque exógeno causado pela pandemia da COVID-19 Gomes, Poliana Carine Silva Retenção de caixa Cash holding Finanças corporativas Choque exógeno Quase experimento COVID-19 Cash holding Corporate finance Exogenous shock COVID-19 Almost-experiment CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
title_short |
Reservas de caixa e ameaças biológicas: um estudo das políticas de cash holding frente ao choque exógeno causado pela pandemia da COVID-19 |
title_full |
Reservas de caixa e ameaças biológicas: um estudo das políticas de cash holding frente ao choque exógeno causado pela pandemia da COVID-19 |
title_fullStr |
Reservas de caixa e ameaças biológicas: um estudo das políticas de cash holding frente ao choque exógeno causado pela pandemia da COVID-19 |
title_full_unstemmed |
Reservas de caixa e ameaças biológicas: um estudo das políticas de cash holding frente ao choque exógeno causado pela pandemia da COVID-19 |
title_sort |
Reservas de caixa e ameaças biológicas: um estudo das políticas de cash holding frente ao choque exógeno causado pela pandemia da COVID-19 |
author |
Gomes, Poliana Carine Silva |
author_facet |
Gomes, Poliana Carine Silva |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Cruz, Alethéia Ferreira da |
dc.contributor.advisor1Lattes.fl_str_mv |
http://lattes.cnpq.br/4696821747588199 |
dc.contributor.referee1.fl_str_mv |
Cruz, Alethéia Ferreira da |
dc.contributor.referee2.fl_str_mv |
Cruz, Moisés Ferreira da |
dc.contributor.referee3.fl_str_mv |
Tavares, Marcelo |
dc.contributor.authorLattes.fl_str_mv |
http://lattes.cnpq.br/7253854857832883 |
dc.contributor.author.fl_str_mv |
Gomes, Poliana Carine Silva |
contributor_str_mv |
Cruz, Alethéia Ferreira da Cruz, Alethéia Ferreira da Cruz, Moisés Ferreira da Tavares, Marcelo |
dc.subject.por.fl_str_mv |
Retenção de caixa Cash holding Finanças corporativas Choque exógeno Quase experimento COVID-19 |
topic |
Retenção de caixa Cash holding Finanças corporativas Choque exógeno Quase experimento COVID-19 Cash holding Corporate finance Exogenous shock COVID-19 Almost-experiment CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
dc.subject.eng.fl_str_mv |
Cash holding Corporate finance Exogenous shock COVID-19 Almost-experiment |
dc.subject.cnpq.fl_str_mv |
CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
description |
The objective of this research is to analyze whether Brazilian publicly traded companies manage their cash reserves when exposed to an exogenous shock, through an almost natural experiment, caused by the pandemic of COVID-19. The study sample included 273 Brazilian companies, listed on B³ and used the OLS Regression method with an estimate of difference-in-differences. The survey results are that the COVID-19 pandemic positively impacted the cash reserves of the companies analyzed, both using the year 2019 and the year 2018 as an exogenous pre-shock period. It was also identified that macroeconomic variables such as GDP, interest rates and inflation have an influence on cash retention in times of health crises. It is understood that this growth in cash reserves after exogenous shock is mainly due to the presence of uncertainties in the generation of future cash flows, encouraging an increase in the levels of cash reserves to manage fixed costs and business maintenance and avoiding the need to use third party capital, given the preference for liquidity. It was also identified that financially restricted companies retained cash to a lesser ext ent than unrestricted companies. |
publishDate |
2021 |
dc.date.accessioned.fl_str_mv |
2021-07-07T11:51:54Z |
dc.date.available.fl_str_mv |
2021-07-07T11:51:54Z |
dc.date.issued.fl_str_mv |
2021-05-14 |
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 |
GOMES, P. C. S. Reservas de caixa e ameaças biológicas: um estudo das políticas de cash holding frente ao choque exógeno causado pela pandemia da COVID-19. 2021. 79 f. Dissertação (Mestrado em Ciências Contábeis) - Universidade Federal de Goiás, Goiânia, 2021. |
dc.identifier.uri.fl_str_mv |
http://repositorio.bc.ufg.br/tede/handle/tede/11475 |
dc.identifier.dark.fl_str_mv |
ark:/38995/001300000c2zn |
identifier_str_mv |
GOMES, P. C. S. Reservas de caixa e ameaças biológicas: um estudo das políticas de cash holding frente ao choque exógeno causado pela pandemia da COVID-19. 2021. 79 f. Dissertação (Mestrado em Ciências Contábeis) - Universidade Federal de Goiás, Goiânia, 2021. ark:/38995/001300000c2zn |
url |
http://repositorio.bc.ufg.br/tede/handle/tede/11475 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.program.fl_str_mv |
31 |
dc.relation.confidence.fl_str_mv |
500 500 500 |
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7 |
dc.relation.cnpq.fl_str_mv |
16 |
dc.rights.driver.fl_str_mv |
Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
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 Goiás |
dc.publisher.program.fl_str_mv |
Programa de Pós-graduação em Ciências Contábeis (FACE) |
dc.publisher.initials.fl_str_mv |
UFG |
dc.publisher.country.fl_str_mv |
Brasil |
dc.publisher.department.fl_str_mv |
Faculdade de Administração, Ciências Contábeis e Ciências Econômicas - FACE (RG) |
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Universidade Federal de Goiás |
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