Retenção de caixa e estratégias de gerenciamento de risco corporativo

• Autor(a) principal: Sousa, Elizamar Costa
• Data de Publicação: 2020
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Institucional da UFG
• dARK ID: ark:/38995/0013000001016
• Texto Completo: http://repositorio.bc.ufg.br/tede/handle/tede/10795
• topic: Retenção de caixa; Hedge; Derivativos; Conexão política; Cash holding; Hedging; Derivatives; Political connection; CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS

This study aims to analyze the impact of corporate risk management strategies on cash holding decisions in publicly traded Brazilian companies listed on B3, based on an empirical model. The strategies being evaluated are the use of political connection and the use of hedge as tools for corporate liquidity. In order to achieve the proposed objective, in the first analysis, the relationship between political connection and cash holding is observed with a regression evaluation with panel data using the stacked OLS technique. In the second analysis, based the theoretical model of Disatnik et. al. (2014), shows how corporate hedge and corporate liquidity policy facilitates greater dependence on economic liquidity, with a new empirical approach between cash and other types of hedging instruments. Based on these considerations, the paper explores and discusses constructs related to the political connections of companies and the use of corporate hedge. The results demonstrate the following evidence: the relationship between members of the board of directors, executive officers or corporate committees as elected politicians suggests a greater volume of cash reserves for companies, showing evidence that there is a political connection through this association; by evaluating the types of hegde used by companies, it is possible to notice an increase in the use of these instruments in Brazilian companies. These results contribute to consolidate the relevance of political issues in corporate strategy, as well as to explore the theoretical integration between cash holding and financial derivatives as risk management instruments.