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2022-08-01T13:56:05Z2022-08-01T13:56:05Z20167213221768853http://hdl.handle.net/1843/43836OBJETIVO O objetivo do trabalho é testar a hipótese de que a ocorrência de um aumento na oferta de crédito à pes- soa jurídica tem como impacto uma diminuição da restrição financeira das empresas analisadas de forma geral, o que, de acordo com o modelo de Almeida et al. (2004), levaria a uma diminuição na sensibilidade do caixa ao fluxo de caixa. METODOLOGIA A metodologia consiste na aplicação do modelo de Almeida et al. (2004), porém, do ponto de vista agre- gado e baseando a divisão dos grupos restritos e irrestritos em dados de oferta de crédito no país nos úl- timos anos, mais especificamente, o aumento do crédito à pessoa jurídica a partir de 2008. Essa forma de divisão garante a utilização de um critério exógeno para a determinação da restrição financeira. RESULTADOS E CONCLUSÕES Os resultados encontrados confirmam a hipótese levantada e indicam uma sensibilidade do caixa ao flu- xo de caixa no período de restrição financeira e uma insensibilidade após o aumento da oferta de crédito. Os testes de robustez indicam que tanto o crescimento econômico quanto os impactos imediatos da crise norte-americana não causaram mudanças significativas nos coeficientes. Os resultados reforçam a ideia de que fatores macroeconômicos interferem diretamente na sensibilidade do caixa ao fluxo de caixa das empresas. IMPLICAÇÕES PRÁTICAS Os resultados encontrados reforçam a importância do desenvolvimento do mercado de capitais para a gestão das empresas, demonstrando o impacto de ações governamentais no nível de restrição financeira corporativa. Além disso, reafirma o modelo desenvolvido por Almeida et al. (2004) que considera que empresas com restrição financeira tenderão a poupar mais quando tiverem um fluxo de caixa propício.OBJECTIVE This work's objective is to test the hypothesis that the occurrence of the increase in the credit offering to an organization will have as an impact a decrease of the financial restriction of companies analyzed in general, which, according to the model of Almeida et al. (2004) would lead to a decrease in the cash flow sensitivity of cash. METHODOLOGY The methodology consists of the application of the model of Almeida et al. (2004), however, from the ag- gregate standpoint and basing the division of the restricted and the unrestricted groups on data of credit offering in the country over the past few years, specifically, the increase of credit to organizations as of 2008. This form of division guarantees the utilization of an exogenous criterion to determine the financial restriction. RESULTS AND CONCLUSIONS The results found confirm the mentioned hypothesis and indicate a cash flow sensitivity of cash in the pe- riod of financial restriction and insensitivity after the increase in credit offer. The tests for robustness indi- cate that both the economic growth and the immediate impact of the North-American crisis didn't cause significant changes to the coefficients. The results reinforce the idea that macroeconomic factors interfere directly in the sensitivity of cash to companies' cash flow. PRACTICAL IMPLICATIONS The results found reinforce the importance of the development of the capital market for the management of companies, demonstrating the impact of governmental actions in the level of corporate financial re- striction. Furthermore, they reaffirm the model developed by Almeida et al. (2004) which considers that companies with financial restriction will likely save more when they have an appropriate cash flow.porUniversidade Federal de Minas GeraisUFMGBrasilFCE - DEPARTAMENTO DE CIÊNCIAS ADMINISTRATIVASRevista de Finanças AplicadasAdministração financeiraGestão de caixaSensibilidade do caixa ao fluxo de caixaRestrição financeiraA sensibilidade do caixa ao fluxo de caixa nas companhias abertas brasileiras: uma análise do período pré e pós crise de 2008The cash flow sensitivity of cash in Brazilian public companies: an analysis of the period pre and post the 2008 crisisinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttp://financasaplicadas.net/index.php/financasaplicadas/article/view/263/pdfLilian Marques Nagem ByrroAureliano Angel Bressaninfo:eu-repo/semantics/openAccessreponame:Repositório Institucional da UFMGinstname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGLICENSELicense.txtLicense.txttext/plain; charset=utf-82042https://repositorio.ufmg.br/bitstream/1843/43836/1/License.txtfa505098d172de0bc8864fc1287ffe22MD51ORIGINALA SENSIBILIDADE DO CAIXA AO FLUXO DE CAIXA NAS.pdfA SENSIBILIDADE DO CAIXA AO FLUXO DE CAIXA NAS.pdfapplication/pdf15477159https://repositorio.ufmg.br/bitstream/1843/43836/2/A%20SENSIBILIDADE%20DO%20CAIXA%20AO%20FLUXO%20DE%20CAIXA%20NAS.pdf9e7e59901a5c4d4f5a7cc8879e6716f7MD521843/438362022-08-01 10:56:05.716oai:repositorio.ufmg.br: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Repositório InstitucionalPUBhttps://repositorio.ufmg.br/oaiopendoar:2022-08-01T13:56:05Repositório Institucional da UFMG - Universidade Federal de Minas Gerais (UFMG)false
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