INVESTMENT, PROFITABILITY AND INDEBTEDNESS: WHAT HAS FINANCED THE GROWTH OF BRAZILIAN COMPANIES AFTER THE REAL PLAN ?
Autor(a) principal: | |
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Data de Publicação: | 2013 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | REAd (Porto Alegre. Online) |
Texto Completo: | https://seer.ufrgs.br/index.php/read/article/view/42595 |
Resumo: | A company’s capital structure is one of the main factors influencing its investment projects, the latter being the real driving forces behind a country’s economical expansion. In this context, this paper aims at analyzing the investment and financing decisions made by Brazilian companies after the Real Plan, with a view to identifying the types and amounts of application of resources, as well as the sources employed to supply them. To this end, the financial statements of companies with stocks listed on BOVESPA in the period 1995-2002 were analyzed, both in global terms and sectorial segmentation, from ANOVA tables. The findings suggest that investments of Brazilian companies, on average, were below the inflation ratios of the period, being that this growth is not aimed at fixed assets. The evidence is that there are major difficulties to supply these investments with self-financing or external sources of resources, such as stock or debt issues. Unencumbered liabilities, both of short and long-term, are preferably used instead. Finally, there have been statistically significant differences for indebtedness among the sectors researched, which matches international evidences on this regard. |
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INVESTMENT, PROFITABILITY AND INDEBTEDNESS: WHAT HAS FINANCED THE GROWTH OF BRAZILIAN COMPANIES AFTER THE REAL PLAN ?INVERCIÓN, LUCRATIVIDAD Y ENDEUDAMIENTO: ¿LO QUE HA FINANCIADO EL CRECIMIENTO DE LAS EMPRESAS BRASILEÑAS EN EL PERÍODO EN POS PLANO REAL?INVESTIMENTO, LUCRATIVIDADE E ENDIVIDAMENTO: O QUE FINANCIOU O CRESCIMENTO DAS EMPRESAS BRASILEIRAS NO PERÍODO PÓS PLANO REAL?Investment decisionsfinancing sourcescapital structuresDecisiones de inversionesfuentes de financiaciónestructura de capitalDecisões de investimentofontes de financiamentoestrutura de capitalA company’s capital structure is one of the main factors influencing its investment projects, the latter being the real driving forces behind a country’s economical expansion. In this context, this paper aims at analyzing the investment and financing decisions made by Brazilian companies after the Real Plan, with a view to identifying the types and amounts of application of resources, as well as the sources employed to supply them. To this end, the financial statements of companies with stocks listed on BOVESPA in the period 1995-2002 were analyzed, both in global terms and sectorial segmentation, from ANOVA tables. The findings suggest that investments of Brazilian companies, on average, were below the inflation ratios of the period, being that this growth is not aimed at fixed assets. The evidence is that there are major difficulties to supply these investments with self-financing or external sources of resources, such as stock or debt issues. Unencumbered liabilities, both of short and long-term, are preferably used instead. Finally, there have been statistically significant differences for indebtedness among the sectors researched, which matches international evidences on this regard.La estructura de capital de una empresa es uno de los factores primordiales que influencian sus proyectos de inversiones, han sido estos últimos los verdaderos impulsadores de la expansión económica de un país. En este contexto, el objetivo de este trabajo es analizar las decisiones de inversiones y financiación efectuadas en las empresas brasileñas en el período en pos Plano Real, visando identificar los tipos y montantes de aplicaciones de recursos, bien como las fuentes que han sido buscadas para suprirlas. Para tanto, fueron analizadas las demostraciones financeras de las empresas con acciones listadas en la Bovespa entre 1995 y 2002, tanto en términos globales cuanto en segmentaciones sectoriales, a partir de tablas ANOVA. Los resultados sugieren que las empresas brasileñas han invertido, en media, menos que los índices inflacionarios del período, siendo este crecimiento no direccionado para activos fijos. Hay indicaciones que existen grandes dificultades para suplir estas inversiones con autofinanciación o con fuentes externas de recursos, tales como emisiones de acciones o deuda, utilizándose preferentemente para tanto pasivos no onerosos de curto e largo plazo. Finalmente, hubo diferencias estadisticamente significativas para el adeudamiento entre los sectores investigados, lo que es coherente con evidencias internacionales a este respeto.A estrutura de capital de uma empresa é um dos fatores primordiais que influenciam os seus projetos de investimento, sendo estes últimos os verdadeiros impulsionadores da expansão econômica de um país. Neste contexto, o objetivo deste trabalho é analisar as decisões de investimento e financiamento efetuadas nas empresas brasileiras no período pós Plano Real, visando identificar os tipos e montantes de aplicações de recursos, bem como as fontes que foram buscadas para supri-las. Para tanto, foram analisadas as demonstrações financeiras das empresas com ações listadas na Bovespa entre 1995 e 2002, tanto em termos globais quanto em segmentações setoriais, a partir de tabelas ANOVA. Os resultados sugerem que as empresas brasileiras investiram, em média, menos do que os índices inflacionários do período, sendo este crescimento não direcionado para ativos fixos. Há indicação de que existem grandes dificuldades para suprir estes investimentos com autofinanciamento ou com fontes externas de recursos, tais como emissões de ações ou dívida, sendo utilizados preferencialmente para tanto passivos não-onerosos de curto e longo prazo. Finalmente, houve diferenças estatisticamente significativas para o endividamento entre os setores pesquisados, o que é coerente com evidências internacionais a este respeito.Universidade Federal do Rio Grande do Sul2013-09-12info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionScientific Article;artículo científico;Avaliado pelos paresartigo científico;application/pdfhttps://seer.ufrgs.br/index.php/read/article/view/42595Electronic Review of Administration; Vol. 9 No. 5 (2003): Edição 35 - Set/Out 2003Revista Electrónica de Administración; Vol. 9 Núm. 5 (2003): Edição 35 - Set/Out 2003Revista Eletrônica de Administração; v. 9 n. 5 (2003): Edição 35 - Set/Out 20031413-23111980-4164reponame:REAd (Porto Alegre. Online)instname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/read/article/view/42595/27025Majola Gava, AlexandreMendes Vieira, Kelmarainfo:eu-repo/semantics/openAccess2013-09-16T19:17:18Zoai:seer.ufrgs.br:article/42595Revistahttp://seer.ufrgs.br/index.php/read/indexPUBhttps://seer.ufrgs.br/read/oaiea_read@ufrgs.br1413-23111413-2311opendoar:2013-09-16T19:17:18REAd (Porto Alegre. Online) - Universidade Federal do Rio Grande do Sul (UFRGS)false |
dc.title.none.fl_str_mv |
INVESTMENT, PROFITABILITY AND INDEBTEDNESS: WHAT HAS FINANCED THE GROWTH OF BRAZILIAN COMPANIES AFTER THE REAL PLAN ? INVERCIÓN, LUCRATIVIDAD Y ENDEUDAMIENTO: ¿LO QUE HA FINANCIADO EL CRECIMIENTO DE LAS EMPRESAS BRASILEÑAS EN EL PERÍODO EN POS PLANO REAL? INVESTIMENTO, LUCRATIVIDADE E ENDIVIDAMENTO: O QUE FINANCIOU O CRESCIMENTO DAS EMPRESAS BRASILEIRAS NO PERÍODO PÓS PLANO REAL? |
title |
INVESTMENT, PROFITABILITY AND INDEBTEDNESS: WHAT HAS FINANCED THE GROWTH OF BRAZILIAN COMPANIES AFTER THE REAL PLAN ? |
spellingShingle |
INVESTMENT, PROFITABILITY AND INDEBTEDNESS: WHAT HAS FINANCED THE GROWTH OF BRAZILIAN COMPANIES AFTER THE REAL PLAN ? Majola Gava, Alexandre Investment decisions financing sources capital structures Decisiones de inversiones fuentes de financiación estructura de capital Decisões de investimento fontes de financiamento estrutura de capital |
title_short |
INVESTMENT, PROFITABILITY AND INDEBTEDNESS: WHAT HAS FINANCED THE GROWTH OF BRAZILIAN COMPANIES AFTER THE REAL PLAN ? |
title_full |
INVESTMENT, PROFITABILITY AND INDEBTEDNESS: WHAT HAS FINANCED THE GROWTH OF BRAZILIAN COMPANIES AFTER THE REAL PLAN ? |
title_fullStr |
INVESTMENT, PROFITABILITY AND INDEBTEDNESS: WHAT HAS FINANCED THE GROWTH OF BRAZILIAN COMPANIES AFTER THE REAL PLAN ? |
title_full_unstemmed |
INVESTMENT, PROFITABILITY AND INDEBTEDNESS: WHAT HAS FINANCED THE GROWTH OF BRAZILIAN COMPANIES AFTER THE REAL PLAN ? |
title_sort |
INVESTMENT, PROFITABILITY AND INDEBTEDNESS: WHAT HAS FINANCED THE GROWTH OF BRAZILIAN COMPANIES AFTER THE REAL PLAN ? |
author |
Majola Gava, Alexandre |
author_facet |
Majola Gava, Alexandre Mendes Vieira, Kelmara |
author_role |
author |
author2 |
Mendes Vieira, Kelmara |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Majola Gava, Alexandre Mendes Vieira, Kelmara |
dc.subject.por.fl_str_mv |
Investment decisions financing sources capital structures Decisiones de inversiones fuentes de financiación estructura de capital Decisões de investimento fontes de financiamento estrutura de capital |
topic |
Investment decisions financing sources capital structures Decisiones de inversiones fuentes de financiación estructura de capital Decisões de investimento fontes de financiamento estrutura de capital |
description |
A company’s capital structure is one of the main factors influencing its investment projects, the latter being the real driving forces behind a country’s economical expansion. In this context, this paper aims at analyzing the investment and financing decisions made by Brazilian companies after the Real Plan, with a view to identifying the types and amounts of application of resources, as well as the sources employed to supply them. To this end, the financial statements of companies with stocks listed on BOVESPA in the period 1995-2002 were analyzed, both in global terms and sectorial segmentation, from ANOVA tables. The findings suggest that investments of Brazilian companies, on average, were below the inflation ratios of the period, being that this growth is not aimed at fixed assets. The evidence is that there are major difficulties to supply these investments with self-financing or external sources of resources, such as stock or debt issues. Unencumbered liabilities, both of short and long-term, are preferably used instead. Finally, there have been statistically significant differences for indebtedness among the sectors researched, which matches international evidences on this regard. |
publishDate |
2013 |
dc.date.none.fl_str_mv |
2013-09-12 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Scientific Article; artículo científico; Avaliado pelos pares artigo científico; |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://seer.ufrgs.br/index.php/read/article/view/42595 |
url |
https://seer.ufrgs.br/index.php/read/article/view/42595 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://seer.ufrgs.br/index.php/read/article/view/42595/27025 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Federal do Rio Grande do Sul |
publisher.none.fl_str_mv |
Universidade Federal do Rio Grande do Sul |
dc.source.none.fl_str_mv |
Electronic Review of Administration; Vol. 9 No. 5 (2003): Edição 35 - Set/Out 2003 Revista Electrónica de Administración; Vol. 9 Núm. 5 (2003): Edição 35 - Set/Out 2003 Revista Eletrônica de Administração; v. 9 n. 5 (2003): Edição 35 - Set/Out 2003 1413-2311 1980-4164 reponame:REAd (Porto Alegre. Online) instname:Universidade Federal do Rio Grande do Sul (UFRGS) instacron:UFRGS |
instname_str |
Universidade Federal do Rio Grande do Sul (UFRGS) |
instacron_str |
UFRGS |
institution |
UFRGS |
reponame_str |
REAd (Porto Alegre. Online) |
collection |
REAd (Porto Alegre. Online) |
repository.name.fl_str_mv |
REAd (Porto Alegre. Online) - Universidade Federal do Rio Grande do Sul (UFRGS) |
repository.mail.fl_str_mv |
ea_read@ufrgs.br |
_version_ |
1799766204191080448 |