Exchange rate volatility, uncertainty, and investment: evidence for Brazilian companies (1997-2019)
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Data de Publicação: | 2023 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por |
Texto Completo: | https://revistas.ufrj.br/index.php/rec/article/view/62017 |
Resumo: | This research analyzes the effects of exchange rate uncertainties on the investment of publicly traded companies in Brazil. Based on a theoretical framework and a review of the literature on the relationship between foreign exchange and investments, an empirical investigation was carried out by using the dynamic data analysis for 24 sectors of the manufacturing industry, grouped into four sectors according to the intensity of the factors used in production: (i) intensive in natural resources; (ii) labor intensive; (iii) intensive in scale; and (iv) intensive in technology. The database comprises the period of 1997 to 2019 and was obtained from the financial statements of 309 companies in the manufacturing industry extracted from the Economática database, in addition to variables obtained from Ipeadata and the Brazilian Central Bank (BCB). In line with the theoretical and empirical literature on the subject, the main empirical results of the research indicated that the estimated coefficient of the exchange rate volatility was not significant only for the group of companies whose intensity of productive factors are natural resources. For all other groups, this coefficient was statistically significant, indicating that exchange rate volatility affects the investment of the domestic industries, especially those intensive in technology, in the considered period. |
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Exchange rate volatility, uncertainty, and investment: evidence for Brazilian companies (1997-2019)Volatilidade da taxa de câmbio, incerteza e investimento: evidências para empresas brasileiras (1997-2019)Araujo, Elisangela Luziade Araújo, Eliane CristinaCabreira Brito, EloháThis research analyzes the effects of exchange rate uncertainties on the investment of publicly traded companies in Brazil. Based on a theoretical framework and a review of the literature on the relationship between foreign exchange and investments, an empirical investigation was carried out by using the dynamic data analysis for 24 sectors of the manufacturing industry, grouped into four sectors according to the intensity of the factors used in production: (i) intensive in natural resources; (ii) labor intensive; (iii) intensive in scale; and (iv) intensive in technology. The database comprises the period of 1997 to 2019 and was obtained from the financial statements of 309 companies in the manufacturing industry extracted from the Economática database, in addition to variables obtained from Ipeadata and the Brazilian Central Bank (BCB). In line with the theoretical and empirical literature on the subject, the main empirical results of the research indicated that the estimated coefficient of the exchange rate volatility was not significant only for the group of companies whose intensity of productive factors are natural resources. For all other groups, this coefficient was statistically significant, indicating that exchange rate volatility affects the investment of the domestic industries, especially those intensive in technology, in the considered period.Esta pesquisa analisa os efeitos da incerteza cambial sobre o investimento das empresas de capital aberto no Brasil. A partir de um referencial teórico e da revisão da literatura sobre a relação entre câmbio e investimentos, procedeu-se uma investigação empírica por meio da análise de dados em painel dinâmico para 24 setores da indústria de transformação, reagrupados em quatro setores segundo a intensidade dos fatores empregados na produção: (i) intensiva em recursos naturais; (ii) intensiva em trabalho; (iii) intensiva em escala; e (iv) intensiva em tecnologia. A base de dados compreende o período 1997-2019 e foi obtida dos demonstrativos financeiros de 309 empresas da indústria de transformação extraídos da base Economática, além de variáveis obtidas junto ao Ipeadata e Banco Central do Brasil (BCB). Em linha com a literatura teórica e empírica sobre o tema, os principais resultados empíricos da pesquisa indicaram que o coeficiente estimado da variável volatidade cambial só não foi significativo para o grupo de empresas cuja intensidade de fatores produtivos são os recursos naturais. Para todos os demais grupos, este coeficiente foi estatisticamente significante, indicando que volatilidade da taxa de câmbio afeta o investimento das indústrias domésticas, em especial aquelas intensivas em tecnologia, no período considerado.IE-UFRJ2023-11-23info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArtigo avaliado pelos Paresapplication/pdfhttps://revistas.ufrj.br/index.php/rec/article/view/62017Revista de Economia Contemporânea; Rev. Econ. Contemp., v. 27, 2023Journal of Contemporary Economics; Rev. Econ. Contemp., v. 27, 20231980-5527porhttps://revistas.ufrj.br/index.php/rec/article/view/62017/39386Copyright (c) 2023 Elisangela Luzia Araujo, Eliane Cristina de Araújo, Elohá Cabreira Britohttp://creativecommons.org/licenses/by/4.0oai:ojs.pkp.sfu.ca:article/620172023-11-24T18:31:08Z |
dc.title.none.fl_str_mv |
Exchange rate volatility, uncertainty, and investment: evidence for Brazilian companies (1997-2019) Volatilidade da taxa de câmbio, incerteza e investimento: evidências para empresas brasileiras (1997-2019) |
title |
Exchange rate volatility, uncertainty, and investment: evidence for Brazilian companies (1997-2019) |
spellingShingle |
Exchange rate volatility, uncertainty, and investment: evidence for Brazilian companies (1997-2019) Araujo, Elisangela Luzia |
title_short |
Exchange rate volatility, uncertainty, and investment: evidence for Brazilian companies (1997-2019) |
title_full |
Exchange rate volatility, uncertainty, and investment: evidence for Brazilian companies (1997-2019) |
title_fullStr |
Exchange rate volatility, uncertainty, and investment: evidence for Brazilian companies (1997-2019) |
title_full_unstemmed |
Exchange rate volatility, uncertainty, and investment: evidence for Brazilian companies (1997-2019) |
title_sort |
Exchange rate volatility, uncertainty, and investment: evidence for Brazilian companies (1997-2019) |
dc.creator.none.fl_str_mv |
Araujo, Elisangela Luzia de Araújo, Eliane Cristina Cabreira Brito, Elohá |
author |
Araujo, Elisangela Luzia |
author_facet |
Araujo, Elisangela Luzia de Araújo, Eliane Cristina Cabreira Brito, Elohá |
author_role |
author |
author2 |
de Araújo, Eliane Cristina Cabreira Brito, Elohá |
author2_role |
author author |
description |
This research analyzes the effects of exchange rate uncertainties on the investment of publicly traded companies in Brazil. Based on a theoretical framework and a review of the literature on the relationship between foreign exchange and investments, an empirical investigation was carried out by using the dynamic data analysis for 24 sectors of the manufacturing industry, grouped into four sectors according to the intensity of the factors used in production: (i) intensive in natural resources; (ii) labor intensive; (iii) intensive in scale; and (iv) intensive in technology. The database comprises the period of 1997 to 2019 and was obtained from the financial statements of 309 companies in the manufacturing industry extracted from the Economática database, in addition to variables obtained from Ipeadata and the Brazilian Central Bank (BCB). In line with the theoretical and empirical literature on the subject, the main empirical results of the research indicated that the estimated coefficient of the exchange rate volatility was not significant only for the group of companies whose intensity of productive factors are natural resources. For all other groups, this coefficient was statistically significant, indicating that exchange rate volatility affects the investment of the domestic industries, especially those intensive in technology, in the considered period. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-11-23 |
dc.type.none.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Artigo avaliado pelos Pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.none.fl_str_mv |
https://revistas.ufrj.br/index.php/rec/article/view/62017 |
url |
https://revistas.ufrj.br/index.php/rec/article/view/62017 |
dc.language.none.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://revistas.ufrj.br/index.php/rec/article/view/62017/39386 |
dc.rights.none.fl_str_mv |
Copyright (c) 2023 Elisangela Luzia Araujo, Eliane Cristina de Araújo, Elohá Cabreira Brito http://creativecommons.org/licenses/by/4.0 |
rights_invalid_str_mv |
Copyright (c) 2023 Elisangela Luzia Araujo, Eliane Cristina de Araújo, Elohá Cabreira Brito http://creativecommons.org/licenses/by/4.0 |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
IE-UFRJ |
publisher.none.fl_str_mv |
IE-UFRJ |
dc.source.none.fl_str_mv |
Revista de Economia Contemporânea; Rev. Econ. Contemp., v. 27, 2023 Journal of Contemporary Economics; Rev. Econ. Contemp., v. 27, 2023 1980-5527 |
repository.name.fl_str_mv |
|
repository.mail.fl_str_mv |
|
_version_ |
1789436683418075136 |