Determinants of fixed assets investments in Brazil in 2007-2017 from a post-Keynesian approach: an empirical analysis

Detalhes bibliográficos
Autor(a) principal: Rinaldi Meyer, Tiago
Data de Publicação: 2023
Outros Autores: de Paula , Luiz Fernando
Tipo de documento: Artigo
Idioma: por
Texto Completo: https://revistas.ufrj.br/index.php/rec/article/view/62014
Resumo: This paper assesses empirically the determinants of private investment in Brazil between 2007 and 2017, from a Post-Keynesian approach, seeking to test whether the private investment of non-financial companies was affected by financialization and financial fragility processes a la Minsky. For this purpose, using the data of publicly traded non-financial companies in the period analyzed, segmented into different sector groups, the investment function is tested by two estimation methods: the Generalized Moments Method (GMM), in which an aggregate analysis and the temporal analysis method through the Autoregressive Model with Distributed Lag (ARDL), in which individual analyzes of each group are carried out. Individual results confirm the hypothesis of a negative relationship between financialization and productive investment; as for financial leverage, the models incorporating all companies with and without Petrobras presented a behavior in which higher levels of financial fragility negatively affect investment.
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spelling Determinants of fixed assets investments in Brazil in 2007-2017 from a post-Keynesian approach: an empirical analysisDeterminantes do investimento em capital fixo no Brasil em 2007-2017 a partir de uma perspectiva pós-keynesiana: uma análise empíricaRinaldi Meyer, Tiagode Paula , Luiz FernandoThis paper assesses empirically the determinants of private investment in Brazil between 2007 and 2017, from a Post-Keynesian approach, seeking to test whether the private investment of non-financial companies was affected by financialization and financial fragility processes a la Minsky. For this purpose, using the data of publicly traded non-financial companies in the period analyzed, segmented into different sector groups, the investment function is tested by two estimation methods: the Generalized Moments Method (GMM), in which an aggregate analysis and the temporal analysis method through the Autoregressive Model with Distributed Lag (ARDL), in which individual analyzes of each group are carried out. Individual results confirm the hypothesis of a negative relationship between financialization and productive investment; as for financial leverage, the models incorporating all companies with and without Petrobras presented a behavior in which higher levels of financial fragility negatively affect investment.Este artigo avalia empiricamente os determinantes do investimento privado no Brasil entre 2007 a 2017, a partir de uma abordagem pós-keynesiana, buscando testar se o investimento privado das empresas não financeiras foi afetado pelos processos de financeirização e fragilização financeira a la Minsky. Para tanto, utilizando os dados das empresas não financeiras de capital aberto no período analisado, segmentados em grupos setoriais distintos, a função de investimento é testada por dois métodos de estimação: o Método dos Momentos Generalizados (GMM), em que é realizada uma análise agregada e pelo método de análise temporal através do Modelo Autoregressivo com Defasagem Distribuída (ARDL), em que são realizadas análises individuais de cada grupo. Os resultados individuais confirmam a hipótese da relação negativa entre financeirização e investimento produtivo; quanto à alavancagem financeira, os modelos que incorporam todas as empresas com e sem a Petrobras apresentaram um comportamento em que maiores níveis de fragilização financeira afetam negativamente o investimento.IE-UFRJ2023-11-23info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArtigo avaliado pelos Paresapplication/pdfhttps://revistas.ufrj.br/index.php/rec/article/view/62014Revista 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/62014/39383Copyright (c) 2023 Tiago Rinaldi Meyer, Luiz Fernando de Paula http://creativecommons.org/licenses/by/4.0oai:ojs.pkp.sfu.ca:article/620142023-11-24T18:31:08Z
dc.title.none.fl_str_mv Determinants of fixed assets investments in Brazil in 2007-2017 from a post-Keynesian approach: an empirical analysis
Determinantes do investimento em capital fixo no Brasil em 2007-2017 a partir de uma perspectiva pós-keynesiana: uma análise empírica
title Determinants of fixed assets investments in Brazil in 2007-2017 from a post-Keynesian approach: an empirical analysis
spellingShingle Determinants of fixed assets investments in Brazil in 2007-2017 from a post-Keynesian approach: an empirical analysis
Rinaldi Meyer, Tiago
title_short Determinants of fixed assets investments in Brazil in 2007-2017 from a post-Keynesian approach: an empirical analysis
title_full Determinants of fixed assets investments in Brazil in 2007-2017 from a post-Keynesian approach: an empirical analysis
title_fullStr Determinants of fixed assets investments in Brazil in 2007-2017 from a post-Keynesian approach: an empirical analysis
title_full_unstemmed Determinants of fixed assets investments in Brazil in 2007-2017 from a post-Keynesian approach: an empirical analysis
title_sort Determinants of fixed assets investments in Brazil in 2007-2017 from a post-Keynesian approach: an empirical analysis
dc.creator.none.fl_str_mv Rinaldi Meyer, Tiago
de Paula , Luiz Fernando
author Rinaldi Meyer, Tiago
author_facet Rinaldi Meyer, Tiago
de Paula , Luiz Fernando
author_role author
author2 de Paula , Luiz Fernando
author2_role author
description This paper assesses empirically the determinants of private investment in Brazil between 2007 and 2017, from a Post-Keynesian approach, seeking to test whether the private investment of non-financial companies was affected by financialization and financial fragility processes a la Minsky. For this purpose, using the data of publicly traded non-financial companies in the period analyzed, segmented into different sector groups, the investment function is tested by two estimation methods: the Generalized Moments Method (GMM), in which an aggregate analysis and the temporal analysis method through the Autoregressive Model with Distributed Lag (ARDL), in which individual analyzes of each group are carried out. Individual results confirm the hypothesis of a negative relationship between financialization and productive investment; as for financial leverage, the models incorporating all companies with and without Petrobras presented a behavior in which higher levels of financial fragility negatively affect investment.
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/62014
url https://revistas.ufrj.br/index.php/rec/article/view/62014
dc.language.none.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://revistas.ufrj.br/index.php/rec/article/view/62014/39383
dc.rights.none.fl_str_mv Copyright (c) 2023 Tiago Rinaldi Meyer, Luiz Fernando de Paula
http://creativecommons.org/licenses/by/4.0
rights_invalid_str_mv Copyright (c) 2023 Tiago Rinaldi Meyer, Luiz Fernando de Paula
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_ 1789436683411783680

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