Determinants of financing cash flows: a study started from the point of view of stock concentration

• Autor(a) principal: Barros, Manuela Gonçalves
• Data de Publicação: 2020
• Outros Autores: Gomes, Marina Oliveira, de Andrade, Jéssica Duarte, Sá, Kálita Santos
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista Ambiente Contábil
• Texto Completo: https://periodicos.ufrn.br/ambiente/article/view/16323
• topic: Equity concentration; Financing Cash Flow; Corporate Governance; Concentración accionaria; Flujo de Caja de Financiamiento; Gobernanza Corporativa.; Concentração acionária; Fluxo de Caixa de Financiamento; Governança Corporativa

Purpose: Since the literature indicates a relationship between the attraction of external resources to corporate governance and also between corporate governance and shareholder concentration, this study aimed to verify if the stock concentration is a determinant of the financing cash flows, seeking also to identify the impact of other determinants on these flows. Methodology: The sample is composed of 284 publicly traded non-financial corporations active at BM & FBovespa in 2014. Initially, simple linear regression was used, whose dependent variable was the cash flow from financing and the independent variable the share control. In order to identify the impact of other determinants of the financing cash flow, multiple regression was used, in which the dependent variable remained the same and the independent variables were: stock control, company size, investment opportunity, flow of cash and capital expenditure. Results: It was verified that the stock concentration is not a determinant of the financing cash flow, but that the other variables tested impact the said flow with the expected signals, with the exception of the investment opportunity, for which a negative effect was expected, but there was a positive effect. The result regarding the expected share concentration is expected, since, based on the literature, it is understood that there is a relationship between stock concentration and the level of corporate governance, and the higher the level of governance, the greater the ability to raise funds from third parties. Contribution of the Study: The study adds to the other studies related to the determinants of the cash balance and cash flows in Brazil, since the Brazilian literature has not found a work focused on the determinants of cash flow flows. In addition, it investigated a variable that had not yet been indicated as a possible determinant of financing flows.