Financial constraint and cash flow sensitivity of Brazilian companies
Autor(a) principal: | |
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Data de Publicação: | 2018 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Repositório Institucional da UNESP |
Texto Completo: | http://dx.doi.org/10.18046/j.estger.2018.149.2735 http://hdl.handle.net/11449/186592 |
Resumo: | This study analyzes the impact of financial constraint on the cash sensitivity of Brazilian companies, based on an empirical model that extrapolates literature with the moderation of the level of governance and the geographical vicinity of companies to the main financial center of the country. This issue is relevant in emerging markets due to poor market efficiency, economic inequality and access to financial market. A regression analysis performed with panel data in a sample of 319 companies (2009-2016) demonstrated a positive and significant impact of financial constraint on cash flow sensitivity, with specificities for the Brazilian market. Both theoretical and practical contributions are proposed, particularly around the need for internalization of the Brazilian stock exchange market. |
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Financial constraint and cash flow sensitivity of Brazilian companiesinformation asymmetryemerging economiesindebtednessinvestmentgeographic locationThis study analyzes the impact of financial constraint on the cash sensitivity of Brazilian companies, based on an empirical model that extrapolates literature with the moderation of the level of governance and the geographical vicinity of companies to the main financial center of the country. This issue is relevant in emerging markets due to poor market efficiency, economic inequality and access to financial market. A regression analysis performed with panel data in a sample of 319 companies (2009-2016) demonstrated a positive and significant impact of financial constraint on cash flow sensitivity, with specificities for the Brazilian market. Both theoretical and practical contributions are proposed, particularly around the need for internalization of the Brazilian stock exchange market.Univ Estadual Paulista Julio de Mesquita Filho UN, Dept Econ Adm & Educ, Jaboticabal, BrazilUniv Estadual Paulista Julio de Mesquita Filho UN, Dept Econ Adm & Educ, Jaboticabal, BrazilUniv IcesiUniversidade Estadual Paulista (Unesp)Bragioni, Camila AparecidaLopes Santos, David Ferreira [UNESP]2019-10-05T08:17:30Z2019-10-05T08:17:30Z2018-10-01info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/article373-384http://dx.doi.org/10.18046/j.estger.2018.149.2735Estudios Gerenciales. Cali: Univ Icesi, v. 34, n. 149, p. 373-384, 2018.0123-5923http://hdl.handle.net/11449/18659210.18046/j.estger.2018.149.2735WOS:000456163400003Web of Sciencereponame:Repositório Institucional da UNESPinstname:Universidade Estadual Paulista (UNESP)instacron:UNESPporEstudios Gerencialesinfo:eu-repo/semantics/openAccess2024-06-06T14:54:18Zoai:repositorio.unesp.br:11449/186592Repositório InstitucionalPUBhttp://repositorio.unesp.br/oai/requestopendoar:29462024-08-05T15:10:39.553622Repositório Institucional da UNESP - Universidade Estadual Paulista (UNESP)false |
dc.title.none.fl_str_mv |
Financial constraint and cash flow sensitivity of Brazilian companies |
title |
Financial constraint and cash flow sensitivity of Brazilian companies |
spellingShingle |
Financial constraint and cash flow sensitivity of Brazilian companies Bragioni, Camila Aparecida information asymmetry emerging economies indebtedness investment geographic location |
title_short |
Financial constraint and cash flow sensitivity of Brazilian companies |
title_full |
Financial constraint and cash flow sensitivity of Brazilian companies |
title_fullStr |
Financial constraint and cash flow sensitivity of Brazilian companies |
title_full_unstemmed |
Financial constraint and cash flow sensitivity of Brazilian companies |
title_sort |
Financial constraint and cash flow sensitivity of Brazilian companies |
author |
Bragioni, Camila Aparecida |
author_facet |
Bragioni, Camila Aparecida Lopes Santos, David Ferreira [UNESP] |
author_role |
author |
author2 |
Lopes Santos, David Ferreira [UNESP] |
author2_role |
author |
dc.contributor.none.fl_str_mv |
Universidade Estadual Paulista (Unesp) |
dc.contributor.author.fl_str_mv |
Bragioni, Camila Aparecida Lopes Santos, David Ferreira [UNESP] |
dc.subject.por.fl_str_mv |
information asymmetry emerging economies indebtedness investment geographic location |
topic |
information asymmetry emerging economies indebtedness investment geographic location |
description |
This study analyzes the impact of financial constraint on the cash sensitivity of Brazilian companies, based on an empirical model that extrapolates literature with the moderation of the level of governance and the geographical vicinity of companies to the main financial center of the country. This issue is relevant in emerging markets due to poor market efficiency, economic inequality and access to financial market. A regression analysis performed with panel data in a sample of 319 companies (2009-2016) demonstrated a positive and significant impact of financial constraint on cash flow sensitivity, with specificities for the Brazilian market. Both theoretical and practical contributions are proposed, particularly around the need for internalization of the Brazilian stock exchange market. |
publishDate |
2018 |
dc.date.none.fl_str_mv |
2018-10-01 2019-10-05T08:17:30Z 2019-10-05T08:17:30Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://dx.doi.org/10.18046/j.estger.2018.149.2735 Estudios Gerenciales. Cali: Univ Icesi, v. 34, n. 149, p. 373-384, 2018. 0123-5923 http://hdl.handle.net/11449/186592 10.18046/j.estger.2018.149.2735 WOS:000456163400003 |
url |
http://dx.doi.org/10.18046/j.estger.2018.149.2735 http://hdl.handle.net/11449/186592 |
identifier_str_mv |
Estudios Gerenciales. Cali: Univ Icesi, v. 34, n. 149, p. 373-384, 2018. 0123-5923 10.18046/j.estger.2018.149.2735 WOS:000456163400003 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
Estudios Gerenciales |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
373-384 |
dc.publisher.none.fl_str_mv |
Univ Icesi |
publisher.none.fl_str_mv |
Univ Icesi |
dc.source.none.fl_str_mv |
Web of Science reponame:Repositório Institucional da UNESP instname:Universidade Estadual Paulista (UNESP) instacron:UNESP |
instname_str |
Universidade Estadual Paulista (UNESP) |
instacron_str |
UNESP |
institution |
UNESP |
reponame_str |
Repositório Institucional da UNESP |
collection |
Repositório Institucional da UNESP |
repository.name.fl_str_mv |
Repositório Institucional da UNESP - Universidade Estadual Paulista (UNESP) |
repository.mail.fl_str_mv |
|
_version_ |
1808128474590740480 |