Financial constraint and cash flow sensitivity of Brazilian companies

Detalhes bibliográficos
Autor(a) principal: Bragioni, Camila Aparecida
Data de Publicação: 2018
Outros Autores: Lopes Santos, David Ferreira [UNESP]
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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spelling 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

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