Determinants of corporate cash holdings in times of crisis: Insights from Brazilian sugarcane industry private firms
Autor(a) principal: | |
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Data de Publicação: | 2018 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional da UNESP |
Texto Completo: | http://dx.doi.org/10.22434/IFAMR2017.0062 http://hdl.handle.net/11449/179692 |
Resumo: | The decision-making process regarding cash allocation, especially in times of recession, is somewhat challenging. Thus, the aim of this study is to evaluate the effects of the financial crisis in cash holdings of privately-held firms in the Brazilian sugarcane industry. For this purpose, a unique, hand-collected panel data of 31 firms for the period from 1998 to 2015 was used. The results show that the private firms of the industry maintain higher levels of cash than the average found by studies with Brazilian public companies. Furthermore, between the two dummy variables used, representing the subprime crisis and the most recent economic crisis in Brazil, only the second one was significant. Finally, in order to overcome the adverse conditions of the current Brazilian economic crisis, it was observed an increase in cash holdings, which, in turn, denotes the relevance of precautionary reasons in the understanding of cash management. |
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Determinants of corporate cash holdings in times of crisis: Insights from Brazilian sugarcane industry private firmsAgri-foodAgribusinessCash managementFinancial crisisTreasuryThe decision-making process regarding cash allocation, especially in times of recession, is somewhat challenging. Thus, the aim of this study is to evaluate the effects of the financial crisis in cash holdings of privately-held firms in the Brazilian sugarcane industry. For this purpose, a unique, hand-collected panel data of 31 firms for the period from 1998 to 2015 was used. The results show that the private firms of the industry maintain higher levels of cash than the average found by studies with Brazilian public companies. Furthermore, between the two dummy variables used, representing the subprime crisis and the most recent economic crisis in Brazil, only the second one was significant. Finally, in order to overcome the adverse conditions of the current Brazilian economic crisis, it was observed an increase in cash holdings, which, in turn, denotes the relevance of precautionary reasons in the understanding of cash management.School of Economics Business Administration and Accounting in Ribeirão Preto (FEA-RP) University of São Paulo (USP), Av. dos Bandeirantes 3900 FEA-RPDepartment of Accounting School of Economics Business Administration and Accounting in Ribeirão Preto (FEA-RP) University of São Paulo (USP), Av. dos Bandeirantes 3900 FEA-RPDepartment of Economy Administration and Education São Paulo State University (UNESP) School of Agricultural and Veterinarian Sciences, Jaboticabal. Rod. Prof. Paulo Donato Castellane S/NDepartment of Business Administration School of Economics Business Administration and Accounting in Ribeirão Preto (FEA-RP) University of São Paulo (USP), Av. dos Bandeirantes 3900 FEA-RPDepartment of Economy Administration and Education São Paulo State University (UNESP) School of Agricultural and Veterinarian Sciences, Jaboticabal. Rod. Prof. Paulo Donato Castellane S/NUniversidade de São Paulo (USP)Universidade Estadual Paulista (Unesp)Manoel, Aviner Augusto SilvaMoraes, Marcelo Botelho da CostaSantos, David Ferreira Lopes [UNESP]Neves, Marcos Fava2018-12-11T17:36:23Z2018-12-11T17:36:23Z2018-01-01info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/article201-218application/pdfhttp://dx.doi.org/10.22434/IFAMR2017.0062International Food and Agribusiness Management Review, v. 21, n. 2, p. 201-218, 2018.1559-2448http://hdl.handle.net/11449/17969210.22434/IFAMR2017.00622-s2.0-850442659292-s2.0-85044265929.pdfScopusreponame:Repositório Institucional da UNESPinstname:Universidade Estadual Paulista (UNESP)instacron:UNESPengInternational Food and Agribusiness Management Reviewinfo:eu-repo/semantics/openAccess2024-06-06T14:54:21Zoai:repositorio.unesp.br:11449/179692Repositório InstitucionalPUBhttp://repositorio.unesp.br/oai/requestopendoar:29462024-08-05T21:27:55.002586Repositório Institucional da UNESP - Universidade Estadual Paulista (UNESP)false |
dc.title.none.fl_str_mv |
Determinants of corporate cash holdings in times of crisis: Insights from Brazilian sugarcane industry private firms |
title |
Determinants of corporate cash holdings in times of crisis: Insights from Brazilian sugarcane industry private firms |
spellingShingle |
Determinants of corporate cash holdings in times of crisis: Insights from Brazilian sugarcane industry private firms Manoel, Aviner Augusto Silva Agri-food Agribusiness Cash management Financial crisis Treasury |
title_short |
Determinants of corporate cash holdings in times of crisis: Insights from Brazilian sugarcane industry private firms |
title_full |
Determinants of corporate cash holdings in times of crisis: Insights from Brazilian sugarcane industry private firms |
title_fullStr |
Determinants of corporate cash holdings in times of crisis: Insights from Brazilian sugarcane industry private firms |
title_full_unstemmed |
Determinants of corporate cash holdings in times of crisis: Insights from Brazilian sugarcane industry private firms |
title_sort |
Determinants of corporate cash holdings in times of crisis: Insights from Brazilian sugarcane industry private firms |
author |
Manoel, Aviner Augusto Silva |
author_facet |
Manoel, Aviner Augusto Silva Moraes, Marcelo Botelho da Costa Santos, David Ferreira Lopes [UNESP] Neves, Marcos Fava |
author_role |
author |
author2 |
Moraes, Marcelo Botelho da Costa Santos, David Ferreira Lopes [UNESP] Neves, Marcos Fava |
author2_role |
author author author |
dc.contributor.none.fl_str_mv |
Universidade de São Paulo (USP) Universidade Estadual Paulista (Unesp) |
dc.contributor.author.fl_str_mv |
Manoel, Aviner Augusto Silva Moraes, Marcelo Botelho da Costa Santos, David Ferreira Lopes [UNESP] Neves, Marcos Fava |
dc.subject.por.fl_str_mv |
Agri-food Agribusiness Cash management Financial crisis Treasury |
topic |
Agri-food Agribusiness Cash management Financial crisis Treasury |
description |
The decision-making process regarding cash allocation, especially in times of recession, is somewhat challenging. Thus, the aim of this study is to evaluate the effects of the financial crisis in cash holdings of privately-held firms in the Brazilian sugarcane industry. For this purpose, a unique, hand-collected panel data of 31 firms for the period from 1998 to 2015 was used. The results show that the private firms of the industry maintain higher levels of cash than the average found by studies with Brazilian public companies. Furthermore, between the two dummy variables used, representing the subprime crisis and the most recent economic crisis in Brazil, only the second one was significant. Finally, in order to overcome the adverse conditions of the current Brazilian economic crisis, it was observed an increase in cash holdings, which, in turn, denotes the relevance of precautionary reasons in the understanding of cash management. |
publishDate |
2018 |
dc.date.none.fl_str_mv |
2018-12-11T17:36:23Z 2018-12-11T17:36:23Z 2018-01-01 |
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/10.22434/IFAMR2017.0062 International Food and Agribusiness Management Review, v. 21, n. 2, p. 201-218, 2018. 1559-2448 http://hdl.handle.net/11449/179692 10.22434/IFAMR2017.0062 2-s2.0-85044265929 2-s2.0-85044265929.pdf |
url |
http://dx.doi.org/10.22434/IFAMR2017.0062 http://hdl.handle.net/11449/179692 |
identifier_str_mv |
International Food and Agribusiness Management Review, v. 21, n. 2, p. 201-218, 2018. 1559-2448 10.22434/IFAMR2017.0062 2-s2.0-85044265929 2-s2.0-85044265929.pdf |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
International Food and Agribusiness Management Review |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
201-218 application/pdf |
dc.source.none.fl_str_mv |
Scopus 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_ |
1808129323531501568 |