Como os executivos de finanças tomam decisões de estrutura de capital e gestão de caixa em empresas brasileiras

• Autor(a) principal: Kuniy, Mario
• Data de Publicação: 2011
• Tipo de documento: Tese
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações do Mackenzie
• Texto Completo: http://dspace.mackenzie.br/handle/10899/23266
• topic: estrutura de capital; gestão de caixa; tomada de decisão; planejamento de longo prazo; gestão de risco financeiro; executivo de finanças; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS

The studies related to Corporate Finance have assessed by quantitative way, their causes and effects criteria, models and strategies that seek to corroborate theories (partially or not) and suggest studies that seek answers to several gaps in the academy. This study uses a qualitative way, through content analysis, six interviews with executives of Finance area (CFO - Chief Financial Officer) or similar functions, as they make decisions or are determined to capital structure analyzes for process of fundraising, cash management policies and the factors that influence decision-making. Thus, the main objective is to identify how CFOS make capital structure decisions and cash management. The literature review covers the concepts related to research problem being the capital structure, working capital, cost of capital, risk management, diversification, agency theory, pecking order/trade-off decision instruments, financial constraints and financial slack. The methodology of the study can be considered appropriate for the analysis of the testimony of executives in decision-making. The intention of interviews is to investigate what are criterias used by these executives to make their decisions on capital structure choices, focusing on investments and fundraising; who decides what level of acceptable risk in the financial and business operations. The method of content analysis suggested by Bardin (2011) is applied, with the support of NVIVO program to create categories, subcategories and importance ratings. The literature suggests that some rules used by the CFOs are not always consistent with the rules identified in academic studies. Interpretations of research corroborate part of the capital structure, pecking order/trade-off studies and cash management, but part of the practice of interviewed executives is differentiated with academic concepts. The study also suggests that cash management and financial planning for long term contribute to reducing interest expense and improving the business opportunities. The analysis and interpretation of the study indicate that the concern with the strategy, processes of the companies, credit rating are constant, in addition to macroeconomic and microeconomic factors analysis contribute to dynamic decision-making of CFOs.