Los efectos de la deuda y la restricción financiera en el comportamiento de la inversión de las empresas brasileñas no financieras cotizadas en B3

Duterval Jesuka, Vinicius Silva Pereira, Antonio Sergio Torres Penedo

Resumo


Este estudio investigó el impacto de las restricciones financieras sobre la relación entre el comportamiento de inversión y las decisiones de endeudamiento de las empresas brasileñas cotizadas B3. Se utilizó una regresión lineal con datos de panel en una muestra de 536 empresas que cotizaron en el período de 2010 a 2017. El tamaño de la empresa, la deuda a largo y corto plazo y la estructura de la propiedad se consideraron como variables de restricción financiera. Se encontró que, en Brasil las grandes empresas y privadas, poseen mayor proporción de activos, tienen menores restricciones para endeudarse, y aun así, deciden sobre sus inversiones basándose en la oportunidad de crecimiento y en sus capacidades de generar flujo de caja. Mientras tanto, las empresas pequeñas, con una pequeña deuda bancaria a largo plazo y las estatales encuentran más restricciones financieras, en consecuencia, sólo invierten a partir de flujos de caja generados.


Palavras-chave


Estructura de capital; Comportamiento de inversión; Restricción financiera.

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Referências


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DOI: https://doi.org/10.5585/exactaep.v19n1.13806

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