Gestão de estoques e sua influência no desempenho financeiro: uma análise em empresas de manufatura

André Carrara Cotomácio, Jorge Luis Faria Meirelles, Nara Rossetti

Resumo


O presente estudo avaliou como a manutenção dos níveis de estoque podem afetar a lucratividade, rentabilidade e o desempenho das ações na maximização da riqueza do acionista. Para tanto, foram feitas regressões de dados em painel a partir de dados financeiros de empresas que representam o setor de manufatura brasileiro, listadas no Índice do Setor Industrial (INDX) da BM&FBOVESPA (http://www.b3.com.br/pt_br/market-data-e-indices/indices/indices-de-segmentos-e-setoriais/indice-do-setor-industrial-indx.htm, recuperado em 23, Agosto, 2019). Os resultados apontam que a confirmação ou refutação dessa hipótese variam conforme a métrica financeira e de gestão de estoque utilizadas, respectivamente, como variáveis dependentes e independentes. Outro resultado observado é que a criação de valor ao acionista sofre maior influência ou é capaz de isolar melhor o efeito de uma correta gestão de estoques, se comparada a métricas de lucratividade e de rentabilidade, somente quando atrelada aos indicadores de estoques de matéria prima e de produtos acabados. 


Palavras-chave


Estoques; Capital de Giro; Desempenho financeiro; Indústria Brasileira; INDX Bovespa

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Referências


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DOI: https://doi.org/10.5585/exactaep.v19n1.14751

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