Restrições financeiras e os investimentos corporativos no Brasil

• Ano de defesa: 2003
• Autor(a) principal: Hamburger, Ruth Renata
• Orientador(a): Furtado, Cláudio Vilar
• Tipo de documento: Tese
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: Administração contábil e financeira; Imperfeições do mercado de capitais; Investimento; Restrições financeiras; Fluxo de caixa
• Palavras-chave em Inglês: Investment; Cash flow; Capital market imperfections; Financial constraints
• Link de acesso: https://hdl.handle.net/10438/2540

The fixed investments decisions of firms operating in capital markets facing imperfections are sensitive to the availability of internal funds (investment-cashflow sensitivity), rather than just depending on the availability of projects with positive net present values. This occurs since, in these environments, the cost of external capital exceeds that of internal funds (this cost difference is called financial constraints). This study describes the main concepts, the intuition of some models and shows the current debate regarding the topic – the studies diverge regarding the influence of financial constraints in the investment-cashflow sensitivity. The relationship of financial constraints and investment-cashflow sensitivity is examined empirically with Brazilian firm-level data for the period 1992 to 2001 using CLEARY’s methodology. A new measure of total investments is proposed. The main result obtained with this sample, and considering the total investment model, is that investment decisions of firms with less financial constraints are sensitive to the availability of internal funds, but firms with higher financial constraints are not. This may be explained by the fact that these firms face financial distress problems and are in a situation where only the absolutely essential investments are taken.