Restrição financeira em empresas com ações negociadas na Bovespa

Abstract

O artigo analisa se empresas com ações negociadas na Bovespa enfrentaram restrições financeiras a investimentos no período entre 2001 e 2005. A análise de painel com dados de balanço patrimonial e de preços de mercado das ações revela que os investimentos das empresas de grande porte apresentam maior sensibilidade aos fluxos de caixa. Esse resultado discrepante com a literatura tradicional de restrição financeira a investimentos é discutido à luz de argumentos teóricos e evidências empíricas de pesquisas mais recentes.<br>The paper focuses on evaluating whether Brazilian publicly traded companies faced financial constraints on investments over the period 2001-2005. Relying on balance-sheet and stock price data, a panel data analysis is carried out, yielding results in disagreement with the conventional literature: large firms' investments appear to be more sensitive to cash flows than smaller firms'. Nonetheless, the recent literature provides some theoretical rationale as well as empirical evidence consistent with these findings

Credit Scarcity in Developing Countries: An Empirical Investigation Using Brazilian Firm-Level Data

“…In the first case, Brazilian firms are classified as small, middle and large considering the number of employees. Although previous evidence that analyze the impact of size on credit restrictions has been mixed in Brazil, as observed in Terra (2003) and Aldrighi and Bisinha (2010), our results are in line with the traditional literature: cash flow coefficient is insignificant or at least (depending on the econometric specification) has a lower elasticity magnitude for larger firms.…”

“…In Terra (2003), the hypothesis that the cash flow coefficient is equal for large and small firms cannot be rejected, unless in a limited period of time (1994)(1995)(1996)(1997) when credit constraints were softer among large firms. 2 In Aldrighi and Bisinha (2010), the cash flow coefficient is always significant, and indeed increases with firm size. The authors suggest that financial difficulties between firms with smaller size may explain their findings, as the desire to maintain a "financial slack", avoiding in this way future liquidity problems, may weaken the investment -cash flow relationship.…”

“…More recently, we can cite the work of Aldrighi and Bisinha (2010). The general conclusion of these authors is that Brazilian firms are indeed credit-constrained.…”

Relaxing Credit Constraints in Emerging Economies: The Impact of Public Loans on the Performance of Brazilian Manufacturers

“…Banerjee and Duflo (2005) provide evidence that firms in many developing countries face credit constraints, using a sample of countries including Brazil. More specifically, Terra (2003), Aldrighi and Bisinha (2010) and Ambrozio et al (2013) provide evidence that Brazilian firms are credit constrained by investigating this issue at the firm level. The link between innovation and economic growth is well established with recent studies showing that 40% of productivity growth can be accounted by R&D (Reickard, 2011).…”

“…This means that firms that requested BNDES financial support only once were not credit 30 See also Aldrighi and Bisinha (2010), Ambrozio et al (2013), and Terra (2003) for other papers investigating credit restriction using Brazilian firm-level data. 31 See Ambrozio et al (2013) for additional details.…”