Necessidade do capital de giro e nível de vendas

Fusco, José Paulo Alves

doi:10.1590/s0034-75901996000200008

Cited by 9 publications

(12 citation statements)

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“…As a means to enhance prediction accuracy, the author also suggests the evaluation of macro-economical indices, such as: interest and unemployment rates; income level, and customers' expectation, including their sensitivity to price variations; price of substitute goods; product life cycle; and competition level in a given sector, that is, a retailer's marketing effort in the face of competitors' efforts. Fusco (1996) explains that increase in sales builds similar needs in inventories, accounts receivable, and cash balance sheet, all of them demanding some funding. Increase in sales implies business-related uncertainty because of four major factors, namely: 1) sales uncertainty, related to new customer's behavior; 2) uncertainty on receipt rate because of increase in number of new customers having different payment patterns; 3) uncertainty on production cost owing to higher operational leverage and insecurity regarding input availability; and 4) uncertainty related to cash outflow owing to new liabilities and possibility of imbalance with respective cash inflow.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Although it is not a certainty that a company will need some loan because of changes in cash and operating cycles, prediction in sales increment will surely yield increase in investment in working assets (Fusco, 1996). Obviously, larger sales demand larger stocks, which accounts for larger sales volume and necessity to increase working capital, unless a company manages to operate in negative cash cycle (i.e., payments carried out after…”

Section: Literature Reviewmentioning

confidence: 99%

“…However, companies in group II endeavored to invest more in working assets, probably as a means to prevent themselves from sales variation. This, according to Duarte Junior (2003) and Fusco (1996), is a cautious and apparently successful strategy. However, the initial expectation would be contrary to the result, since higher investments in working assets are likely to yield lower profitability rates.…”

Section: Final Remarksmentioning

confidence: 99%

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Retail industry: seasonality in sales, and financial results

Mesquita¹,

Martins²

2011

BBR

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SUMMARY:This paper aims at analyzing financial performances of retail industries prone to seasonality in sales. Specifically for the Brazilian economy, three sectors had their seasonal variation pattern identified, namely: 1) hyper-and supermarkets; 2) textile, clothing, and footwear; and 3) furniture, and household appliance. Results point out a stable sales pattern in supermarket sector in comparison to the other sectors, which have peak-and-valley patterns. Subsequently, a discriminant analysis was performed to find out differences among financial indices of Brazilian companies, according to their sales patterns. According to analysis of financial ratios, companies with higher seasonal variation performed significantly better in terms of cash ratio and return on equity, whereas the other indices, debt ratio and assets turnover, account for no statistically significant differences. Building on discriminant analysis, cash ratio was found to be the most important index for discrimination.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Final Remarksmentioning

confidence: 99%

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Retail industry: seasonality in sales, and financial results

Mesquita¹,

Martins²

2011

BBR

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“…A administração das exigibilidades de curto prazo já representou uma das principais funções financeiras empresariais, pois as empresas preocupavam-se em assegurar a capacidade de pagar suas contas diárias. Porém, o crescimento e desenvolvimento dos mercados acirraram a competição e a abrangência das empresas desviando o foco da administração para uma gestão das aplicações e fontes de recursos da empresa, passando então a ter, uma visão mais ampliada (Fusco, 1996).…”

Section: Introductionunclassified

“…De acordo com Silva, Santos, Hein e Lyra (2012) a boa administração do capital de giro está ligada à liquidez e à solvência empresarial. Além de ser importante para a manutenção da saúde financeira da empresa, a administração do capital de giro também representa uma forma de lidar com as incertezas inerentes aos negócios (Fusco, 1996;Gill, 2011). Seidel e Kume (2003) salientam ainda que a necessidade de capital de giro contribui para que muitas empresas entrem em processo de falência.…”

Section: Introductionunclassified

Determinantes da necessidade de capital de giro e do ciclo financeiro das empresas brasileiras listadas na B3

Silva

Camargos

Fonseca

et al. 2019

Rev. Cat. Cien. Cont.

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A administração financeira de curto prazo é fundamental para a sobrevivência e a lucratividade das empresas. Decisões de ordem operacional podem ter consequências tanto no curto, quanto no longo prazo, afetando o desempenho operacional das empresas. Dessa forma, a gestão eficiente do capital de giro e o conhecimento de seus fatores determinantes são relevantes para os gestores empresariais uma vez que a gestão do capital de giro impacta na liquidez e na rentabilidade das empresas. Este estudo tem por objetivo identificar e analisar os fatores determinantes da necessidade de capital de giro (NCG) e do ciclo financeiro (CF) de empresas não financeiras de capital aberto brasileiras, compreendendo o período de março de 2010 a dezembro de 2016 (28 trimestres). Em termos metodológicos, utilizou-se regressão com dados em painel e o modelo de mínimos quadrados generalizáveis factíveis que é robusto a problemas de heterocedasticidade. Os resultados mostraram que o fluxo de caixa operacional possui uma relação negativa com o ciclo financeiro, enquanto a rentabilidade do ativo e o crescimento das vendas refletiram uma relação positiva. Além disso, a liquidez corrente, o tamanho da empresa e a alavancagem se mostraram significantes e negativamente relacionadas à necessidade de capital de giro das empresas.

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O processo de concessão de crédito pela empresa: um estudo sobre o comportamento do tomador

Diniz¹

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The company's value is the result of actions taken by managers, attracting investment, increasing the market valuation and profitability of the same. Working capital management, which includes lending processes directly impacts on these aspects. Many customers choose pay in long term instead of paying in cash. But, the companies are not sure that the loans will be honored among the established parameters. In this context, there are questions whether, in fact, social, psychological and behavioral factors that could predict who will have problems with debt or debt that are beyond the obvious economic factors, need and income, factors, the currently investigated at the time the granting of credit. Therefore, the aim of this study was to examine whether behavioral variables and the that consider the psychological aspects, such as financial education, attitudes toward debt, materialism, time orientation and self-control, added to the demographic data of individuals, are able to explain more precisely your debt condition, in order to contribute in credit scoring models to minimize the credit risk. For such a survey was conducted with 1,968 people from September to November 2014, by means of an electronic questionnaire. The results showed that the constructs investigated, financial education, attitudes toward debt, time orientation, self-control and materialism were statistically significant to influence the risk of indebtedness of individuals. In both cases tested, the main constructs that showed statistical significance were financial education, the austere, hedonistic and ambivalent profiles, temporal orientation towards the future, selfcontrol and the pillar happiness of materialism. Therefore, we conclude that individuals with skills and knowledge in financial education have lower debt risk trends. Regarding attitudes towards debt, all profiles investigated were able to influence the risk of indebtedness of respondents. Some of larger or lesser extent. With regard to the temporal orientation, only the direction for the future was able to influence the risk of debt, helping to reduce it as the future planning becomes more effective. In relation to self-control, such construct was significant statistically negative effect on the risk of debt. Finally, materialism construct only showed significant under pillar happiness. This shows that only individuals who see the acquisition of goods as a way to find happiness, or happiness through materialism, tend to increase your risk of debt. Therefore, it was possible to accept the two hypotheses proposed in the research, since the influence of the constructs was confirmed investigated. Note that this study also proposed a financial education scale for future studies of academic, social and professional nature, helping to financial educators, academics and scholars generally used to identify such characteristics in their research objects.

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Necessidade do capital de giro e nível de vendas

Cited by 9 publications

References 1 publication

Retail industry: seasonality in sales, and financial results

Retail industry: seasonality in sales, and financial results

Determinantes da necessidade de capital de giro e do ciclo financeiro das empresas brasileiras listadas na B3

O processo de concessão de crédito pela empresa: um estudo sobre o comportamento do tomador

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