Gestão de capital de giro: um estudo comparativo entre práticas de empresas brasileiras e britânicas

Carvalho, Claudinê Jordão de; Schiozer, Rafael Felipe

doi:10.1590/s1415-65552012000400003

Cited by 15 publications

(18 citation statements)

References 19 publications

(16 reference statements)

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“…Deloof and Jegers (1999) and Camargos et al (2010) indicate that the use of external funding sources is positively associated with the application of working capital management and cash management. Carvalho and Schiozer (2012), however, did not find the same results and claimed that this relationship cannot be confirmed in Brazil, because external funding tends to be sporadic in the country.…”

Section: Management Practices In Small Businessmentioning

confidence: 87%

Management practices in micro and small enterprises: the relationships between practices adopted and funding

Araújo

Lagioia²,

Santos³

et al. 2016

IJMDA

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This paper aims to analyse the relationships between management accounting practices and sources of financing. Data were collected from a survey questioning the profiles, the sources of financing and the management practices adopted by 52 small business in a textile cluster. It could be observed that 38.5% of the firms were initially fund-raised by family resources and that 42.3% resorted to the personal funds of the owner. As for resources used to maintain the business, 34% of the respondents answered that it was obtained from banks and 21.2% told that it came from their own resources. Through U Mann-Whitney test, it was found that sources of resources of family origin indicated significant negative associations with management and control practices. A different behaviour was detected when resources came from personal funds and debt capital: Relationships between management practices and debt capital present themselves positively, indicating that obtaining credit from these sources is associated with increased use of tools.

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Section: Management Practices In Small Businessmentioning

confidence: 87%

Management practices in micro and small enterprises: the relationships between practices adopted and funding

Araújo

Lagioia²,

Santos³

et al. 2016

IJMDA

View full text Add to dashboard Cite

show abstract

“…This study expands Carvalho and Schiozer (2012) by investigating the determinant factors of the supply and demand for TC by MSMEs 1 . In these circumstanTrade credit (TC) is an important financing and investment channel that companies commonly demand and supply to one another.…”

Section: Introductionmentioning

confidence: 99%

“…Carvalho and Schiozer (2012) studied short-term financial management style in Brazilian MSEs and found evidence that Brazilian managers revise working capital management routines more frequently than UK managers and that the management style of most Brazilian managers focuses on managing payment terms. The cause for this focus may be the high cost of bank loans in Brazil, which demands that companies pay more attention to financial management.…”

Section: Introductionmentioning

confidence: 99%

“…Operations involving TC represent 69% and 52% of the current assets and liabilities, respectively, of Spanish micro and small enterprises (García-Teruel & Martínez-Solano, 2007), 41% of the total debt of medium-sized firms in the United Kingdom and 35% in the USA. In Brazil, Carvalho and Schiozer (2012) show that 75% of national micro and small enterprises (MSEs) make more than 50% of their purchases as forward purchases.…”

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Determinants of Supply and Demand for Trade Credit by Micro, Small and Medium-Sized Enterprises

Carvalho

Schiozer

2015

Rev. contab. finanç.

Self Cite

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This article investigates the determinant factors of supply and demand for trade credit by micro, small and medium-sized enterprises (MSMEs), using data collected in a survey of managers from 481 firms in 32 cities in the states of São Paulo and Minas Gerais (Brazil) between 2008 and 2010. The multivariate relationship model proposed here is grounded in trade credit, agency and transaction costs theories. This study is based on a technique known as path analysis that uses a system of simple regressions estimated by simultaneous equations. The main results show the following: (i) trade credit and short-term bank loans are supplementary (and not substitute) sources of funds for MSMEs, which demonstrates that trade credit can be used by financial institutions as an indicator of the creditworthiness of the company; (ii) the proportion of credit sales, the days sales outstanding measure and sales growth are positively related to the amount of trade credit demanded, which suggests that trade credit is transferred along the supply chain; and (iii) the supply of trade credit is positively related to the importance that management ascribes to both internal capital and bank credit, which illustrates the strategic use of the supply of trade credit to increase sales. These results have important implications for companies' managers, financial institutions and the government agencies responsible for formulating policies that support and promote the development of small and medium-sized enterprises.

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“…No Brasil as questões que envolvem a gestão do capital de giro são ainda mais relevantes em função das limitações existentes do mercado de crédito (Nascimento, Espejo, Voese, Pfitscher & Teles, 2013) as variações nas taxas de juros e câmbio (Oliveira, Ramalho & Moura, 2013), o mercado de capitais pouco desenvolvido e, ainda, a baixa qualificação do empresário e dos tomadores de decisão (Carvalho & Schiozer, 2012).…”

Section: Introductionunclassified

Investimento Empresarial E Reflexos Na Gestão Do Capital De Giro

Reis

Santos

2017

HOLOS

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Este trabalho busca compreender como as variações nos investimentos de longo prazo influenciam a gestão do capital de giro das empresas brasileiras. A amostra computou 255 empresas não financeiras de capital aberto da BM&FBOVESPA, com dados financeiros para o período de 2011 a 2015. A partir de uma abordagem quantitativa com base na análise de regressão com dados em painel, refutou-se a expectativa de trade-off entre liquidez e rentabilidade tendo em vista que os investimentos em ativos imobilizados impactam positivamente o Saldo de Tesouraria e influenciam no crescimento da Necessidade de Capital de Giro, o que denota preocupação por parte das empresas em manter a liquidez. Constatou-se, ainda, que o efeito positivo dos investimentos em Imobilizado no Saldo de Tesouraria e Necessidade de Capital de Giro reforçam que as fontes de financiamento de Longo Prazo devem ser suficientes para garantir os investimentos de longo prazo e a folga financeira.

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Gestão de capital de giro: um estudo comparativo entre práticas de empresas brasileiras e britânicas

Cited by 15 publications

References 19 publications

Management practices in micro and small enterprises: the relationships between practices adopted and funding

Management practices in micro and small enterprises: the relationships between practices adopted and funding

Determinants of Supply and Demand for Trade Credit by Micro, Small and Medium-Sized Enterprises

Investimento Empresarial E Reflexos Na Gestão Do Capital De Giro

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