Estrutura de capital, liquidez de caixa e valor da empresa: estudo de empresas brasileiras cotadas em bolsa

Abstract

This study analyzed the relationship among capital structure, cash holdings and firm value for a sample of publicly traded Brazilian firms, through panel data regressions, employing the fixed-effects estimator. Initially, it was estimated regressions between capital structure (debt to total capital) and cash holdings (cash to assets), as well as between cash holdings and short and long-term debt. Next, it was applied a regression among firm value, capital structure and cash holdings. The results of this study suggested that debt, both short and long-termed, is negatively related to cash holdings, and that the level of cash holdings is also associated to a lower leverage. The study also presented indirect evidence that financially constrained firms hold more cash. Regarding to the impact of the capital structure on the firm value, short-term debt, long-term debt and the financial constraint had negative marginal effects on the firm value, suggesting a risk-averse behavior of investors in relation to debt. Cash holdings, instead, is valued as positive by investors, but up to an optimum threshold level. Further, the market capitalization is discounted with respect to cash holdings (inverted U-curve), in synergy with static trade-off theory of cash holdings.

Increase in Leverage Driven by International Financial Reporting Standards Adoption

“…Capex, a proxy for growth opportunities, presented negative and statistically significant association with market leverages (total and long-term), as well as TBL and NI, different from the results of Locan and Caldeira (2014). Tax benefits were statistically significant for the five leverage measures.…”

Efeito da estrutura do conselho de administração na retenção de caixa das companhias abertas

“…In general, according to La Porta, Lopez-de-Silanes, Shleifer and Vishny 2000 Brazilian companies are characterized by low legal protection to minority shareholders and high shareholding concentration, factors that highlight the importance of a wellstructured board of directors, that is, independent, without CEO duality and of relatively adequate size. Following this logic, Terra (2003), Sheng and Saito (2008) and Loncan and Caldeira (2014) report that the cost of Brazilian capital is higher, credit is more restricted and the volume of daily trades is lower, aspects that directly or indirectly affect decisions about spend or hold cash.…”

Cash level and corporate performance: evidence from the Gulf Cooperation Council countries

“…Table 1 provides statistical attributes of the main variables of interest in this study (the mean, the median, and the -th percentiles) for all GCC nonfinancial firms. The mean of cash holding is almost 8.8%, which is slightly higher than 7.6% of Italian firms ( 19.4% of Japanese firms, and exceedingly below the cash ratio of the US sample firms of 44% (Orlova & Rao, 2018). The lower ratio of cash holding for GCC firms can be explained either by the instant access these firms have to financing from GCC local governments, who constantly subsidize their private sectors (Alshammari, 2018), or from the GCC's highly capitalized banks.…”