Fatores de Impacto sobre o Saldo de Caixa: Um Estudo em Empresas Brasileiras Não Financeiras de Capital Aberto

Abstract

The aim of this study is to analyze the impact factors and their effects on the corporate cash holdings in order to assist companies in achieving better financial management, corroborating the perpetuity of them. The sample consists of 917 observations of 131 listed companies in Brazil, from 2007 to 2013. The dependent variable used in this study is the natural logarithm of cash and cash equivalents divided by the total of net assets and the major independent variables are show in literature plus a dummy variable for passive financing through BNDES and a control variable for the financial crisis. The methodology used is regression with static and balanced panel data, with better results for fixed effects. Evidence is found that the variable distribution of dividends, higher level of liquid assets, existence of corporate governance, in addition to financial crisis, impact cash.

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

“…This means that, on average, companies that have the largest number of independent members on the board proportionally retain more cash. This result corroborates the study by Tortoli and Moraes (2016), which also shows a positive and statistically significant relationship at the level of 5% between the differentiated levels of governance (proxy corporate governance) and cash balances, and Al-Najjar and Clark 2017, which indicates that companies that adopt corporate governance best practices retain more cash. Thus, as the independence of the board of directors strengthens the corporate governance structure, as stronger the governance structure of the company is, the greater the cash holding will be, since it will be lower the chance of expropriation of the shareholder by the manager (Harford, Mansi & Maxwell, 2008).…”

“…This study analyzes whether cash reserves are influenced by the structure of the board of directors. Using a sample of 97 publicly traded companies between 2010 and 2018, there is a positive and statistically significant association at the level of 5% (multiple regression) and 1% (quantile regression) between cash holding and the board independence, which confirms Hypothesis 1 raised and corroborates the studies by Tortoli and Moraes (2016), Al-Najjar and Clark (2017) and Aslan, Kalim and Fizza (2019). The evidence shows that, on average, companies that have the largest number of independent members on the board proportionally retain more cash.…”

“…In addition, as the business environment is complex and the contracts between the parties are incomplete (Hart & Moore, 1988) the board of directors ensures that minority shareholders receive reliable information about their investments and facilitates the functioning of the stock market and the efficient flow of financial and human capital (Bushman & Smith, 2003), which makes companies more attractive. Thus, the present paper differs from the other ones by verifying different corporate governance practices (independence, CEO duality and board size) not yet related to the corporate liquidity literature, inasmuch, usually, research on cash holding uses as a proxy for corporate governance the differentiated levels listed in B³ (Tortoli & Moraes, 2016). The use of these three practices provides a more complete analysis and allows to verify the effect from three distinct angles.…”

Determinantes dos fluxos de caixa de financiamento: um estudo iniciado sob a ótica da concentração acionária

“…De acordo com Tortoli e Moraes (2015), nas organizações existem vários motivos que fazem com que elas mantenham determinados valores em caixa. Deste modo, é necessário fazer as escolhas corretas entre manter valores mínimos em caixa para assumir diversos compromissos ou optar por financiamentos externos (Tortoli & Moraes, 2015).…”

The Relevance of Excess Cash to Explain Financial Performance and Stock Returns in Brazilian Listed Firms

“…Additionally, in the Brazilian market, the remain empirical literature is restricted to analyze the determinants of the effective cash level, in absolute terms, in relation to indebtedness, dividend, immobilization and corporate governance metrics (Tortoli & Moraes, 2016), in relation to the financial constraints (Costa, Paz & Funchal, 2008), in relation to transaction costs and the speed of adjustment of the cash balances (Dahrouge & Saito, 2013) and, finally, in relation to the capital structure of firms (Loncan & Caldeira, 2014).…”