Gestão do capital de giro: impacto sobre a rentabilidade da empresa e seus determinantes

Abstract

Working capital management is a relevant subject for financial managers who invest a significant amount of time and effort seeking an ideal balance level of its components, in order to create value for the company (Lamberson, 1995; Appuhami, 2008; Martin e Morgan in Kim e Srinivasan, 1991). Companies are able to reduce financing costs and/or increase the available funds for investments by optimizing current assets and liabilities. To reach the optimum level decision, there are a number of complex tradeoffs that have to be considered, such as risk and return, liquidity and profitability, turning daily business questions into challenging decisions for firm s managers. Inadequate decisions over working capital components may lead to insolvency; while overinvestment decisions implies in zero or negative net present value. Although is crucial for the financial strategy of the organization, working capital management is a subject under explored by the academic literature. Current research results did not converge to a common sense about the influence of working capital management efficiency over the profitability. In the same way, there are few available studies about the determinants of working capital management. The proposal of this present study is to explore management working capital regarding two approaches: its impact on firm s profitability and its determinants. The results of the first research problem showed that the working capital management, measured by cash conversion cycle, affects negatively the gross and operational profitability, suggesting that companies can increase profitability by reducing the level of working capital. The analysis of the second research problem results showed the debt level, size and growth rate as determinants of working capital management. The negative relation with debt level is consistent with the Pecking Order Theory, suggesting that leveraged companies aim to work with low level of current assets, to avoid issuing new debt securities and equity securities. The variable free cash flow also showed a negative and significant relation with working capital management, indicating that companies with higher profitability before depreciation and after taxes, interests and dividends present lower volume of working capital.