Influência da magnitude, volatilidade e crescimento da geração de caixa no endividamento das empresas na américa latina
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Arquivos
Tipo
Dissertação
Data de publicação
2021-08-16
Periódico
Citações (Scopus)
Autores
Silveira, Arthur Garcia
Orientador
Nakamura, Wilson Toshiro
Título da Revista
ISSN da Revista
Título de Volume
Membros da banca
Hadad Junior, Eli
Santos, David Ferreira Lopes
Santos, David Ferreira Lopes
Programa
Administração de Empresas
Resumo
The dissertation seeks to understand the relationship between business leverage
and business cash generation factors: magnitude (the intensity of generating cash),
volatility (the oscillation of cash generation) and growth (increase in cash
generation). The objective is to understand whether these three factors directly
impact the level of indebtedness of Latin American companies over time. While
the Pecking Order theory seeks the opposite relationship between the company's
profitability and its leverage, the Trade-off theory assumes that there is a positive
relationship and the finding of an optimal point for contracting debts. The research
presents the modified trade-off concept, which seeks to understand the relationship
between business leverage decisions and cash. There is an understanding that
companies incur more debt if they have a stable, growing and volume of cash
generation that allows them to pay off financial expenses successfully. It is
assumed that a company's debt potential is linked to the profitability that managers
are able to print in operations. The higher forecast of cash generation in the future
would allow managers to incur greater debts than current ones. Debt was
considered the dependent variable and two aspects were considered: net and gross
debt. Cash generation proxies are used, such as ROA (return on assets), ROIC
(return on invested capital) and Market to Book Value, in dollarized values. The
use of panel data was adopted using the economical software Stata®. The
companies' balance sheets were collected through the Capital IQ® system. The
tests carried out demonstrate the relevance of the proposed hypotheses and that the
magnitude, volatility and cash growth explain the increase or decrease in corporate
leverage. It is noted that the frequent economic crises in Latin America directly
impact on leverage, in the opposite direction to what was expected. The growth in
cash, as well as the magnitude of how this occurs,
Descrição
Palavras-chave
alavancagem , estrutura de capital , trade-off , caixa
Assuntos Scopus
Citação
SILVEIRA, Arthur Garcia. Influência da magnitude, volatilidade e crescimento da geração de caixa no endividamento das empresas na américa latina. 2021. 66 f. Dissertação (Mestrado em Administração de Empresas) - Universidade Presbiteriana Mackenzie, São Paulo. 2021.