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Authors
Abstract(s)
O objetivo deste trabalho é investigar o impacto das restrições financeiras na decisão de investimento em ativos reais. Para tal, analisamos a sensibilidade de variáveis reais, como o investimento, ao financiamento interno, ou seja, ao cash flow.
Dada a evidência demonstrada pelos estudos empíricos anteriores, formulámos um conjunto de hipóteses que foram testadas através de metodologias de dados em painel. A amostra usada neste estudo baseia-se num conjunto de pequenas e médias empresas portuguesas pertencente ao setor têxtil. O período em análise é entre 2005 até 2015.
Desta forma, os nossos resultados sugerem uma relação positiva e significativa entre o investimento e o cash flow, mas a magnitude dessa relação não é alterada conforme o status das empresas seja considerado como restrito ou não restrito financeiramente.
Adicionalmente, examinamos a relação entre as reservas de caixa e o cash flow. Os nossos resultados demonstram evidência que as empresas de menor dimensão conservam maiores reservas de caixa para precaverem o investimento atual e futuro. Este resultado é consistente com o motivo de precaução.
The purpose of this work is to investigate the impact of financial constraints on the investment decisions in real assets. In order to accomplish that goal, we analyze the sensitivity of real variables, such as investment, to internal financing, i.e., cash flow. Given the evidence provided by previous studies, we have formulated a set of hypotheses that have been tested using panel data methodologies. The sample used in this study is based on a group of small and medium-sized Portuguese companies from the textile industry. The analysis period is 2005-2015. Thus, our results suggest a positive and significant relationship between investment and cash flow, but the magnitude of this relationship does not change depending on if firms’ status is financially constrained or unconstrained. Additionally, we examine the relationship between cash and cash flow. Our results provide evidence that smaller companies save more cash out of cash flows to prevent current and future investment. This result is consistent with the precautionary motive.
The purpose of this work is to investigate the impact of financial constraints on the investment decisions in real assets. In order to accomplish that goal, we analyze the sensitivity of real variables, such as investment, to internal financing, i.e., cash flow. Given the evidence provided by previous studies, we have formulated a set of hypotheses that have been tested using panel data methodologies. The sample used in this study is based on a group of small and medium-sized Portuguese companies from the textile industry. The analysis period is 2005-2015. Thus, our results suggest a positive and significant relationship between investment and cash flow, but the magnitude of this relationship does not change depending on if firms’ status is financially constrained or unconstrained. Additionally, we examine the relationship between cash and cash flow. Our results provide evidence that smaller companies save more cash out of cash flows to prevent current and future investment. This result is consistent with the precautionary motive.
Description
Versão final (Esta versão contém as críticas e sugestões dos elementos do júri)
Keywords
Fluxo de caixa Investimento Restrições financeiras Endividamento Cash flow Investment Financial contraints Financial leverage