The Effects of Financial Constraints on Cash Management: A Study with Private Firms of the Brazilian Sugarcane Industry

Aviner Augusto Silva Manoel; Marcelo Botelho da Costa Moraes; David Ferreira Lopes Santos; Marcos Fava Neves

doi:10.51341/1984-3925_2019v22n2a3

Autores

Aviner Augusto Silva Manoel Universidade de São Paulo http://orcid.org/0000-0002-2861-5686
Marcelo Botelho da Costa Moraes http://orcid.org/0000-0003-0761-0883
David Ferreira Lopes Santos http://orcid.org/0000-0003-3890-6417
Marcos Fava Neves http://orcid.org/0000-0002-5693-7543

DOI:

https://doi.org/10.51341/1984-3925_2019v22n2a3

Palavras-chave:

Agronegócio, Crise Financeira, Liquidez.

Resumo

Objetivo: O objetivo deste estudo é analisar os efeitos das restrições financeiras sobre a gestão do caixa das indústrias sucroenergéticas do Brasil.

Método: O modelo de efeitos fixos foi utilizado como método de pesquisa, em que se analisou as demonstrações financeiras de 48 empresas privadas entre 1998 e 2016.

Originalidade/Relevância: O gerenciamento do saldo de caixa é uma das atividades centrais do gestor, pois é por meio do caixa que as organizações equilibram suas necessidades de recursos correntes e futuros, sendo este processo decisório desafiador, especialmente nos mercados emergentes e em empresas de capital fechado, onde as limitações do mercado financeiro restringem a disponibilidade e o fluxo de crédito para as atividades econômicas.

Resultados: Os resultados obtidos indicaram que, na média, as empresas financeiramente restritas, constructo capturado pelas proxies Tamanho e Idade, mantêm percentuais mais altos de seus ativos em caixa do que as irrestritas. Este resultado é estatisticamente significativo e consistente com o motivo precaucional, em que as firmas financeiramente restritas gerenciam o seu caixa visando contornar as incertezas do ambiente macroeconômico.

Contribuições Teóricas: Nosso artigo contribui para a literatura ao providenciar evidências sobre os efeitos das restrições financeiras no gerenciamento do saldo de caixa, em um contexto de escassez de estudos com empresas privadas e em mercados emergentes.

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Biografia do Autor

Aviner Augusto Silva Manoel, Universidade de São Paulo

PhD Candidate in Controllership and Accounting at the School of Economics, Business Administration and Accounting in Ribeirão Preto (FEA-RP) - University of São Paulo (USP) – Av. dos Bandeirantes, 3900 - FEA-RP, ZIP 14040-905 - Ribeirão Preto, São Paulo, Brazil.

Marcelo Botelho da Costa Moraes

Professor of Financial Accounting at the Department of Accounting, School of Economics, Business Administration and Accounting in Ribeirão Preto (FEA-RP), University of São Paulo (USP) - Av. dos Bandeirantes, 3900 - FEA-RP, ZIP 14040-905 - Ribeirão Preto, São Paulo, Brazil.

David Ferreira Lopes Santos

Assistant Professor at the Department of Economy, Administration and Education, São Paulo State University (UNESP), School of Agricultural and Veterinarian Sciences, Jaboticabal. Rod. Prof. Paulo Donato Castellane, S/N, ZIP 14.884-900 Jaboticabal, São Paulo, Brazil.

Marcos Fava Neves

Professor at the Department of Business Administration, School of Economics, Business Administration and Accounting in Ribeirão Preto (FEA-RP), University of São Paulo (USP) - Av. dos Bandeirantes, 3900 - FEA-RP, ZIP 14040-905 - Ribeirão Preto, São Paulo, Brazil.

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