Sensibilidade do fluxo de caixa em relação ao caixa e ao investimento

Abstract

The present study aims to verify the sensitivity of the cash flow in relation to the cash and the investment for Brazilian public companies, classifying them as restricted and unrestricted. Aiming to identify the predominant behavior in Brazilian companies: the retention of cash or the realization of investments. The dissertation is distinguished from the others in the non-arbitrary classification of the companies according to their financial constraint, for that, the Threshold method is used, which operates considering heterogeneity in the coefficients, which will also be useful in the classification of the sample. The sample is made up of the data of the companies listed on the BM & FBOVESPA during the period between 2010 and 2016. Fazzari models are applied. Hubbard and Petersen (1984) and Almeida, Campello and Weisbach (2004), using as dividend Threshold the payment of dividends, total assets, Z-score and KZ-index. Finding that dividend payments and KZ-index are not adequate in the classification of companies according to their financial constraint, and that in the use of total assets as a Threshold variable, the most representative model for the Brazilian reality is Fazzari. Hubbard and Petersen (1984), while using the Z-score as Threshold variable, the most representative model is Almeida, Campello and Weisbach (2004). Concluding that for the Brazilian reality, according to the classification of the companies in restricted and unrestricted the predominant behavior is changed.