Access to finance, working capital management and company valueevidences from Brazilian companies listed on BM&FBOVESPA

Resumo

In this research, we have analyzed the impact of financial leverage on the relationship between working capital and company value and how financial constraints on access to financing affect this relationship. In addition, we have analyzed the relationship between working capital and company value. Using a sample of Brazilian public companies listed on BM&FBOVESPA from 1995 through 2009, we found evidence for the following conclusions: an extra Real (R$) of investiment in working capital is significantly less worth, on average, than an exra Real (R$) of investiment cash; and, on average, increasing the level of working capital at the beginning of a fiscal year reduces company value.

Ficha do documento

Tipo

Artigo científico

Ano

2014

Instituição

Elsevier Science Inc

Fonte

Repositório da FGV

Idioma

Inglês

Acesso

Acesso restrito

DOI

10.1016/j.jbusres.2013.07.012

Identificador

oai:repositorio.fgv.br:10438/23377

Temas

EconomiaFinanças Públicas

Palavras-chave

Financial constraintsWorking capitalValuationPanel dataEconomiaCapital de giro - FinanciamentoBolsa de valores - Brasil