Caixa mínimo e oportunidade de investimentouma análise empírica da Teoria do Tirole no mercado brasileiro

Resumo

This study seeks to provide na empirical analysis of the financial performance of nonfinancial firms listed on the Brasil, Bolsa Balcão [B³] and registered with the Brazilian Securities and Exchange Comission [CVM] over the period from January 2011 to December 2024, based on quarterly balance sheet data. The final sample comprises 431 firms, forming na unbalanced panel, with particular emphasis on the priod from January 2018 to December 2024, which was characterized by significant structural changes in the Brazilian economy. The main objetive of the research is to evaluate how corporate liquidity influences firms’ investment decisions and analyze how macroeconomic factors affect the relationship between holding cash and undertaking new Investments. By examining the correlation of financial indicators over time – adjusted through Random affects models and segmented by industry – it was possible to demonstrate the dynamics and influence of the Cash-to-Revenue ratio on patterns of corporate liquidity and investment behavior, as well as its interaction with macroeconomic variables. The impirical results indicate that firms with higher Investment Opportunities tend, on averange, to exhibit higher Cash-to-Revenue ratios. Similarly, the findings suggest that during periods of elevated economic uncertainty, firms tend to maintain higher levels of cash holdings as a precautionary measure to preserve liquidity and protect Against potential future financial constraints.

Ficha do documento

Tipo

Dissertação

Ano

2025

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/38092

Temas

EconomiaDados

Palavras-chave

Acesso ao créditoCaixaEconomia da informaçãoEstrutura de capitalIndicador de IncertezaLiquidezOportunidade de InvestimentoRetenção de caixaTeoria dos contratosVariáveis macroeconômicasCredit acessCash holdingsInformation economicsCapital structureUncertainty indexLiquidityInvestment opportunityCash retentionContract theoryMacroeconomic variablesEconomiaAdministração financeiraDesempenhoEmpresasInvestimentos