Relação rentabilidade-liquidez no mercado brasileiro em tempos de crises financeirasum comparativo do impacto econômico em crises globais e locais

Resumo

The purpose of this study is to provide a comparative view of the impact the three financial crises over the past twenty years have had on the economic-financial health of the companies listed on the Brazilian stock exchange. In order to conduct this research, a historical mapping of the 2008 subprime, the 2015 Brazilian and 2020 COVID-19 crises was designed, and by applying a fixed-effect panel model and analyzing descriptive statistics and correlation matrix, historical data regarding profitability, liquidity, indebtedness and the financial cycle of the companies listed on the Brazilian stock exchange was investigated over a period of time that extends from the first quarter of 2006 to the last quarter of 2021, thus resulting in a total volume of 822 assets, 64 quarters and 52.608 observations. Following a structure similar to Bukalska and Krol’s 2020 article, it was included in the model a total of nine time dummies which foster the analysis of indicators over the pre-, mid- and post-crisis periods for each of the examined crises; moreover, regressions were also considered in subsamples of high and low dependency on third-party capital, aiming at assessing whether the enterprises with higher banking dependency are necessarily more impaired in situations of financial instability. The results presented corroborate the literature with regard to performance decrease in times of financial crises, trade-off or negative relation between profitability and liquidity and an increase in precautionary cash when facing uncertainty. It is noticeable that there is a decline in the profitability indicators within all periods of crisis, and a short-term recovery after the 2008 and 2020 crises.

Ficha do documento

Tipo

Dissertação

Ano

2023

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/33139

Temas

EconomiaDados

Palavras-chave

Financial crisisWorking capitalFinancial cycleProfitabilityLiquidityAccounts receivableAccounts payableDays inventory outstandingCrise financeiraCOVID-19Capital de giroAssimetria informacionalCiclo financeiroRentabilidadeLiquidezPrazo médio de recebimentoPrazo médio de pagamentoPrazo médio de estoqueCoronavírusFinançasPandemiaEconomiaEmpresas - FinançasCrises financeirasCOVID-19 Pandemia, 2020-Liquidez (Economia)