ANALYSIS OF THE WORKING CAPITAL OF THE COMPANIES LISTED ON B3 IN FACE OF THE BRAZILIAN ECONOMIC CRISIS

Objective: In this article, we analyze whether there were changes in the working capital of publicly-traded companies in the context of the Brazilian Economic Crisis. Fundamentals: We based on the variables and financial structures / situations of the Dynamic Model. Methods: We considered a sample of 89 companies whose shares did list in B3 and the period from the second quarter of 2011 to the first quarter of 2017. Using 2,136 balance sheet data, we calculated the variables (Working Capital, Working Capital Requirements, and Treasury Balance) and identified the financial structures / situations of the Dynamic Model (I Excellent, II Solid, III Unsatisfactory, IV Terrible, V Very bad and VI High risk). We analyzed changes in the percentages of companies classified in each of these structures. We statistically evaluating whether significant differences occurred in the variables of the Dynamic Model during the crisis. Results: The results evidenced that during the crisis, balance sheets tended to shift to the financial structures considered less desirable. Furthermore, we observe that the worsening in the working capital situation of firms occurred in specific variables (Working Capital and Treasury Balance). The financial and operating accounts of the working capital tended to exhibit different dynamics when the companies faced the context of crisis. Contributions: This article contributes to the literature on the Dynamic Model, in methodological terms, by using a statistical test to evaluate changes in the variables of this approach. In theoretical terms, the article contributes by showing that not all variables in the Dynamic Model tend to worsen during an economic crisis.