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

被引：62
|
作者：
de Almeida, Juliano Ribeiro [1 ]
Eid, William, Jr. [2 ]
机构：
[1] Fundacao Getulio Vargas, BR-01310100 Sao Paulo, Brazil
[2] Fundacao Getulio Vargas, BR-01313001 Sao Paulo, Brazil
来源：
JOURNAL OF BUSINESS RESEARCH | 2014年 / 67卷 / 05期
关键词：
Financial constraints; Working capital; Valuation; Panel data; CASH FLOW SENSITIVITIES; INVESTMENT; INDUSTRY; CREDIT;
D O I：
10.1016/j.jbusres.2013.07.012
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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$) of investment in working capital is significantly less worth, on average, than an extra Real (R$) of investment in cash; and, on average, increasing the level of working capital at the beginning of a fiscal year reduces company value. (C) 2013 Elsevier Inc. All rights reserved.
引用
收藏
页码：924 / 934
页数：11
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