Impact of the cash position on the performance of Brazilian companies during periods of economic recession

Q3 Social Sciences
A. Bortoluzzo, M. Bortoluzzo, Mario M. S. Ferreira
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引用次数: 0

Abstract

Abstract Purpose: This study aims to analyze if, during periods of economic recession, the cash position impacts the performance of Brazilian companies. In addition, it seeks to identify if there are differences in the intensity of such relationships for the different sectors in which companies operate. Originality/value: The appropriate management of a company’s cash position is key for the maintenance of its financial health in the long term. This subject is particularly relevant for emerging countries, such as Brazil, considering the track record of frequent economic recessions. Such economic recessions lead to the deterioration of the companies’ operating results and shortage of credit facilities, negatively affecting the companies’ liquidity. In the last decade, studies have been discussing the relevance of the companies’ cash position to improve their performance in periods of financial constraint. Design/methodology/approach: To develop this study, a sample composed of 200 Brazilian companies listed on B3 was used, grouping information from the period between 2013 and 2016, organized in a balanced dynamic panel. Findings: The results obtained through regressions indicate that there is a positive and statistically significant relationship between cash position and the performance of the companies, measured by the return on assets (ROA) – but not by the market to book ratio –, and it was also identified that the sector in which the company operates has a moderating factor on the intensity of such a relationship.
在经济衰退期间,现金状况对巴西公司业绩的影响
摘要目的:本研究旨在分析在经济衰退期间,现金状况是否会影响巴西公司的绩效。此外,它还试图确定,在公司经营的不同部门,这种关系的强度是否存在差异。独创性/价值:对公司现金状况的适当管理是长期维持其财务健康的关键。考虑到巴西等经济衰退频繁的历史记录,这个问题对新兴国家尤其重要。这种经济衰退导致公司经营业绩恶化,信贷工具短缺,对公司的流动性产生负面影响。在过去的十年里,研究一直在讨论公司的现金状况与改善财务约束时期业绩的相关性。设计/方法/方法:为了开展这项研究,使用了一个由200家巴西B3公司组成的样本,将2013年至2016年期间的信息分组,组织在一个平衡的动态面板中。研究结果:通过回归获得的结果表明,现金状况与公司业绩之间存在积极的、统计上显著的关系,以资产收益率(ROA)衡量,而不是以市净率衡量,而且还确定了公司经营所在的行业对这种关系的强度有调节因素。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Revista de Administracao Mackenzie
Revista de Administracao Mackenzie Social Sciences-Sociology and Political Science
CiteScore
1.30
自引率
0.00%
发文量
28
审稿时长
3 weeks
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