Title:	Os determinantes de caixa das empresas brasileiras : teste das variáveis proposta pelas teorias tradeoff, pecking order e free cash flow
Authors:	Abreu, Robson Lopes
Orientador(es)::	Silva, César Augusto Tibúrcio
Assunto::	Fluxo de caixa Empresas Contabilidade
Issue Date:	6-Jul-2020
Data de defesa::	27-Oct-2005
Citation:	ABREU, Robson Lopes. Os determinantes de caixa das empresas brasileiras: teste das variáveis proposta pelas teorias tradeoff, pecking order e free cash flow. 2005. 97 f. Dissertação (Mestrado em Ciências Contábeis)— Programa Multi-Institucional e Inter-Regional de Pós-Graduação em Ciências Contábeis, Universidade de Brasília, Universidade Federal da Paraíba, Universidade Federal do Rio Grande do Norte, João Pessoa, 2005.
Abstract:	On the last few years studies about cash determinants have been receiveing an increasing attention on the finance literature. It is understood that, besides cash plays a central role in several management decisions, researches about its determinants and its implications are in their beginning. Additionally, firms all over the world have been holding a significant amount of cash. In this context, three distinguished theories could be able to explain cash holdings through a few variables known as cash determinants : the tradeoff theory, the pecking order theory and the free cash flow theory. This study intends to identify which one of these tree theories is able to explain the cash holdings of brazilian firms. An analysis of the cash determinants using a panel data model was conducted, from a sample of 269 firms from São Paulo Stock Exchange (BOVESPA), which sum 6430 observations from 1995 to 2004. The results show that size, leverage, liquid assets substitutes and dividend payments hold a positive relationship with cash holdings, while debt maturity, investment opportunities, cash flow uncertainty and ownership concentration hold a negative one. Also, cash flow did not present significant coefficients. From that on, none of the theories were corroborated, once the analysis did not show a dominant theory, but, that both of them have explanatiom power. Robustness tests of unit roots and autocorrelation reinforce the results.
metadata.dc.description.unidade:	Faculdade de Economia, Administração, Contabilidade e Gestão de Políticas Públicas (FACE) Departamento de Ciências Contábeis e Atuariais (FACE CCA)
Description:	Dissertação (mestrado)—Universidade de Brasília, Universidade Federal da Paraíba, Universidade Federal do Rio Grande do Norte, Programa Multi-Institucional e Inter-Regional de Pós-Graduação em Ciências Contábeis, 2005.
metadata.dc.description.ppg:	Programa de Pós-Graduação em Ciências Contábeis
Appears in Collections:	Teses, dissertações e produtos pós-doutorado

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