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Master's Dissertation
DOI
10.11606/D.12.2007.tde-24012008-114104
Document
Author
Full name
Rafael Nascimento Bisinha
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2007
Supervisor
Committee
Aldrighi, Dante Mendes (President)
Kalatzis, Aquiles Elie Guimarães
Postali, Fernando Antonio Slaibe
Title in Portuguese
Restrição ao crédito para empresas com ações negociadas em bolsa no Brasil
Keywords in Portuguese
Assimetria de informação
Restrição ao crédito
Abstract in Portuguese
O intento do trabalho é verificar se empresas com ações negociadas na Bovespa enfrentam restrição ao crédito. A análise de painel com base em dados de balanço patrimonial para o período de 2001 a 2005 revelou que, diferentemente do que se esperava, empresas de grande porte apresentam maior dependência dos fluxos de caixa para efetivar seus investimentos. Todavia, há argumentos teóricos na literatura que fundamentam esses resultados, bem como outras evidências empíricas semelhantes.
Title in English
Credit constraints for Brazilian listed companies
Keywords in English
Credit constraints
Financial constraints
Financial market imperfection
Information asymmetry
Abstract in English
The paper focuses on evaluating whether Brazilian listed firms have faced financial constraints. Relying on data over the period 2001-2005, a panel data analysis was carried out, but the evidence raised turned out differently from the initially expected: large firms are more sensitive to cash flows to undertake their investment than smaller ones. Nonetheless, the recent literature provides theoretical rationale to deal with those findings as well as empirical evidence consistent with them.
 
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Publishing Date
2008-02-07
 
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