A sensibilidade do caixa ao fluxo de caixa nas companhias abertas brasileiras: uma análise do período pré e pós crise de 2008

Abstract

OBJECTIVE This work's objective is to test the hypothesis that the occurrence of the increase in the credit offering to an organization will have as an impact a decrease of the financial restriction of companies analyzed in general, which, according to the model of Almeida et al. (2004) would lead to a decrease in the cash flow sensitivity of cash. METHODOLOGY The methodology consists of the application of the model of Almeida et al. (2004), however, from the ag- gregate standpoint and basing the division of the restricted and the unrestricted groups on data of credit offering in the country over the past few years, specifically, the increase of credit to organizations as of 2008. This form of division guarantees the utilization of an exogenous criterion to determine the financial restriction. RESULTS AND CONCLUSIONS The results found confirm the mentioned hypothesis and indicate a cash flow sensitivity of cash in the pe- riod of financial restriction and insensitivity after the increase in credit offer. The tests for robustness indi- cate that both the economic growth and the immediate impact of the North-American crisis didn't cause significant changes to the coefficients. The results reinforce the idea that macroeconomic factors interfere directly in the sensitivity of cash to companies' cash flow. PRACTICAL IMPLICATIONS The results found reinforce the importance of the development of the capital market for the management of companies, demonstrating the impact of governmental actions in the level of corporate financial re- striction. Furthermore, they reaffirm the model developed by Almeida et al. (2004) which considers that companies with financial restriction will likely save more when they have an appropriate cash flow.