Efeitos das políticas monetárias sobre os investimentos corporativos, os: uma análise econômica construída por meio de informações contábeis.

Abstract

Through the theoretical framework of two distinct fields of economics, this article aims to analyze the influence that monetary policies exert on the investment decisions of Brazilian corporations. The sample is composed of 220 companies: 84 of consumer goods, 89 of capital goods and 47 of public utility. The accounting and monetary data collected refer to the years 2009 to 2019. The methodolo-gy used is through panel data models, using the GMM (Generalized Method of Moments) approach. As a result, it was observed that the productive investments of firms can be determined by monetary policies, both in aggregate terms and in sectoral analyses. It was also observed that such influence is different depending on the sector to which the companies are located in the production chain. For the sample studied, consumer goods firms were more influenced by monetary policies than capital goods firms. These results complement the literature that studies the impacts of monetary policies and macroeconomic variables on corporate finance, mainly through econometric modeling based on accounting data.