A influência do caixa e dos accruals na predição de caixa: uma investigação com dados em painel das companhias Brasileiras de capital aberto

Abstract

Supported by the Positive, Institutional and Informational theories in Accountancy, and by empirical studies related to the study of cash, profit and accruals, this study aimed to verify the influence of the Operating Cash, Net Profit and accruals in predicting Operating Cash Flows of Brazilian publicly traded companies. This work applies a model that was developed by Dechow, Kothari e Watts (1998) and later expanded by Barth, Cram e Nelson (2001). This research is bibliographical, documental, and predominantly quantitative through econometrical methods. The database ECONOMÁTICA was used to collect secondary data, and 326 non-finance open companies that participate in BM&FBOVESPA (current B3) stock market were object of analysis during 24 quarters from 2007 to 2012, in a total of 4.217 demonstrations. Data were analyzed through Stata 11.0 and R. Were used to analyze the data. It was verified that the Operating Cash Flow was not positively impacted by the future Operational Cash Flow (t + 1). Since accumulation components, Duplicates Receivables, Inventories, Other Assets, Suppliers, Taxes, Other Liabilities and Depreciation without Time (t) have a negative impact on the future operating cash flow (t + 1). It was also verified that the Operating Cash Flow in time (t-7) has a positive impact on future operating cash flow (t + 1). The components of the accumulation of "Other Assets" and "Other Liabilities" have a negative impact on the future Operating Cash Flow (t + 1). Regarding the sector, there were significant changes. Finally, the conclusions show that the cash flow statement has an important role in reducing the levels of informational asymmetry, and that accountancy is significant in providing businessmen with useful and reliable information, helping them in the process of decision making.