Efeitos da pandemia de COVID-19 sobre a sustentabilidade econômico-financeira de empresas brasileiras

Abstract

This paper presents the results of a research that aimed at analyzing the effects of COVID-19 over the financial sustainability of Brazilian public companies. We collected data from Economática® and Brasil, Bolsa, Balcão (B3) and use the following techniques to analyze them: content analysis, descriptive statistics, Kolmogorov-Smirnov's test, Wilcoxon’s test, Spearman’s correlation, and linear regression. We verified the following main results: (a) there was a high effect of COVID-19 period over the financial sustainability of Brazilian public companies; (b) the analyzed companies lost much value in capital market; (c) we observed a deterioration in several financial ratios, especially a significant reduction in profitability and a significant increase in debt levels; and (d) we identified that the classic determinants of capital structure could explained the debt increasing during pandemic. The research offers three major contributions: (i) it employed market and financial data for analyzing the effects of COVID-19 over the companies’ operations; (ii) it enhanced the companies’ standpoint of the pandemic’s effects (and actions to mitigate them); (iii) and it emphasizes the companies’ capital raising to maintain their operations during pandemic.