Is There a Difference in Credit Constraints Between Private and Listed Companies in Brazil? Empirical Evidence by The Cash Flow Sensitivity Approach

Ghani, Alan Nader Ackel; Martelanc, Roy; Kayo, Eduardo Kazuo

doi:10.1590/1808-057x201400260

Cited by 8 publications

(13 citation statements)

References 22 publications

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“…O q de Tobin foi empregado para controlar as oportunidades de investimento (Fazzari et al, 1988;Terra, 2003;Almeida & Campello, 2007;Aldrighi & Bisinha, 2010;Francis et al, 2013;Chowdhury et al, 2016). A análise foi realizada considerando-se também o crescimento das vendas (Fazzari et al, 1988;Aldrighi & Bisinha, 2010;Castro, Kalatzis e Martins, 2015;Ghani, Martelanc & Kayo, 2015) e o market-to-book value (Kaplan & Zingales, 1997;Cleary, 1999;Cleary et al, 2007), em substituição ao q de Tobin para controlar as oportunidades de investimento.…”

Section: Modelo Empírico Do Investimento E Método De Estimaçãounclassified

Governança corporativa e sensibilidade investimento-fluxo de caixa no Brasil

Silva

Caixe²,

Krauter

2019

Braz. Rev. Fin.

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This study aimed to investigate the investment-cash flow sensitivity for Brazilian companies with different degrees of financial constraint according to the quality level of their corporate governance practices. An investment model was estimated through GMM for a panel data of 248 Brazilian publicly traded companies, which were a priori classified in two groups of financial constraint degrees (high and low) according to the Corporate Governance Practices Index (IPGC). The results showed that the quality of corporate governance influences the investment-cash flow sensitivity, and this sensitivity is negative and significant only for firms with poor governance, classified with high financial constraint. Furthermore, it can be concluded that IPGC proved to be an interesting variable for a priori classification of companies and an important determinant of the investment-cash flow sensitivity to identify potentially financially constrained firms.

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Section: Modelo Empírico Do Investimento E Método De Estimaçãounclassified

Governança corporativa e sensibilidade investimento-fluxo de caixa no Brasil

Silva

Caixe²,

Krauter

2019

Braz. Rev. Fin.

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“…Since this study focuses on both public and private capital companies, it will not be possible to use Tobin`s Q because the market value of private capital companies is not measurable. Ghani, Martelanc and Kayo (2015) used the cash flow sensitivity of investment model and faced the same issue when comparing credit constraints among closed and opened capital companies. This study will then follow the authors' solution to the problem which consists in including present and past revenue as control variables in place of Tobin's Q.…”

Section: Cash Flow Sensitivity Of Cashmentioning

confidence: 99%

“…Testing this potential difference in access to credit is the main goal of this paper, with the hypothesis that opened capital companies have more credit constraints than closed capital ones. Ghani, Martelanc and Kayo (2015) with the same aim, used a sample containing 164 public capital companies and 688 private capital companies to build a panel model, which was included data from 2007 to 2010. The study did not finddifferences related to credit constraints between public and private capital companies.…”

Section: Introductionmentioning

confidence: 99%

“…Despite of sharing the same core objective with Ghani, Martelanc and Kayo (2015), this paper used a different model in order to estimate potential differences in credit access. The main difference in this study was the adoption of a model based on the cash flow sensitivity to cash method proposed by Almeida, Campello and Weisbach (2004), instead of using the cash flow sensitivity to investment, considering the critics of this model (Kaplan & Zingales, 1997;Povel & Raith, 2001;Almeida & Campello, 2002, Cited By Almeida, Campello, & Weisbach, 2004, who point that a positive and significant relation between cash flow and investment is commonly found among both credit restricted and unrestricted firms while also questioning the robustness of Fazzari, Hubbard and Petersen's (1988) implications.…”

Section: Introductionmentioning

confidence: 99%

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Restrições ao Crédito: Uma Análise Comparativa entre Empresas Brasileiras de Capital Aberto e Fechado

Bortoluzzo

Rezende

2019

Rev. Evid. Cont. & Fin.

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Objetivo: O objetivo deste estudo é analisar as potenciais diferenças em relação à restrição ao crédito entre empresas de capital aberto e fechado e, para tanto, foram coletadas informações financeiras de 291 empresas brasileiras de capital aberto e 325 empresas de capital fechado, de 2012 a 2016.Fundamento: As teorias clássicas de finanças defendem que a assimetria de informações é uma das principais causas para fortalecer a barreira entre investidores e empresas. A partir disso, seria plausível presumir que empresas abertas tem menor dificuldade para conseguir capital, próprio ou de terceiros, dado seu maior nível de disclosure. Método: Regressão em painel, tendo caixa como a variável dependente e fluxo de caixa como a principal variável explicativa.Resultados: Os resultados apontam que empresas de capital aberto têm maior dependência do caixa e fluxo de caixa em relação às empresas de capital fechado. Uma sub amostra construída utilizando o propensity score matching corroborou os resultados do estudo. Isso implica na existência de maior restrição ao crédito para empresas de capital aberto do que para as empresas de capital fechado.Contribuições: As principais causas por trás dos resultados inesperados são as particularidades do mercado de crédito brasileiro (forte atuação do BNDES), associadas ao fato de que empresas de capital aberto foram, em média, mais afetadas pela recessão econômica de 2015-2016 do que as empresas as empresas de capital fechado.

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“…Realizou-se o teste de homoscedasticidade de Breusch-Pagan. 3.2 Variáveis do modelo básico Para o estudo de restrição financeira, foi adaptado o modelo (Equação (1)) de Sensibilidade do Investimento ao Fluxo de Caixa, discutido por Almeida e Campello (2007) e, também, os modelos utilizados para a estudos de empresas no Brasil, segundo Terra (2003) eGhani et al (2015). O modelo pressupõe que os investimentos (INV) realizados por uma empresa em um determinado período são dependentes do Q de Tobin (Q) da empresa do início do período, do fluxo de caixa (FC) e da presença de ativos tangíveis (TANG).…”

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Empréstimos do BNDES e a restrição financeira das empresas brasileiras de capital aberto

Silva¹

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The role of Development Banks has been widely discussed for decades, whose presence and performance have defenders and critics. Since its founding in 1952, the National Bank for Economic and Social Development (BNDES) has been in the center of these discussions as it is among the 4 largest development banks in the world, playing an important role in the Brazilian economy. This research focused on companies listed on the São Paulo Stock Exchange (Bovespa) from 2002 to 2014, with emphasis on the relationship between financial restraint and BNDES loan contracting. For this, the Cash Flow Sensitivity model was used through regression by means of fixed, random effects and grouped data in an unbalanced static data panel. Another aspect of this study was to verify the differences between the companies that hired and did not borrow from the BNDES in periods related to the 2008 global financial crisis, whose analysis was developed by the Difference-inDifferences test. The results showed that, in the general sample, there was a financial constraint in both groups of companies, and the restriction was greater in the companies that contracted BNDES loans. In this group, companies that borrowed directly from the BNDES (direct support or non-automatic mode) had greater financial constraints. The financial institutions that operated with the BNDES (Indirect support form or Automatic mode) had the lowest financial restrictions. In relation to the financial crisis, the test showed that the level of investment and the financial constraint of the treatment group had significant differences in the pre-crisis and crisis periods, which may indicate an influence of the BNDES in mitigating the effects of the crisis. This study concludes that the companies that contracted BNDES loans have greater financial constraints than those that did not take out a loan. In addition, the study points out that in the financial crisis of 2008, the presence of BNDES financial resources, in these companies, contributed to reduce the financial constraint, while the companies that did not contract loans were more restricted. These findings confirm the role of the development bank working in companies that showed greater need for capital, as well as reducing financial constraint in times of crisis.

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Is There a Difference in Credit Constraints Between Private and Listed Companies in Brazil? Empirical Evidence by The Cash Flow Sensitivity Approach

Cited by 8 publications

References 22 publications

Governança corporativa e sensibilidade investimento-fluxo de caixa no Brasil

Governança corporativa e sensibilidade investimento-fluxo de caixa no Brasil

Restrições ao Crédito: Uma Análise Comparativa entre Empresas Brasileiras de Capital Aberto e Fechado

Empréstimos do BNDES e a restrição financeira das empresas brasileiras de capital aberto

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