A GESTÃO DA LIQUIDEZ E O SEU REFLEXO NA RENTABILIDADE DAS EMPRESAS PERTENCENTES À BOVESPA ENTRE OS ANOS DE 1999 E 2008 / MANAGEMENT OF LIQUIDITY AND ITS REFLECTION IN THE PROFITABILITY OF COMPANIES BELONGING TO BOVESPA BETWEEN THE YEARS 1999 AND 2008

AUTOR(ES)
DATA DE PUBLICAÇÃO

2010

RESUMO

One of the most problems faced by the financial manager is to maintain a balance between resources and applications of short and long term. Working Capital Management appears as a tool to improve the profitability of the company without representing a loss in their ability to pay. This study aims to evaluate if the financial performance achieved by companies belonging to the Stock Exchange of Sao Paulo, from 1999 to 2008, has a dependent relationship with the companies liquidity, measured by Fleuriets Model. Also know as Dynamic Analysis Model, the Fleuriets Model consists of an analysis technique of balance sheets that evaluates the liquidity perspective of operations. and to that end, the balance sheet accounts are reclassified. In this study, the variable Fleuriets Model was measured by three ways: first just from the perspective of liquidity, with the measurement of the Treasurys Balance and Liquiditys Index; and then from the perspective of the model as a whole, being taken an ordinal scale represent the possible financial structures. In relation to the financial performance adopted as a measure of corporate profitability, the Return on Equity (ROE), and a measure of stock return, the Earnings per Share (EPS). The corporate data used in calculo of variables were collected from financial statements, while the macroeconomic variables were obtained from institutions such as the IPEA and the Central Bank. The data were analyzed with a technical of Panel Data. The results of the initial estimate for the population, indicated that relationship of dependence between the ROE and the Fleuriets Model and between the LPA and the Fleuriets Model. When market sector is considered, the Fleuriets Model is significant and has the opposite pattern expected. For the metalworking and steel industry, the variable Fleuriets Model significant was Treasurys Balance. Since the textile sector presented the Liquiditys Index as a variable Fleuriets Model significant. Finally, we have that, although it has been found relationship between the economic and financial performance and the Fleuriets Model, the estimated models had low explanatory power, making it difficult to generalize the results.

ASSUNTO(S)

modelo fleuriet gestão de liquidez liquiditys management administracao working capital panel data fleuriets model dados em painel capital de giro

ACESSO AO ARTIGO

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