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Working capital management and financial constraints in Europe within different economic cycles
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Resumo(s)
O Fundo de Maneio Necessário (WCM) tem vindo a ganhar uma crescente importância ao longo dos anos, nos pontos de foco das estratégias das empresas. Especialmente, quando se considera a mais recente crise financeira e a sua principal consequência, a redução de liquidez providenciada pelas fontes de financiamento.
Neste sentido, procuramos entender a relação entre o WCM e a performance das empresas não cotadas, medido através da Rendibilidade dos Capitais Próprios, considerando também a presença de constrangimentos de financiamento e a canalização de investimento entre activos alternativos. Usando uma amostra de 135.005 observações empresa-ano, aproximadamente 19.814 empresas de 25 países da União Europeia cobrindo o período de 2008-2017.
Os nossos resultados mostram que empresas com maiores montantes de financiamento dedicados a Working Capital (WC) afectam negativamente a sua performance. De salientar que, as empresas que sintam maior pressão em obter liquidez internamente sofrem mais com pequenas alterações no investimento de WC. Concluímos também que, em períodos de crise, empresas com menores recursos que sejam possíveis ser usados como colateral apresentam maior risco de prejudicar a sua rendibilidade ao aumentarem os montantes dedicados a WC. Finalmente, em períodos de crise, o efeito negativo na performance proveniente de investir em WC, enquanto financiam também outros activos, é atenuado devido à diminuição de oportunidades de investimento nestes últimos.
Working Capital Management (WCM) elevated its importance throughout the years in the companies strategies focus. Specially, when considering the recent financial crisis and its main consequence: the reduction of liquidity provided by financing sources. In this sense, this paper examines the relation between WCM and unlisted firms corporate performance, measured by Return on Equity, while considering the presence of financial constraints and the channeling of investment between alternative assets. Using a sample of 135.005 unlisted firm-year observations, approximately 19.814 firms from 25 countries of the European Union over the period of 2008-2017. We show that firms with greater amounts of financing reserved to Working Capital (WC) affect negatively their performance. Importantly, when considering firms which are more distressed in the availability of internal finance, will suffer more the impact on their profitability derived by smaller changes in the investment in WC. We also exhibit that, in periods of crisis, firms with lower resources to use as collateral have more risk of harming their performance by increasing the amount of financing dedicated to WC. Finally, in periods of crisis, the negative effect on performance of investing in WC while having cash tied in other assets is diminished due to the tightening of investment opportunities in the latter assets.
Working Capital Management (WCM) elevated its importance throughout the years in the companies strategies focus. Specially, when considering the recent financial crisis and its main consequence: the reduction of liquidity provided by financing sources. In this sense, this paper examines the relation between WCM and unlisted firms corporate performance, measured by Return on Equity, while considering the presence of financial constraints and the channeling of investment between alternative assets. Using a sample of 135.005 unlisted firm-year observations, approximately 19.814 firms from 25 countries of the European Union over the period of 2008-2017. We show that firms with greater amounts of financing reserved to Working Capital (WC) affect negatively their performance. Importantly, when considering firms which are more distressed in the availability of internal finance, will suffer more the impact on their profitability derived by smaller changes in the investment in WC. We also exhibit that, in periods of crisis, firms with lower resources to use as collateral have more risk of harming their performance by increasing the amount of financing dedicated to WC. Finally, in periods of crisis, the negative effect on performance of investing in WC while having cash tied in other assets is diminished due to the tightening of investment opportunities in the latter assets.
Descrição
Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais
Palavras-chave
Fundo de Maneio Necessário Performance empresarial constrangimentos de financiamento crise financeira Working Capital Management Corporate performance financial constraints financial crisis
Contexto Educativo
Citação
Silva, Vitor Hugo Crespo da (2018). "Working capital management and financial constraints in Europe within different economic cycles". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão