Impacto da pandemia no capital de giro das empresas brasileiras de capital aberto segundo o modelo de Fleuriet
The pandemic hit companies in several ways, including working capital management. One of the hypotheses is that movement restrictions and a drop in sales could lead to a worsening of the turnover situation. To conclude whether this hypothesis is valid, the Fleuriet model was used in this study to an...
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| Formato: | bachelorThesis |
| Idioma: | pt_BR |
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Universidade Federal do Rio Grande do Norte
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| Endereço do item: | https://repositorio.ufrn.br/handle/123456789/56119 |
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| Resumo: | The pandemic hit companies in several ways, including working capital management. One of the hypotheses is that movement restrictions and a drop in sales could lead to a worsening of the turnover situation. To conclude whether this hypothesis is valid, the Fleuriet model was used in this study to analyze the working capital situation. All publicly traded companies that carried out an IPO prior to 2017, which were not banking institutions, still have active registration with the CVM and are traded on the stock market, were extracted from the CVM database. Therefore, 223 companies remained to be analyzed. These companies were grouped according to an adaptation of the model proposed by Marques and Braga (1995), into 6 groups according to the quality of the company's working capital. The results were surprising, the main hypothesis was denied. Publicly traded companies found it easier to raise funds at the low interest rate levels that central banks took, so the original shareholders saw a good opportunity to capitalize the companies without giving up a share of their capital. After all, interest rates and company pricing maintain an inversely proportional relationship. This difference is observed through the increase in the Treasury Balance of these companies, that is, the growth of Financial Assets – where the resource was allocated – was greater than the growth of Financial Liabilities, denoting that the origin of the resource that was allocated to Financial Assets originated in Working Capital |
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