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| Author(s): |
Marina Barboza Camargo
Total Authors: 1
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| Document type: | Doctoral Thesis |
| Press: | São Carlos. |
| Institution: | Universidade de São Paulo (USP). Escola de Engenharia de São Carlos (EESC/SBD) |
| Defense date: | 2011-08-23 |
| Examining board members: |
Aquiles Elie Guimarães Kalatzis;
Carlos Roberto Azzoni;
Milton Barossi Filho;
Mariana Cúri;
Sérgio Kannebley Júnior
|
| Advisor: | Aquiles Elie Guimarães Kalatzis |
| Abstract | |
The aim of this research is to analyze the presence of financial constraints on investments decisions under uncertainty using data from 1223 Brazilian firms over the 1986 to 2006 period. Uncertainty is incorporated in the model of investment decisions considering the sales and cash flow variables, which are estimated by a stochastic equation of Brownian motion. In addition, the variable cash flow is grouped by high and low uncertainty according to annual rate of the Ibovespa index, the standard deviation of sales and cash flow. To consider the effects of financial constraints on firms investment decisions, this study used the degree of capital intensity, size, and the technological degree to classify firms. The investment equation parameters are estimated considering the mixed model. The mixed model, it has not yet been used in analysis of Brazilian firms, allows considering the heterogeneity on explanatory variables, which avoids the bias introduced by assumption of homogeneity. The results show greater sensitivity of investment to cash flow for more capital-intensive firms, medium and high-tech ones. These results keep when cash-flow variable is analyzed by high uncertainty, i.e, for these firms the investment is more sensitive to cash flow under higher uncertainty. (AU) | |
| FAPESP's process: | 08/11083-6 - Uncertainty and financial constraints on investment's decisions of Brazilian companies |
| Grantee: | Marina Barboza Camargo |
| Support Opportunities: | Scholarships in Brazil - Doctorate (Direct) |