Efeitos da Intangibilidade e da Gestão do Capital de Giro Sobre a Dificuldade Financeira Empresarial
DOI:
https://doi.org/10.17524/repec.v17i3.3192Palavras-chave:
Dificuldade Financeira, Intangibilidade, Ativos Intangíveis, Capital de Giro, Gestão de Capital de GiroResumo
Objetivo: Analisar se a intangibilidade, o capital de giro, e a gestão do capital de giro, influenciam o nível de dificuldade financeira das empresas.
Método: Utilizamos uma métrica de dificuldade financeira que separa as empresas entre 3 níveis de dificuldade financeira, diferindo de grande parte da literatura que só separa as empresas que estão ou não em dificuldade financeira. Para testar os efeitos da intangibilidade, capital de giro, e gestão do capital de giro sobre os diferentes níveis de dificuldade financeira, foi utilizado um modelo Probit Ordenado utilizando uma amostra de 1.968 observações de empresas listadas na B3 de 2010 a 2020.
Resultados: Indicam que empresas com maior capital de giro possuem maior probabilidade de estarem em menores níveis de dificuldade financeira. Além disso, encontramos evidências de que quanto pior a gestão do capital de giro maior a probabilidade de a empresa estar em maiores níveis de dificuldade financeira. Não encontramos evidências com relação à intangibilidade.
Contribuições: Os resultados encontrados contribuem para a literatura ao incrementar os modelos de dificuldade financeira utilizando uma nova métrica; e contribuem, também, às empresas para evitar, mitigar, ou melhor lidar, com uma situação financeira desfavorável ao tratar de decisões de gestão de financeira.
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