Análise da relação entre rentabilidade e estratégias de gestão do capital de giro das empresas listadas na B3
The main purpose of working capital management is to maintain a balance between each of its components and, therefore, the balance between insolvency risk and profitability. The company can therefore adopt an aggressive or conservative policy of working capital management, depending on the managemen...
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Veröffentlicht in: | Revista Contemporânea de Contabilidade 2019, Vol.16 (38), p.150-165 |
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Sprache: | por |
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Zusammenfassung: | The main purpose of working capital management is to maintain a balance between each of its components and, therefore, the balance between insolvency risk and profitability. The company can therefore adopt an aggressive or conservative policy of working capital management, depending on the management strategy. In this sense, the purpose of this article is to analyze the influence of working capital management strategies on the profitability of the companies listed in B3. It was then selected a sample of 152 companies listed in B3 and segregated between aggressive or conservative policy of working capital management. The period analyzed was from 2000 to 2014 and the data collected consists of current assets, current liabilities, total assets, total assets profitability and net assets' profitability. Data were organized and analyzed based on simple and multivariate regression. The results indicate that the investment strategy in working capital positively influences the profitability of total assets and shareholders' equity. As regards the financing policy, it was verified that the companies, when analyzed together, had a negative influence of the aggressiveness of financing on the profitability of assets and equity. However, companies that adopt aggressive financing policies above average and show above-average return on assets represent a positive influence of the financing policy on profitability.
O objetivo principal da administração do capital de giro é manter equilíbrio entre cada um de seus componentes e, com isso, o equilíbrio entre o risco de insolvência e a rentabilidade. A empresa pode, portanto, adotar uma política agressiva ou conservadora de administração do capital de giro, dependendo da estratégia da gestão. Nesse sentido, o objetivo deste artigo é analisar a influência das estratégias de gestão do capital de giro na rentabilidade das empresas listadas na B3. Foi, então, selecionada uma amostra de 152 empresas listadas na B3 e segregadas entre política agressiva ou conservadora de gestão do capital de giro. O período analisado foi de 2000 a 2014 e os dados coletados consistem de ativo circulante, passivo circulante, ativo total, rentabilidade do ativo total e rentabilidade do patrimônio líquido. Os dados foram organizados e analisados com base na regressão simples e multivariada. Os resultados indicam que a estratégia de investimento em capital de giro influencia positivamente a rentabilidade do ativo total e do patrimônio líquido. No que diz |
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ISSN: | 1807-1821 |