Banca de DEFESA: Juliana Cardoso Amaral

Uma banca de DEFESA de MESTRADO foi cadastrada pelo programa.
STUDENT : Juliana Cardoso Amaral
DATE: 17/09/2021
TIME: 09:00
LOCAL: Online, por meio de videoconferência
TITLE:

Financial Constraint and Investment-Cash Flow Sensitivity in the Brazilian Eletric Energy Sector Firms

KEY WORDS:

Investment-cash flow sensitivity; financial constraint; power sector; investment decisions; financing

PAGES: 122
BIG AREA: Ciências Sociais Aplicadas
AREA: Administração
SUMMARY:

In addition to the operational routines, the financial decision-making process in companies basically involves the analysis of projects that offer the risk-return ratio and the best sources of resources to finance these investments that, under these conditions, contribute to the generation of value to the firm. In this context, considering the decision maker's environment and the existence of market imperfections, the financing costs, as well as the access to these external resources, can lead to different levels of restrictions for companies, which make them dependent on internal resources for the execution of your projects. The objective of the work was analyzed as the restrictions of this influence on the investment-sensitivity of the cash flow of companies in the Brazilian electricity sector in the period from 2009 to 2019, through quantile regression analysis with panel data. In order to ensure the adequacy of the models, in addition to the cash flow, variables such as tangibility of assets, WACC financial leverage, interest rate, market value and Tobin's Q were added to the econometric model, representing investment opportunities of the firms. As a priori classification criteria of companies into groups of financially restricted and unrestricted, the following indicators were used: dividend distribution, company size, return on investment (ROA), level of corporate governance and interest coverage ratio. The results showed that there is a sensitivity of investments to cash flow in companies in the electricity sector and that these are also impacted by the interest rate and market value. This evidence was not observed for the variables Q of Tobin, tangibility, WACC and debt.

BANKING MEMBERS:
Interno - FELIPE DIAS PAIVA
Interno - HUDSON FERNANDES AMARAL - UFMG
Externa à Instituição - JOYCE MARIELLA MEDEIROS CAVALCANTI - UnP
Presidente - LAISE FERRAZ CORREIA