Advisor(s)
Abstract(s)
O escopo do presente trabalho consiste na análise empírica da relação entre o stock de liquidez e o endividamento, no período entre 1995 e 2010, em 290 e 243 empresas do setor da eletricidade e das telecomunicações respetivamente.
As nossas estatísticas contrariam o estudo de Bates et al. (2009), na medida em que o stock de liquidez nestes setores não é usado para reduzir a alavancagem. A evolução do nível de liquidez de ambos os setores não apresenta alterações significativas, ao contrário de um aumento significativo da alavancagem ao longo do tempo. Com base num modelo dinâmico verificamos que o nível de liquidez depende fortemente dos seus valores passados, ajustando em torno de um nível alvo. Utilizando o método generalizado dos momentos (GMM), os nossos resultados revelam uma relação negativa entre liquidez e o endividamento para o setor da eletricidade e uma relação insignificante para o setor das telecomunicações. Adicionalmente, os resultados encontrados para o setor da eletricidade são consistentes com a teoria do trade-off estático e do free cash flow.
The scope of this paper consists of an empirical analysis of the relationship between stock liquidity and debt during the 1995-2010 period, in 290 and 243 companies in the electricity and telecommunications sectors respectively. Our statistics contradict Bates et al. (2009) study, in that the stock of liquid in these areas is not used to reduce leverage. The evolution of the level of liquidity of both sectors does not present significant changes, contrary to a significant increase in leverage over time. Based on a dynamic model, we found that the level of liquidity depends heavily on its past values, adjusting to a target level. Using the Generalized Method of Moments (GMM), our results reflect a negative relationship between liquidity and debt for the electricity sector, and an insignificant relation for the telecommunications sector. Additionally, the results for the electricity sector are consistent with the theory of static trade-off and free cash flow.
The scope of this paper consists of an empirical analysis of the relationship between stock liquidity and debt during the 1995-2010 period, in 290 and 243 companies in the electricity and telecommunications sectors respectively. Our statistics contradict Bates et al. (2009) study, in that the stock of liquid in these areas is not used to reduce leverage. The evolution of the level of liquidity of both sectors does not present significant changes, contrary to a significant increase in leverage over time. Based on a dynamic model, we found that the level of liquidity depends heavily on its past values, adjusting to a target level. Using the Generalized Method of Moments (GMM), our results reflect a negative relationship between liquidity and debt for the electricity sector, and an insignificant relation for the telecommunications sector. Additionally, the results for the electricity sector are consistent with the theory of static trade-off and free cash flow.
Description
Keywords
Liquidez Alavancagem Trade-off estático Free cash flow GMM Liquidity Leverage Static trade-off