A carregar...
Publicação
Restrições financeiras e performance empresarial : uma análise empírica a empresas do NASDAQ-100
| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 719.95 KB | Adobe PDF |
Autores
Orientador(es)
Resumo(s)
O objetivo deste trabalho é analisar o impacto das restrições financeiras na performance das empresas. Para tal, foram analisadas as 100 maiores empresas de capital aberto norte-americanas, representadas no índice NASDAQ-100. Tendo em conta a abrangência e a importância do conceito de restrições financeiras e as diversas teorias existentes, é elaborado um índice que procura representar, de forma atualizada e multifacetada, uma empresa em situação de restrição financeira. Este modelo foi baseado nas principais teorias discutidas e nas suas respetivas variáveis, com base em estudos clássicos e mais recentes. Após a definição do que é uma restrição financeira, foi realizada uma análise do impacto da mesma na variação da cotação das diferentes empresas no mercado financeiro. De referir, o particular destaque á influência da variável dividendos no estudo em causa. Neste estudo, foram encontradas evidências de que, diferentemente do que aponta o cerne da literatura atual, uma empresa com restrições financeiras tende a apresentar uma boa performance no valor das suas ações no mercado. Este trabalho contribuiu para a literatura sobre restrição financeira e performance por meio da criação de um novo índice de restrições financeiras e do seu contributo via análise do seu impacto na performance das empresas em investigações futuras. Ademais, este estudo oferece perspetivas relevantes tanto para gestores como para investidores, ao demonstrar que empresas com restrições financeiras podem alcançar uma valorização no mercado quando adotam estratégias financeiras rigorosas.
The objective of this work is to analyze the impact of financial constraints on corporate performance. To achieve this, the 100 largest publicly traded North American companies, represented in the NASDAQ-100 index, were analyzed. Considering the scope and importance of the concept of financial constraints and the various existing theories on the subject, an index was developed to represent, in an updated and multifaceted manner, a company in a state of financial constraint. This model was based on the main discussed theories and their respective variables, drawing from both classical and more recent studies. Following the definition of what constitutes a financial constraint, an analysis was conducted on the impact of these constraints on the variation in stock prices of different companies in the financial market. It is worth mentioning the particular emphasis on the influence of the dividend variable in the study in question. In this study, evidence was found that, contrary to what is suggested by the core of current literature, a company with financial constraints tends to show good performance in the value of its shares in the market. The work thus contributed to the literature by creating a new index representing financial constraints and its contribution through the analysis of its impact on the performance of companies providing insights for future research. Furthermore, this study offers relevant perspectives for both managers and investors, demonstrating that companies under financial constraints can achieve market appreciation when they adopt rigorous financial strategies.
The objective of this work is to analyze the impact of financial constraints on corporate performance. To achieve this, the 100 largest publicly traded North American companies, represented in the NASDAQ-100 index, were analyzed. Considering the scope and importance of the concept of financial constraints and the various existing theories on the subject, an index was developed to represent, in an updated and multifaceted manner, a company in a state of financial constraint. This model was based on the main discussed theories and their respective variables, drawing from both classical and more recent studies. Following the definition of what constitutes a financial constraint, an analysis was conducted on the impact of these constraints on the variation in stock prices of different companies in the financial market. It is worth mentioning the particular emphasis on the influence of the dividend variable in the study in question. In this study, evidence was found that, contrary to what is suggested by the core of current literature, a company with financial constraints tends to show good performance in the value of its shares in the market. The work thus contributed to the literature by creating a new index representing financial constraints and its contribution through the analysis of its impact on the performance of companies providing insights for future research. Furthermore, this study offers relevant perspectives for both managers and investors, demonstrating that companies under financial constraints can achieve market appreciation when they adopt rigorous financial strategies.
Descrição
Palavras-chave
Restrições financeiras Dividendos Cash flow Cotação Performance NASDAQ-100 Financial constraints Dividends Stock price
Contexto Educativo
Citação
Editora
Licença CC
Sem licença CC