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O presente trabalho visa analisar empiricamente os fatores que afetam a detenção de liquidez. Usando uma base de dados constituída por 58 empresas portuguesas do setor não financeiro e de capital aberto, foi possível encontrar evidências de que as empresas com maiores oportunidades de crescimento, que pagam dividendos, com nível alto de rendibilidade, com maiores níveis de despesas de capital e com maiores níveis de empréstimos bancários, não parecem necessitar de deter muita liquidez, podendo apenas fazê-lo por motivos de transação. De semelhante modo, as empresas com maiores oportunidades de investimento, maior dimensão, maior nível de cash flows, endividamento elevado e maior volatilidade dos resultados procuram deter muita liquidez sob sua égide, por razões de precaução, tal como foi observado empiricamente por Opler et al. (1999), Ferreira-Vilela (2004), Garcia-Teruel-Martinez-Solano (2007), entre outros. Foram, portanto, identificadas semelhanças empíricas em relação à literatura financeira utilizada neste trabalho, comprovando a existência das teorias de trade-off, pecking order e a teoria de agência. Relativamente aos ativos líquidos substitutos e à maturidade da dívida, os resultados obtidos não são consistentes com a literatura. Foi ainda possível evidenciar empiricamente que a crise financeira que afetou as economias de quase todo o mundo em 2008 e 2009 exerceu uma pressão negativa sobre as empresas portuguesas, deixando muitas delas sob risco de sobrevivência e continuidade. A estrutura acionista e a qualidade de crédito das empresas não foram analisadas empiricamente por indisponibilidade de dados, bem como por sair da órbita dos objetivos deste estudo.
This study aims to empirically examine the factors affecting the liquidity holdings. Using a database consisting of 58 portuguese’s firms of publicly traded, it was possible to find evidence that firms with greater growth opportunities, that pay dividends, with high level of profitability, with higher levels of capital expenditure and with higher levels of bank lending does not seem to need to hold very liquidity and can only do so for reasons of transaction. In a similar way, firms with greater investment opportunities, larger size, higher level of cash flow, high leverage and higher earnings volatility are seeking to hold more liquidity under its aegis, for precautionary reasons, as was observed empirically by Opler et al. (1999), Ferreira-Vilela (2004),García-Teruel-Martinez-Solano (2007), among others. We therefore identified similarities in relation to empirical finance literature that was used in this work, proving the existence of theories of trade-off, pecking order and agency theory. For liquid assets substitutes and to debt maturity, the results are not consistent with the literature. It was still possible to demonstrate empirically that the financial crisis that affected the economies of almost all the world in 2008 and 2009 exerted a downward pressure on Portuguese companies, leaving many at risk for survival and continuity. The shareholder structure and the credit quality of the companies have not been analyzed empirically by unavailability of data, as well as to be out of the goals of this study.
This study aims to empirically examine the factors affecting the liquidity holdings. Using a database consisting of 58 portuguese’s firms of publicly traded, it was possible to find evidence that firms with greater growth opportunities, that pay dividends, with high level of profitability, with higher levels of capital expenditure and with higher levels of bank lending does not seem to need to hold very liquidity and can only do so for reasons of transaction. In a similar way, firms with greater investment opportunities, larger size, higher level of cash flow, high leverage and higher earnings volatility are seeking to hold more liquidity under its aegis, for precautionary reasons, as was observed empirically by Opler et al. (1999), Ferreira-Vilela (2004),García-Teruel-Martinez-Solano (2007), among others. We therefore identified similarities in relation to empirical finance literature that was used in this work, proving the existence of theories of trade-off, pecking order and agency theory. For liquid assets substitutes and to debt maturity, the results are not consistent with the literature. It was still possible to demonstrate empirically that the financial crisis that affected the economies of almost all the world in 2008 and 2009 exerted a downward pressure on Portuguese companies, leaving many at risk for survival and continuity. The shareholder structure and the credit quality of the companies have not been analyzed empirically by unavailability of data, as well as to be out of the goals of this study.
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Palavras-chave
Detenção de liquidez Teoria de agência Estrutura acionista da empresa Sobreinvestimento Mercado de capitais Liquidity holding Agency theory Shareholder structure Overinvestment Capital market