ROA |
Dependente |
EBITDA (Total de ativos)
|
Fresard (2010)Fresard, L. (2010). Financial strength and product market behavior: The real
effects of corporate cash holdings. The Journal of Finance, 65(3), 1097–1122.
https://doi.org/10.1111/j.1540-6261.2010.01562.x https://doi.org/10.1111/j.1540-6261.2010...
, Adjei
(2013)Adjei, F. (2013). The effects of cash holdings on corporate performance during a
credit crunch: Evidence from the sub-prime mortgage crisis. Journal of Economics and
Finance, 37, 188–199. https://doi.org/10.1007/s12197-011-9177-8 https://doi.org/10.1007/s12197-011-9177-...
e Forti et al. (2011)Forti, C. A. B., Peixoto, F. M., & Freitas, K. S. (2011). Retenção de caixa,
desempenho operacional e valor: Um estudo no mercado de capitais brasileiro. Revista de
Contabilidade e Organizações, 5(13), 20–33. https://doi.org/10.11606/rco.v5i13.34802 https://doi.org/10.11606/rco.v5i13.34802...
|
|
Market to book
|
Dependente |
|
Fresard (2010)Fresard, L. (2010). Financial strength and product market behavior: The real
effects of corporate cash holdings. The Journal of Finance, 65(3), 1097–1122.
https://doi.org/10.1111/j.1540-6261.2010.01562.x https://doi.org/10.1111/j.1540-6261.2010...
, Forti et
al. (2011)Forti, C. A. B., Peixoto, F. M., & Freitas, K. S. (2011). Retenção de caixa,
desempenho operacional e valor: Um estudo no mercado de capitais brasileiro. Revista de
Contabilidade e Organizações, 5(13), 20–33. https://doi.org/10.11606/rco.v5i13.34802 https://doi.org/10.11606/rco.v5i13.34802...
, Kime Bettis (2013)Kim, C., & Bettis, R. A. (2013). Cash is surprisingly valuable as a
strategic asset. Strategic Management Journal, 35(13), 2053–2063. https://doi.org/10.1002/smj.2205 https://doi.org/10.1002/smj.2205...
, O'Bríene
Folta (2009) e Deb et al. (2017)Deb, P., David, P., & O’Brien, J. P. (2017). When is cash good or bad for
firm performance? Strategic Management Journal, 38(2), 436–454. https://doi.org/10.1002/smj.2486 https://doi.org/10.1002/smj.2486...
|
|
z-cash (t - 1) |
Explicativa |
Variável definida na Equação 1, defasada em
um período. |
Fresard (2010)Fresard, L. (2010). Financial strength and product market behavior: The real
effects of corporate cash holdings. The Journal of Finance, 65(3), 1097–1122.
https://doi.org/10.1111/j.1540-6261.2010.01562.x https://doi.org/10.1111/j.1540-6261.2010...
e Forti
et al. (2011)Forti, C. A. B., Peixoto, F. M., & Freitas, K. S. (2011). Retenção de caixa,
desempenho operacional e valor: Um estudo no mercado de capitais brasileiro. Revista de
Contabilidade e Organizações, 5(13), 20–33. https://doi.org/10.11606/rco.v5i13.34802 https://doi.org/10.11606/rco.v5i13.34802...
|
+ |
ROA
(t - 1) |
Controle |
|
Fresard (2010)Fresard, L. (2010). Financial strength and product market behavior: The real
effects of corporate cash holdings. The Journal of Finance, 65(3), 1097–1122.
https://doi.org/10.1111/j.1540-6261.2010.01562.x https://doi.org/10.1111/j.1540-6261.2010...
|
+ |
Market to book (t - 1) |
Controle |
|
Fresard (2010)Fresard, L. (2010). Financial strength and product market behavior: The real
effects of corporate cash holdings. The Journal of Finance, 65(3), 1097–1122.
https://doi.org/10.1111/j.1540-6261.2010.01562.x https://doi.org/10.1111/j.1540-6261.2010...
, Kime
Bettis (2013)Kim, C., & Bettis, R. A. (2013). Cash is surprisingly valuable as a
strategic asset. Strategic Management Journal, 35(13), 2053–2063. https://doi.org/10.1002/smj.2205 https://doi.org/10.1002/smj.2205...
, O'Brien e Folta (2009) e Deb et al.
(2017)Deb, P., David, P., & O’Brien, J. P. (2017). When is cash good or bad for
firm performance? Strategic Management Journal, 38(2), 436–454. https://doi.org/10.1002/smj.2486 https://doi.org/10.1002/smj.2486...
|
+ |
Tamanho aj. setor (t - 1) |
Controle |
|
Fresard (2010)Fresard, L. (2010). Financial strength and product market behavior: The real
effects of corporate cash holdings. The Journal of Finance, 65(3), 1097–1122.
https://doi.org/10.1111/j.1540-6261.2010.01562.x https://doi.org/10.1111/j.1540-6261.2010...
e Forti
et al. (2011)Forti, C. A. B., Peixoto, F. M., & Freitas, K. S. (2011). Retenção de caixa,
desempenho operacional e valor: Um estudo no mercado de capitais brasileiro. Revista de
Contabilidade e Organizações, 5(13), 20–33. https://doi.org/10.11606/rco.v5i13.34802 https://doi.org/10.11606/rco.v5i13.34802...
|
+ |
Alavancagem aj. setor (t - 1) |
Controle |
|
Fresard (2010)Fresard, L. (2010). Financial strength and product market behavior: The real
effects of corporate cash holdings. The Journal of Finance, 65(3), 1097–1122.
https://doi.org/10.1111/j.1540-6261.2010.01562.x https://doi.org/10.1111/j.1540-6261.2010...
, Adjei
(2013)Adjei, F. (2013). The effects of cash holdings on corporate performance during a
credit crunch: Evidence from the sub-prime mortgage crisis. Journal of Economics and
Finance, 37, 188–199. https://doi.org/10.1007/s12197-011-9177-8 https://doi.org/10.1007/s12197-011-9177-...
e Forti et al. (2011)Forti, C. A. B., Peixoto, F. M., & Freitas, K. S. (2011). Retenção de caixa,
desempenho operacional e valor: Um estudo no mercado de capitais brasileiro. Revista de
Contabilidade e Organizações, 5(13), 20–33. https://doi.org/10.11606/rco.v5i13.34802 https://doi.org/10.11606/rco.v5i13.34802...
|
− |
Investimentos sj. setor (t - 1) |
Controle |
|
Fresard (2010)Fresard, L. (2010). Financial strength and product market behavior: The real
effects of corporate cash holdings. The Journal of Finance, 65(3), 1097–1122.
https://doi.org/10.1111/j.1540-6261.2010.01562.x https://doi.org/10.1111/j.1540-6261.2010...
e Forti
et al. (2011)Forti, C. A. B., Peixoto, F. M., & Freitas, K. S. (2011). Retenção de caixa,
desempenho operacional e valor: Um estudo no mercado de capitais brasileiro. Revista de
Contabilidade e Organizações, 5(13), 20–33. https://doi.org/10.11606/rco.v5i13.34802 https://doi.org/10.11606/rco.v5i13.34802...
|
+ |
∆
faturamento aj. Controle setor (t - 1) |
Controle |
|
Fresard (2010)Fresard, L. (2010). Financial strength and product market behavior: The real
effects of corporate cash holdings. The Journal of Finance, 65(3), 1097–1122.
https://doi.org/10.1111/j.1540-6261.2010.01562.x https://doi.org/10.1111/j.1540-6261.2010...
e Forti
et al. (2011)Forti, C. A. B., Peixoto, F. M., & Freitas, K. S. (2011). Retenção de caixa,
desempenho operacional e valor: Um estudo no mercado de capitais brasileiro. Revista de
Contabilidade e Organizações, 5(13), 20–33. https://doi.org/10.11606/rco.v5i13.34802 https://doi.org/10.11606/rco.v5i13.34802...
|
+ |
Payout (t - 1) |
Controle |
Dummy para Identificar se a empresa é pagadora de dividendos. |
Fresard (2010)Fresard, L. (2010). Financial strength and product market behavior: The real
effects of corporate cash holdings. The Journal of Finance, 65(3), 1097–1122.
https://doi.org/10.1111/j.1540-6261.2010.01562.x https://doi.org/10.1111/j.1540-6261.2010...
|
+ |
Setor |
Controle |
Dummy para cada um dos setores de atuação das empresas: materiais
básicos; bens industriais; consumo; saúde; utilidade pública; outros. |
Fresard (2010)Fresard, L. (2010). Financial strength and product market behavior: The real
effects of corporate cash holdings. The Journal of Finance, 65(3), 1097–1122.
https://doi.org/10.1111/j.1540-6261.2010.01562.x https://doi.org/10.1111/j.1540-6261.2010...
, Forti et
al. (2011)Forti, C. A. B., Peixoto, F. M., & Freitas, K. S. (2011). Retenção de caixa,
desempenho operacional e valor: Um estudo no mercado de capitais brasileiro. Revista de
Contabilidade e Organizações, 5(13), 20–33. https://doi.org/10.11606/rco.v5i13.34802 https://doi.org/10.11606/rco.v5i13.34802...
, Adjei (2013)Adjei, F. (2013). The effects of cash holdings on corporate performance during a
credit crunch: Evidence from the sub-prime mortgage crisis. Journal of Economics and
Finance, 37, 188–199. https://doi.org/10.1007/s12197-011-9177-8 https://doi.org/10.1007/s12197-011-9177-...
, Kime Bettis (2013)Kim, C., & Bettis, R. A. (2013). Cash is surprisingly valuable as a
strategic asset. Strategic Management Journal, 35(13), 2053–2063. https://doi.org/10.1002/smj.2205 https://doi.org/10.1002/smj.2205...
, O'Brien e Folta (2009) e Deb et al. (2017)Deb, P., David, P., & O’Brien, J. P. (2017). When is cash good or bad for
firm performance? Strategic Management Journal, 38(2), 436–454. https://doi.org/10.1002/smj.2486 https://doi.org/10.1002/smj.2486...
|
+ |