Efeitos da Intangibilidade e da Gestão do Capital de Giro Sobre a Dificuldade Financeira Empresarial

Authors

  • João Fernandes de Barcellos Fucape Business School
  • Nadia Cardoso Moreira Fucape Business School
  • Silvania Neris Nossa Fucape Business School

DOI:

https://doi.org/10.17524/repec.v17i3.3192

Keywords:

Dificuldade Financeira, Intangibilidade, Ativos Intangíveis, Capital de Giro, Gestão de Capital de Giro

Abstract

Objetivo: Analisar se a intangibilidade, o capital de giro, e a gestão do capital de giro, influenciam o nível de dificuldade financeira das empresas.

Método: Utilizamos uma métrica de dificuldade financeira que separa as empresas entre 3 níveis de dificuldade financeira, diferindo de grande parte da literatura que só separa as empresas que estão ou não em dificuldade financeira. Para testar os efeitos da intangibilidade, capital de giro, e gestão do capital de giro sobre os diferentes níveis de dificuldade financeira, foi utilizado um modelo Probit Ordenado utilizando uma amostra de 1.968 observações de empresas listadas na B3 de 2010 a 2020.

Resultados:  Indicam que empresas com maior capital de giro possuem maior probabilidade de estarem em menores níveis de dificuldade financeira. Além disso, encontramos evidências de que quanto pior a gestão do capital de giro maior a probabilidade de a empresa estar em maiores níveis de dificuldade financeira. Não encontramos evidências com relação à intangibilidade.

Contribuições: Os resultados encontrados contribuem para a literatura ao incrementar os modelos de dificuldade financeira utilizando uma nova métrica; e contribuem, também, às empresas para evitar, mitigar, ou melhor lidar, com uma situação financeira desfavorável ao tratar de decisões de gestão de financeira.

Author Biographies

João Fernandes de Barcellos, Fucape Business School

Mestre em Administração

Nadia Cardoso Moreira, Fucape Business School

Doutora em Ciências Contábeis e Administração

Silvania Neris Nossa, Fucape Business School

Doutora em Ciências Contábeis e Administração

References

Al-Qudah, A. A., & Al-Afeef, M. A. M. (2015). The Relationship between the Investment in Current Assets and Profitability & Liquidity. Journal of Finance and Investment Analysis, 4(4), 11–22. https://doi.org/10.13140/RG.2.1.4687.3045

Almansour, B. Y. (2015). Empirical Model for Predicting Financial Failure. American Journal of Economics, Finance and Management, 1(3), 113–124.

Altaf, N. (2020). Working Capital Financing, Firm Performance and Financial Flexibility: Evidence from Indian Hospitality Firms. Global Business Review, 1–12. https://doi.org/10.1177/0972150920961371

Arrighetti, A., Landini, F., & Lasagni, A. (2014). Intangible assets and firm heterogeneity : Evidence from Italy. Research Policy, 43(1), 202–213. https://doi.org/10.1016/j.respol.2013.07.015

Azin, N. A. B. N., & Alias, N. (2019). Value relevance of intangible assets before and after FRS 138 adoptions: Evidence from Malaysia. International Journal of Financial Research, 10(3), 267–279. https://doi.org/10.5430/ijfr.v10n3p267

Baños-caballero, S., García-teruel, P. J., & Martínez-solano, P. (2014). Working capital management , corporate performance , and financial constraints. Journal of Business Research, 67(3), 332–338. https://doi.org/10.1016/j.jbusres.2013.01.016

Bhattacheryay, S. (2021). Multinational working capital management a study on Toyota Motor Corporation. International Journal of Finance and Economics. https://doi.org/10.1002/ijfe.2418

Boțoc, C., & Anton, S. G. (2017). Is profitability driven by working capital management? Evidence for high-growth firms from emerging Europe. Journal of Business Economics and Management, 18(6), 1135–1155. https://doi.org/10.3846/16111699.2017.1402362

Cardoso, G. F., & Peixoto, F. M. (2019). Board structure and financial distress in Brazilian firms. International Journal of Managerial Finance, 15(5), 813–828. https://doi.org/10.1108/IJMF-12-2017-0283

Céspedes, J., González, M., & Molina, C. A. (2010). Ownership and capital structure in Latin America. Journal of Business Research, 63(3), 248–254. https://doi.org/10.1016/j.jbusres.2009.03.010

Farooq, U., Jibran Qamar, M. A., & Haque, A. (2018). A three-stage dynamic model of financial distress. Managerial Finance, 44(9), 1101–1116. https://doi.org/10.1108/MF-07-2017-0244

Fernández-López, S., Rodeiro-Pazos, D., & Rey-Ares, L. (2020). Effects of working capital management on firms’ profitability: evidence from cheese-producing companies. Agribusiness, 36(4), 770–791. https://doi.org/10.1002/agr.21666

García-teruel, P. J., & Martínez-solano, P. (2007). Effects of working capital management on sme profitability *. International Journal of managerial finance, 3(2), 164–177. https://doi.org/https://doi.org/10.1108/17439130710738718

Geng, R., Bose, I., & Chen, X. (2015). Prediction of financial distress: An empirical study of listed Chinese companies using data mining. European Journal of Operational Research, 241(1), 236–247. https://doi.org/10.1016/j.ejor.2014.08.016

Glover, B. (2016). The expected cost of default. Journal of Financial Economics, 119(2), 284–299. https://doi.org/10.1016/j.jfineco.2015.09.007

Gregova, E., Valaskova, K., Adamko, P., Tumpach, M., & Jaros, J. (2020). Predicting Financial Distress of Slovak Enterprises : Comparison of Selected Traditional and Learning Algorithms Methods. Sustainability, 12(10), 3954.

Inekwe, J. N., Jin, Y., & Valenzuela, M. R. (2018). The effects of financial distress: Evidence from US GDP growth. Economic Modelling, 72(December 2017), 8–21. https://doi.org/10.1016/j.econmod.2018.01.001

Jones, S. (2011). Does the capitalization of intangible assets increase the predictability of corporate failure? Accounting Horizons, 25(1), 41–70. https://doi.org/10.2308/acch.2011.25.1.41

Kayani, U. N., de Silva, T.-A., & Gan, C. (2020). Working capital management and firm performance relationship: An empirical investigation of Australasian firms. Review of Pacific Basin Financial Markets and Policies, 23(3). https://doi.org/10.1142/S0219091520500265

Kliestik, T., Misankova, M., Valaskova, K., & Svabova, L. (2018). Bankruptcy Prevention: New Effort to Reflect on Legal and Social Changes. Science and Engineering Ethics, 24(2), 791–803. https://doi.org/10.1007/s11948-017-9912-4

Kovacova, M., & Kliestik, T. (2017). Logit and Probit application for the prediction of bankruptcy in Slovak companies. Equilibrium, 12(4), 775–791. https://doi.org/10.24136/eq.v12i4.40

Lim, S. C., Macias, A. J., & Moeller, T. (2020). Intangible assets and capital structure ✩. Journal of Banking and Finance, 118, 105873. https://doi.org/10.1016/j.jbankfin.2020.105873

Mok, H. M. K. (1993). Causality of interest rate, exchange rate and stock prices at stock market open and close in Hong Kong. Asia Pacific Journal of Management, 10(2), 123–143. https://doi.org/10.1007/BF01734274

Moreno-Bromberg, S., & Vo, Q. A. (2017). Resolution of financial distress under agency frictions. Journal of Banking and Finance, 82, 40–58. https://doi.org/10.1016/j.jbankfin.2017.05.009

Nobanee, H., & Abraham, J. (2015). Current assets management of small enterprises. Journal of Economic Studies, 42(4), 549–560. https://doi.org/10.1108/JES-02-2013-0028

Osinski, M., Selig, P. M., Matos, F., & Roman, D. J. (2017). Article information : Journal of Intellectual Capital, 18(3), 470–485.

Pouraghajan, A., & Emamgholipourarchi, M. (2012). Impact of Working Capital Management on Profitability and Market Evaluation : Evidence from Tehran Stock Exchange Abbasali Pouraghajan Department of Accounting. International Journal of Business and Social Science, 3(10), 311–318.

Rajendran, G. (2019). Financing current assets decision in working capital management: An evaluation. International Journal of Management, 10(2), 39–46. https://doi.org/10.34218/IJM.10.2.2019/004

Rojas, D., Cueva, D. F., Armas, R., & Matailo, L. (2017). Working capital in small and medium enterprises in Ecuador. Advanced Science Letters, 23(8), 7981–7983. https://doi.org/10.1166/asl.2017.9625

Safiq, M., Selviana, R., & Kusumastati, W. W. (2020). Financial and nonfinancial factors affecting future cashflow and their impacts on financial distress. International Journal of Research in Business and Social Science (2147- 4478), 9(5), 212–226. https://doi.org/10.20525/ijrbs.v9i5.859

Sant’Anna, A., Nelson, R., & Diniz, D. (2022). Capital, Agency and Distinction in Dynamics of Conversion of Economic Functions of Cities: Lessons from Lafayette (US). Brazilian Business Review, 19(2). https://doi.org/10.15728/bbr.2021.19.2.6

Sarkar, S. (2020). The relationship between operating leverage and financial leverage. Accounting and Finance, 60(S1), 805–826. https://doi.org/10.1111/acfi.12374

Shahwan, T. M., & Habib, A. M. (2020). Does the efficiency of corporate governance and intellectual capital affect a firm ’ s financial distress ? Evidence from Egypt. Journal of Intellectual Capital, 21(3), 403–430. https://doi.org/10.1108/JIC-06-2019-0143

Sriram, R. S. (2008). Relevance of intangible assets to evaluate financial health. Journal of Intellectual Capital, 9(3), 351–366. https://doi.org/10.1108/14691930810891974

Talonpoika, A.-M., Kärri, T., & Pirttilä, M. (2017). The dynamics of financial working capital management strategies. International Journal of Business Innovation and Research, 13(3), 309–325. https://doi.org/10.1504/IJBIR.2017.10005067

Tandiontong, M., & Sitompul, M. (2017). The Influence of Financial Distress Using Altman Z-Score, The Beta of Stocks and Inflation To The Stock Return. Journal of Finance and Banking Review, 2(2), 21–27. https://doi.org/10.35609/jfbr.2017.2.2(4)

Zanon, A. R. M., & Dantas, J. A. (2020). Market Reaction to the Issuance of Capital Instruments by Brazilian Banks. Brazilian Business Review, 17(1), 1–23. https://doi.org/10.15728/bbr.2020.17.1.1

Zarb, B. J. (2018). Liquidity, Solvency, And Financial Health: Do They Have An Impact On Us Airline Companies’profit Volatility? International Journal of Business, Accounting, & Finance, 12(1).

Zhang, Z., & Wang, J. (2014). Financial model based on principle component analysis and support vector machine. International Journal of Circuits, Systems and Signal Processing, 13(September), 183–190.

Published

2023-09-30

How to Cite

Fernandes de Barcellos, J., Cardoso Moreira, N., & Neris Nossa, S. (2023). Efeitos da Intangibilidade e da Gestão do Capital de Giro Sobre a Dificuldade Financeira Empresarial. Journal of Education and Research in Accounting (REPeC), 17(3). https://doi.org/10.17524/repec.v17i3.3192