Impact Factors on Cash Balance: A Study in Non-Financial Brazilian Companies in Stock Market

Júlia Peres Tortoli () and Marcelo Botelho da Costa Moraes ()
Additional contact information
Júlia Peres Tortoli: University of São Paulo

Brazilian Review of Finance, 2016, vol. 14, issue 1, 125-150

Abstract: The aim of this study is to analyze the impact factors and their effects on the corporate cash holdings in order to assist companies in achieving better financial management, corroborating the perpetuity of them. The sample consists of 917 observations of 131 listed companies in Brazil, from 2007 to 2013. The dependent variable used in this study is the natural logarithm of cash and cash equivalents divided by the total of net assets and the major independent variables are show in literature plus a dummy variable for passive financing through BNDES and a control variable for the financial crisis. The methodology used is regression with static and balanced panel data, with better results for fixed effects. Evidence is found that the variable distribution of dividends, higher level of liquid assets, existence of corporate governance, in addition to financial crisis, impact cash.

Keywords: Cash Available; Level of Liquid Assets; Financial Management (search for similar items in EconPapers)
JEL-codes: G30 G31 (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

Downloads: (external link)
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/download/49079/59142 (application/pdf)
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/view/49079 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:brf:journl:v:14:y:2016:i:1:p:125-150

Access Statistics for this article

Brazilian Review of Finance is currently edited by Marcio Laurini

More articles in Brazilian Review of Finance from Brazilian Society of Finance
Bibliographic data for series maintained by Marcio Laurini ().