Master's Dissertation
DOI
https://doi.org/10.11606/D.18.2022.tde-06072022-095147
Document
Author
Full name
Renato Martins Chavez
Institute/School/College
Knowledge Area
Date of Defense
Published
São Carlos, 2022
Supervisor
Committee
Kalatzis, Aquiles Elie Guimarães (President)
Casagrande, Elton Eustáquio
Lima, Fabiano Guasti
Casagrande, Elton Eustáquio
Lima, Fabiano Guasti
Title in Portuguese
Incerteza política econômica e decisões de investimento: evidências para o Brasil
Keywords in Portuguese
decisões de investimento
incerteza política econômica
restrição financeira
incerteza política econômica
restrição financeira
Abstract in Portuguese
Este trabalho investigou a relação entre incerteza política econômica e decisões de investimentos de empresas brasileiras com diferentes características de restrições financeiras. A amostra contou com dados financeiros de 210 firmas de capital aberto entre o período de 2010 a 2019. As empresas foram classificadas como financeiramente restritas e não restritas através dos índices KZ, WW e SA. Os dados foram analisados através de estatísticas descritivas e de estimativas realizadas com o método generalizado de momentos (GMM-sys). Os resultados indicaram que a incerteza política econômica tem um efeito negativo na taxa de investimento das empresas brasileiras. Além disso, o grupo de empresas não restritas financeiramente não apresentou sensibilidade de investimento à incerteza política econômica, enquanto o grupo de empresas restritas demonstrou uma relação negativa. Este estudo traz evidencias de que problemas no cenário político brasileiro desestimulam o investimento, principalmente o de empresas com alta dependência de recursos internos.
Title in English
Economic policy uncertainty and investment decisions: evidence from Brazil
Keywords in English
economic policy uncertainty
financial constraints
investment decisions
financial constraints
investment decisions
Abstract in English
This paper investigated the relation between economical political uncertainty and investment decisions of Brazilian firms with different financial constraints characteristics. The sample took financial data from 210 open capital firms between the years 2010 and 2019. The companies were classified as financially constrained and not financially constrained through the KZ, WW and SA indexes. The data was analyzed through descriptive statistics and estimates made with the generalized method of moments (GMM-sys). The results pointed out that economical political uncertainty has a negative effect on Brazilian companies investment rate. Furthermore, the non financial constrained company group didn't showcase investment sensibility to economical political uncertainty, while the financial constrained group demonstrated a negative relationship to it. This study brings evidence that issues in the Brazilian political side discourages investments, mainly in companies with high reliance on internal resources.
WARNING - Viewing this document is conditioned on your acceptance of the following terms of use:
This document is only for private use for research and teaching activities. Reproduction for commercial use is forbidden. This rights cover the whole data about this document as well as its contents. Any uses or copies of this document in whole or in part must include the author's name.
This document is only for private use for research and teaching activities. Reproduction for commercial use is forbidden. This rights cover the whole data about this document as well as its contents. Any uses or copies of this document in whole or in part must include the author's name.
DissertChavezRenatoMartinsCorrig.pdf (727.91 Kbytes)
Publishing Date
2022-08-17
WARNING: Learn what derived works are clicking here.
All rights of the thesis/dissertation are from the authors
CeTI-SC/STI
Digital Library of Theses and Dissertations of USP. Copyright © 2001-2024. All rights reserved.
CeTI-SC/STI
Digital Library of Theses and Dissertations of USP. Copyright © 2001-2024. All rights reserved.