Efeitos da financeirização sobre o investimento produtivo: evidências para as empresas brasileiras não-financeiras de capital aberto (2010 a 2016) // Effects of financialization on productive investment: evidence for Brazilian non-financial publicly traded companies (2010 to 2016)
Keywords:
financeirização, governança corporativa, investimento produtivo // financialization, corporate governance, productive investmentAbstract
Resumo: O objetivo do artigo é investigar o impacto da financeirização sobre o investimento produtivo das empresas brasileiras não-financeiras de capital aberto no período de 2010 a 2016. Para isto, foi estimado um modelo dinâmico de dados em painel por meio do Generalized Method of Moments (GMM) utilizando os dados contábeis e financeiros dessas empresas. Os resultados mostraram que o endividamento, o custo do capital, o pagamento de juros sobre o capital próprio e dividendos prejudicaram o investimento produtivo das empresas não-financeiras, enquanto o lucro operacional o afetou positivamente. Isso demonstra que existe um processo de financeirização nas empresas brasileiras e que esse fenômeno impacta negativamente o investimento produtivo.
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Abstract: This paper sought to investigate the impact of financialization on the productive investment of publicly traded Brazilian companies from 2010 to 2016. To do so, a dynamic panel data model was estimated by Generalized Method of Moments (GMM) using accounting and financial data from these companies. Results showed that debt, cost of capital, interest on equity and dividend payments hindered the productive investment of non-financial companies, while the operating profit affected it positively. This reveals a financialization process in Brazilian companies and that such phenomenon has a negative impact on productive investment.
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