Gestão Financeira na Prática: Análise de Dados do Levantamento Brasileiro
Open Data (English)
Artigo principal Conteúdo
Cristiane Benetti
Paulo Renato Soares Terra
Roberto Frota Decourt
Resumo
Objetivo: este artigo tem o objetivo de reproduzir no Brasil uma pesquisa — anteriormente aplicada na América do Norte e Europa — que consulta o ponto de vista de CFOs sobre custo de capital, orçamento de capital e estrutura de capital. Método: o questionário foi rigorosamente traduzido e validado antes de ser aplicado pela internet. O questionário foi enviado a 1.699 empresas públicas e privadas brasileiras e 160 respostas foram recebidas, com uma taxa de retorno de 9,4%. As respostas foram analisadas condicionadas às características das empresas. Resultados: os resultados da pesquisa indicam que as empresas brasileiras empregam o VPL e a TIR como técnicas preferenciais de investimento e o CAPM e suas variações como o método de cálculo do custo do capital próprio. Também se preocupam com o custo da dívida e os custos de transação dos instrumentos de mercado, e utilizam os recursos internos como principal fonte de financiamento para investimento. A análise condicional indica que grandes empresas, listadas e regulamentadas se comportam de maneira diferente em relação às decisões financeiras do que suas contrapartes. Conclusão: a conclusão principal deste estudo é que o ambiente institucional (mercados, instituições, instrumentos e a economia) é um determinante importante da prática de finanças corporativas no Brasil.
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Benetti, C., Terra, P. R. S., & Decourt, R. F. (2021). Gestão Financeira na Prática: Análise de Dados do Levantamento Brasileiro. Revista De Administração Contemporânea, e200419. https://doi.org/10.1590/1982-7849rac2022200419.en
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Referências
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Arnold, G. C. & Hatzopoulos, P. D. (2000). The theory‐practice gap in capital budgeting: evidence from the United Kingdom. Journal of Business Finance & Accounting, 27(5‐6), 603-626. https://doi.org/10.1111/1468-5957.00327
Balbinotti, M. A. A., Benetti, C. & Terra, P. R. S. (2007). Translation and validation of the Graham-Harvey survey for the Brazilian context. International Journal of Managerial Finance, 3(1), 26-48. https://doi.org/10.1108/17439130710721644
Bancel, F. & Mittoo, U. R. (2004). Cross-country determinants of capital structure choice: a survey of European firms. Financial Management, 33(4), 103-132. https://www.jstor.org/stable/3666330
Block, S. B. (1999). A study of financial analysts: Practice and theory. Financial Analysts Journal, 55(4), 86-95. https://doi.org/10.2469/faj.v55.n4.2288
Beattie, V., Goodacre, A. & Thomson, S. J. (2006). Corporate financing decisions: UK survey evidence. Journal of Business Finance & Accounting, 33(9‐10), 1402-1434. https://doi.org/10.1111/j.1468-5957.2006.00640.x
Brav, A., Graham, J. R., Harvey, C. R. & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483-527. https://doi.org/10.1016/j.jfineco.2004.07.004
Brounen, D., De Jong, A. & Koedijk, K. (2004). Corporate finance in Europe: Confronting theory with practice. Financial Management, 33(4), 71-101. https://www.jstor.org/stable/3666329
Bruner, R. F., Eades, K. M., Harris, R. S. & Higgins, R. C. (1998). Best practices in estimating the cost of capital: Survey and synthesis. Financial Practice and Education, 8(1), 13-28. Retrieved from https://www.hbs.edu/faculty/Pages/item.aspx?num=50378
Campos, A. L., Jucá, M. N. & Nakamura, W. T. (2016). Como os gestores brasileiros tomam suas decisões de custo de capital? Revista Base (Administração e Contabilidade) da UNISINOS, 13(4), 309-330. https://doi.org/10.4013/base.2016.134.04
Colla, P., Ippolito, F. & Li, K. (2020). Debt structure. Annual Review of Financial Economics, 12(1), 193-215. https://doi.org/10.1146/annurev-financial-012820-015057
David, M., Nakamura, W. T. & Bastos, D. D. (2009). Estudo dos modelos trade-off e pecking order para as variáveis endividamento e payout em empresas brasileiras (2000-2006). RAM. Revista de Administração Mackenzie, 10(6), 132-153. https://doi.org/10.1590/S1678-69712009000600008
Dhanani, A. (2005). Corporate dividend policy: The views of British financial managers. Journal of Business Finance & Accounting, 32(7‐8), 1625-1672. https://doi.org/10.1111/j.0306-686X.2005.00643.x
Dommeyer, C. J. & Moriarty, E. (2000). Comparing two forms of an e-mail survey: Embedded vs attached. International Journal of Market Research, 42(1), 1-10. https://doi.org/10.1177/147078530004200103
Eid, W. Junior (1996). Custo e estrutura de capital: O comportamento das empresas brasileiras. Revista de Administração de Empresas, 36(4), 51-59. https://doi.org/10.1590/S0034-75901996000400006
Epps, R. W. & Mitchem, C. E. (1994). A comparison of capital budgeting techniques with those used in Japan and Korea. Advances in International Accounting, 7, 205-214.
Farre-Mensa, J., Michaely, R. & Schmalz, M. (2014). Payout policy. Annual Review of Financial Economics, 6(1), 75-134. https://doi.org/10.1146/annurev-financial-110613-034259
Fensterseifer, J. E. & Saul, N. (1993). Investimentos de capital nas grandes empresas. Revista de Administração, 28(3), 3-12. Retrieved from http://www.spell.org.br/documentos/ver/18603/investimentos-de-capital-nas-grandes-empresas
Fensterseifer, J. E., Galesne, A. & Ziegelmann, J. (1987). A utilização de técnicas analíticas nas decisões de investimento de capital das grandes empresas no Brasil. Revista de Administração da Universidade de São Paulo, 22(4). Retrieved from http://www.spell.org.br/documentos/ver/18971/a-utilizacao-de-tecnicas-analiticas-nas-decisoes-de-investimento-de-capital-das-grandes-empresas-no-brasil
Gitman, L. J. & Forrester, J. R. Jr. (1977). A survey of capital budgeting techniques used by major US firms. Financial Management, 66-71. https://doi.org/10.2307/3665258
Gitman, L. J. & Mercurio, V. A. (1982). Cost of capital techniques used by major US firms: Survey and analysis of Fortune’s 1000. Financial Management, 21-29. https://doi.org/10.2307/3665228
Graham, J. R. & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60(2-3), 187-243. https://doi.org/10.1016/S0304-405X(01)00044-7
Graham, J. R. & Leary, M. T. (2011). A review of empirical capital structure research and directions for the future. Annual Review of Financial Economics, 3(1), 309-345. https://doi.org/10.1146/annurev-financial-102710-144821
Hernández-Nieto, R. A. (2002). Contributions to statistical analysis. Mérida, ES: Universidad de Los Andes.
Jagannathan, R., Liberti, J., Liu, B. & Meier, I. (2017). A firm’s cost of capital. Annual Review of Financial Economics, 9(1), 259-282. https://doi.org/10.1146/annurev-financial-110716-032429
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329. https://www.jstor.org/stable/1818789
Klassen, R. D. & Jacobs, J. (2001). Experimental comparison of web, electronic and mail survey technologies in operations management. Journal of Operations Management, 19(6), 713-728. https://doi.org/10.1016/S0272-6963(01)00071-7
Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. The American Economic Review, 46(2), 97-113. https://www.jstor.org/stable/1910664
Maquieira, C. P., Preve, L. A. & Sarria-Allende, V. (2012). Theory and practice of corporate finance: Evidence and distinctive features in Latin America. Emerging Markets Review, 13(2), 118-148. https://doi.org/10.1016/j.ememar.2011.11.001
Neuhauser, K. L. (2007). Survey research in finance. International Journal of Managerial Finance, 3(1), 5-10. https://doi.org/10.1108/17439130710721626
Percival, J. (1993). Why don’t we just ask them? Financial Practice & Education, 3(2), 9-9.
Pike, R. (1996). A longitudinal survey on capital budgeting practices. Journal of Business Finance & Accounting, 23(1), 79-92. https://doi.org/10.1111/j.1468-5957.1996.tb00403.x
Poterba, J. M. & Summers, L. H. (1995). A CEO survey of US companies’ time horizons and hurdle rates. MIT Sloan Management Review, 37(1), 43-53. Retrieved from https://sloanreview.mit.edu/article/a-ceo-survey-of-us-companies-time-horizons-and-hurdle-rates/
Sangster, A. (1993). Capital investment appraisal techniques: a survey of current usage. Journal of Business Finance & Accounting, 20(3), 307-332. https://doi.org/10.1111/j.1468-5957.1993.tb00258.x
Saul, N. (1999, May). Critérios de decisão e avaliação de investimento nas grandes empresas do Brasil. Proceedings of the Congreso Latinoamericano de Estrategia SLADE, Buenos Aires, 13.
Stanley, M. T. & Block, S. B. (1984). A survey of multinational capital budgeting. Financial Review, 19(1), 36-54. https://doi.org/10.1111/j.1540-6288.1984.tb01083.x
Tani, B. B. & Albanez, T. (2016). Decisões de financiamento das companhias listadas nos diferentes segmentos de governança da BM&FBovespa segundo a teoria de pecking order. Contabilidade, Gestão e Governança, 19(2), 317-334. http://dx.doi.org/10.21714/1984-3925_2016v19n2a8
Vallerand, R. J. (1989). Vers une méthodologie de validation trans-culturelle de questionnaires psychologiques: Implications pour la recherche en langue française. Canadian Psychology/Psychologie Canadienne, 30(4), 662-680. https://doi.org/10.1037/h0079856
Arnold, G. C. & Hatzopoulos, P. D. (2000). The theory‐practice gap in capital budgeting: evidence from the United Kingdom. Journal of Business Finance & Accounting, 27(5‐6), 603-626. https://doi.org/10.1111/1468-5957.00327
Balbinotti, M. A. A., Benetti, C. & Terra, P. R. S. (2007). Translation and validation of the Graham-Harvey survey for the Brazilian context. International Journal of Managerial Finance, 3(1), 26-48. https://doi.org/10.1108/17439130710721644
Bancel, F. & Mittoo, U. R. (2004). Cross-country determinants of capital structure choice: a survey of European firms. Financial Management, 33(4), 103-132. https://www.jstor.org/stable/3666330
Block, S. B. (1999). A study of financial analysts: Practice and theory. Financial Analysts Journal, 55(4), 86-95. https://doi.org/10.2469/faj.v55.n4.2288
Beattie, V., Goodacre, A. & Thomson, S. J. (2006). Corporate financing decisions: UK survey evidence. Journal of Business Finance & Accounting, 33(9‐10), 1402-1434. https://doi.org/10.1111/j.1468-5957.2006.00640.x
Brav, A., Graham, J. R., Harvey, C. R. & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483-527. https://doi.org/10.1016/j.jfineco.2004.07.004
Brounen, D., De Jong, A. & Koedijk, K. (2004). Corporate finance in Europe: Confronting theory with practice. Financial Management, 33(4), 71-101. https://www.jstor.org/stable/3666329
Bruner, R. F., Eades, K. M., Harris, R. S. & Higgins, R. C. (1998). Best practices in estimating the cost of capital: Survey and synthesis. Financial Practice and Education, 8(1), 13-28. Retrieved from https://www.hbs.edu/faculty/Pages/item.aspx?num=50378
Campos, A. L., Jucá, M. N. & Nakamura, W. T. (2016). Como os gestores brasileiros tomam suas decisões de custo de capital? Revista Base (Administração e Contabilidade) da UNISINOS, 13(4), 309-330. https://doi.org/10.4013/base.2016.134.04
Colla, P., Ippolito, F. & Li, K. (2020). Debt structure. Annual Review of Financial Economics, 12(1), 193-215. https://doi.org/10.1146/annurev-financial-012820-015057
David, M., Nakamura, W. T. & Bastos, D. D. (2009). Estudo dos modelos trade-off e pecking order para as variáveis endividamento e payout em empresas brasileiras (2000-2006). RAM. Revista de Administração Mackenzie, 10(6), 132-153. https://doi.org/10.1590/S1678-69712009000600008
Dhanani, A. (2005). Corporate dividend policy: The views of British financial managers. Journal of Business Finance & Accounting, 32(7‐8), 1625-1672. https://doi.org/10.1111/j.0306-686X.2005.00643.x
Dommeyer, C. J. & Moriarty, E. (2000). Comparing two forms of an e-mail survey: Embedded vs attached. International Journal of Market Research, 42(1), 1-10. https://doi.org/10.1177/147078530004200103
Eid, W. Junior (1996). Custo e estrutura de capital: O comportamento das empresas brasileiras. Revista de Administração de Empresas, 36(4), 51-59. https://doi.org/10.1590/S0034-75901996000400006
Epps, R. W. & Mitchem, C. E. (1994). A comparison of capital budgeting techniques with those used in Japan and Korea. Advances in International Accounting, 7, 205-214.
Farre-Mensa, J., Michaely, R. & Schmalz, M. (2014). Payout policy. Annual Review of Financial Economics, 6(1), 75-134. https://doi.org/10.1146/annurev-financial-110613-034259
Fensterseifer, J. E. & Saul, N. (1993). Investimentos de capital nas grandes empresas. Revista de Administração, 28(3), 3-12. Retrieved from http://www.spell.org.br/documentos/ver/18603/investimentos-de-capital-nas-grandes-empresas
Fensterseifer, J. E., Galesne, A. & Ziegelmann, J. (1987). A utilização de técnicas analíticas nas decisões de investimento de capital das grandes empresas no Brasil. Revista de Administração da Universidade de São Paulo, 22(4). Retrieved from http://www.spell.org.br/documentos/ver/18971/a-utilizacao-de-tecnicas-analiticas-nas-decisoes-de-investimento-de-capital-das-grandes-empresas-no-brasil
Gitman, L. J. & Forrester, J. R. Jr. (1977). A survey of capital budgeting techniques used by major US firms. Financial Management, 66-71. https://doi.org/10.2307/3665258
Gitman, L. J. & Mercurio, V. A. (1982). Cost of capital techniques used by major US firms: Survey and analysis of Fortune’s 1000. Financial Management, 21-29. https://doi.org/10.2307/3665228
Graham, J. R. & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60(2-3), 187-243. https://doi.org/10.1016/S0304-405X(01)00044-7
Graham, J. R. & Leary, M. T. (2011). A review of empirical capital structure research and directions for the future. Annual Review of Financial Economics, 3(1), 309-345. https://doi.org/10.1146/annurev-financial-102710-144821
Hernández-Nieto, R. A. (2002). Contributions to statistical analysis. Mérida, ES: Universidad de Los Andes.
Jagannathan, R., Liberti, J., Liu, B. & Meier, I. (2017). A firm’s cost of capital. Annual Review of Financial Economics, 9(1), 259-282. https://doi.org/10.1146/annurev-financial-110716-032429
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329. https://www.jstor.org/stable/1818789
Klassen, R. D. & Jacobs, J. (2001). Experimental comparison of web, electronic and mail survey technologies in operations management. Journal of Operations Management, 19(6), 713-728. https://doi.org/10.1016/S0272-6963(01)00071-7
Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. The American Economic Review, 46(2), 97-113. https://www.jstor.org/stable/1910664
Maquieira, C. P., Preve, L. A. & Sarria-Allende, V. (2012). Theory and practice of corporate finance: Evidence and distinctive features in Latin America. Emerging Markets Review, 13(2), 118-148. https://doi.org/10.1016/j.ememar.2011.11.001
Neuhauser, K. L. (2007). Survey research in finance. International Journal of Managerial Finance, 3(1), 5-10. https://doi.org/10.1108/17439130710721626
Percival, J. (1993). Why don’t we just ask them? Financial Practice & Education, 3(2), 9-9.
Pike, R. (1996). A longitudinal survey on capital budgeting practices. Journal of Business Finance & Accounting, 23(1), 79-92. https://doi.org/10.1111/j.1468-5957.1996.tb00403.x
Poterba, J. M. & Summers, L. H. (1995). A CEO survey of US companies’ time horizons and hurdle rates. MIT Sloan Management Review, 37(1), 43-53. Retrieved from https://sloanreview.mit.edu/article/a-ceo-survey-of-us-companies-time-horizons-and-hurdle-rates/
Sangster, A. (1993). Capital investment appraisal techniques: a survey of current usage. Journal of Business Finance & Accounting, 20(3), 307-332. https://doi.org/10.1111/j.1468-5957.1993.tb00258.x
Saul, N. (1999, May). Critérios de decisão e avaliação de investimento nas grandes empresas do Brasil. Proceedings of the Congreso Latinoamericano de Estrategia SLADE, Buenos Aires, 13.
Stanley, M. T. & Block, S. B. (1984). A survey of multinational capital budgeting. Financial Review, 19(1), 36-54. https://doi.org/10.1111/j.1540-6288.1984.tb01083.x
Tani, B. B. & Albanez, T. (2016). Decisões de financiamento das companhias listadas nos diferentes segmentos de governança da BM&FBovespa segundo a teoria de pecking order. Contabilidade, Gestão e Governança, 19(2), 317-334. http://dx.doi.org/10.21714/1984-3925_2016v19n2a8
Vallerand, R. J. (1989). Vers une méthodologie de validation trans-culturelle de questionnaires psychologiques: Implications pour la recherche en langue française. Canadian Psychology/Psychologie Canadienne, 30(4), 662-680. https://doi.org/10.1037/h0079856