INFLUÊNCIA DA GESTÃO CONJUNTA DE RECURSOS FINANCEIROS NO VALOR ECONÔMICO ADICIONADO DE EMPRESAS BRASILEIRAS

Autores

  • Edgar Pamplona Universidade Federal de Mato Grosso do Sul - UFMS
  • Tarcísio Pedro da Silva Universidade Regional de Blumenau - FURB

DOI:

https://doi.org/10.22561/cvr.v35i1.7698

Palavras-chave:

Gestão conjunta, Recursos financeiros, Estrutura de capital, Folga Financeira, Valor Econômico Adicionado

Resumo

Objetiva-se verificar a influência da gestão conjunta de recursos financeiros no valor econômico adicionado de empresas brasileiras. As informações foram coletadas da base de dados Thomson Reuters Eikon® e do website do Banco Central do Brasil (BACEN). A amostra de pesquisa abrangeu 184 empresas brasileiras de capital aberto listadas na Brasil, Bolsa, Balcão (B3), contemplando o período entre 1997 e 2018. Os dados foram operacionalizados por técnicas estatísticas, com destaque a regressão quadrática com uma variável preditiva (influência isolada) e, sobretudo, a regressão quadrática com duas variáveis preditivas (influência conjunta). Os resultados confirmam que de forma isolada, a estrutura de capital e a folga financeira apresentam nível ideal para maximizar a Margem do Valor Econômico Adicionado (MEVA) de empresas brasileiras. Ainda mais considerável, são as evidências de que as decisões acerca dos recursos financeiros – estrutura de capital e folga financeira – devem ser tratadas de forma conjunta a fim de se alcançar o maior MEVA em empresas brasileiras. Especificamente, os resultados apontam que o nível ideal de estrutura de capital e de folga financeira a fim de maximizar o MEVA corporativo pode oscilar em termos absolutos em até 9,65% quando se compara a influência isolada com a influência conjunta, sendo tal aspecto considerável para a melhor tomada de decisão por parte dos stakeholders. Tais achados sugerem que dadas as insuficiências inerentes ao se observar o fenômeno em questão por relações lineares e/ou por efeitos isolados, a evolução do conhecimento perpassa, adiante, pela sua observância de forma tridimensional.

Biografia do Autor

Edgar Pamplona, Universidade Federal de Mato Grosso do Sul - UFMS

Doutor em Ciências Contábeis e Administração pelo Programa de Pós-Graduação em Ciências Contábeis da Universidade Regional de Blumenau (PPGCC/FURB).

Professor da Universidade Federal de Mato Grosso do Sul, Campus de Três Lagoas (UFMS/CPTL),

Endereço: Avenida Ranulpho Marques Leal, 3484, Distrito Industrial II, CEP: 79.613-000 – Três Lagoas/MS – Brasil. Telefone: (47) 98413-0580. E-mail: edgar.pamplona@ufms.br

Lattes: http://lattes.cnpq.br/1671521497197428

ORCID: https://orcid.org/0000-0002-2579-5458

Tarcísio Pedro da Silva, Universidade Regional de Blumenau - FURB

Doutor em Ciências Contábeis e Administração pelo Programa de Pós-Graduação em Ciências Contábeis da Universidade Regional de Blumenau (PPGCC/FURB).

Professor do Programa de Pós-Graduação em Ciências Contábeis da Universidade Regional de Blumenau (PPGCC/FURB).

Endereço: Rua Antônio da Veiga, 140, Sala D202, Itoupava Seca, CEP: 89.030-903 – Blumenau/SC – Brasil; Telefone: (47) 3321-0565. E-mail: tarcisio@furb.br

Lattes: http://lattes.cnpq.br/4860526637401659

ORCID: https://orcid.org/0000-0002-2370-791X

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Publicado

2024-08-11

Como Citar

PAMPLONA, E.; SILVA, T. P. da. INFLUÊNCIA DA GESTÃO CONJUNTA DE RECURSOS FINANCEIROS NO VALOR ECONÔMICO ADICIONADO DE EMPRESAS BRASILEIRAS. Contabilidade Vista & Revista, [S. l.], v. 35, n. 1, p. 54–80, 2024. DOI: 10.22561/cvr.v35i1.7698. Disponível em: https://revistas.face.ufmg.br/index.php/contabilidadevistaerevista/article/view/7698. Acesso em: 5 nov. 2024.

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