Doctorate – Financial constraint in Brazilian campanies: delineation in a multicriteria approach
Advisor: Prof. Dr. Almir Ferreira de Sousa
Comission: Profs. Drs. Jose Roberto Ferreira Savóia, Roy Martelanc, Ricardo Goulart Serra and Wilson Toshiro Nakamura
Class: 217, FEA-5
The analysis of 273 companies, from 105 different sectors, for 23 years, and according to appropriate methodology, allowed to expand and deepen the knowledge about the phenomenon of Financial Constraint conforming the behavior of companies operating in Brazil. The development of the methodology to approach the problem went through the characterization of academic thinking evolution on the theme in the last 50 years, to then provide the specification and application of a methodological compound structured in two parts: I) A battery of tests with five basic econometric models and some variants, composing Methodological Question A, in order to detect the possible superiority of any of the three grouping criteria tested to characterize (at the observation level "firm.year") constrained and unconstrained companies: i. By size, ii. By the payment of dividends and iii. According to the value of a specially created variable; II) Then, composing Methodological Question B, and based on the criterion identified as superior, followed the specification of a methodology aimed at enabling this criterion to produce the maximum effect attributed to it. The results obtained were encouraging, and one should consider it as a first and essential step in the advanced multidimensional understanding of the phenomenon of financial constraint affecting Brazilian companies. Also, the study identified several directions for future development of the theme, as well as made them explicit.
*Abstract provided by the author