A influência do caixa, do lucro e dos accruals na predição de caixa: uma investigação com dados em painel das companhias brasileiras de capital aberto
The cash generated by companies has been the object of national and international studies, regarding its predictive role. In the Brazilian case, the mandatory disclosure of the Cash Flow Statement - DFC as of the enactment of Law 11,638 / 2007 extended the possibility of studies on this topic. Backe...
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| Format: | doctoral thesis |
| Status: | Published version |
| Publication Date: | 2013 |
| Country: | Brasil |
| Institution: | Universidade Federal de Minas Gerais (UFMG) |
| Repository: | Repositório Institucional da UFMG |
| Language: | Portuguese |
| OAI Identifier: | oai:repositorio.ufmg.br:1843/BUBD-ANRLJM |
| Online Access: | http://hdl.handle.net/1843/BUBD-ANRLJM |
| Access Level: | Open access |
| Keyword: | Mercado de capitais Fluxo de caixa Lucros Accruals Administração |
| Summary: | The cash generated by companies has been the object of national and international studies, regarding its predictive role. In the Brazilian case, the mandatory disclosure of the Cash Flow Statement - DFC as of the enactment of Law 11,638 / 2007 extended the possibility of studies on this topic. Backed by the Positive Theory in Accounting, Institutional Theory, Informative Theory and empirical work related to the theme, this paper aimed to verify the influence of the Operational Cash Flow of Net Income and the accruals in predicting Operational Cash Flows of the Brazilian capital firms Open. For this, the model developed by Dechow, Kothari and Watts (1998) and expanded by Barth, Cram and Nelson (2001) was used. The research was characterized as an explanatory, bibliographical and documentary nature and is predominantly quantitative, through the use of econometric methods. For data collection was used the ECONOMATIC database. The sample was made up of the non-financial public companies that operate on the São Paulo Stock Exchange (BM & FBovespa) in the period from 2007 to 2012. There were 326 companies in 24 quarters, totaling 4,217 demonstrations. Stata 11.0 and R. It was verified that the Net Profit is a better estimator of the future Operational Cash Flow than the Operational Cash Flow itself It was also verified that the Operational Cash Flow at time t positively impacts the Flow On the other hand, accruals, Duplicates receivable, Inventories, Other Assets, Suppliers, Taxes, Other Liabilities and Depreciation in time (t) negatively affect the future Operating Cash Flow (t + 1). + 1) .The research showed that when the breakdown of net income into Operational Cash Flow and accruals at time t (not taking into account its decomposition), Flow And Operational Cash from sector to sector. Finally, it was verified that the demonstration of Cash Flow has an important role in reducing the levels of informational asymmetry, making the accounting to fulfill its objective of providing users with useful and reliable information, helping them in the process of making Of decision-making. |
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