Gestão do capital de giro: evidências para empresas brasileiras

Abstract

The theme of Working Capital Management (GCG) has received relatively little focus in terms of scientific production, aiming to reduce the gap between organizational theory and practice. Additionally, there is a predominance of studies focused on analyzing the impacts of GCG on the performance of companies and less focus has been invested in understanding factors that influence the behavior of the Working Capital (CG) of companies, considering variables that are endogenous and exogenous to companies. Furthermore, studies have considered analyzes mixing companies from different sectors and characteristics within the same sample without segregating or considering the impacts of different hierarchical levels for analysis. In order to deepen the theme, this work developed a thorough systematic review seeking to identify the main national and international periodicals, authors, countries with the largest publications, research gaps and main factors mentioned so far as direct influences on Working Capital Management. Based on the results obtained, the work proceeded with the multilevel regression analysis in non-financial companies listed in B3, for the period 2011 to 2020, seeking to identify the relationship and influences of endogenous and exogenous variables on companies. Additionally, it was identified which factors are determinant to GCG and which factors managers should pay attention to for an efficient GCG The master´s thesis, in the authors' knowledge, brought a pioneering initiative in applying the multilevel regression technique considering different levels of analysis for the GCG theme. The results obtained corroborate part of the previously developed studies and, at the same time, present results contrary to the theory so far, being a relevant product for company managers who face the daily challenge of efficiently managing the working capital.