Determinants of cash holdings in the accommodation industry
DOI:
https://doi.org/10.57883/thij1(1)2013.29868Palavras-chave:
numerário, rácio de caixa, crise financeira, indústria do alojamentoResumo
Este estudo analisa os factores determinantes de tesouraria para a indústria do alojamento nos países do Sul da Europa (Espanha, Grécia, Itália e Portugal) utilizando uma amostra de 5964 empresas durante o período 2003-2011. Um modelo de dados de painel de efeitos fixos revelou que as empresas maiores, mais alavancadas, onde a maioria da dívida é de curto prazo e que mantêm melhores relações com as instituições financeiras apresentam rácios mais baixos de cash to assets. Os substitutos dos activos líquidos, as despesas de capital e a tangibilidade dos activos também têm um efeito negativo nos níveis de tesouraria. Como esperado, as participações em numerário são positivamente influenciadas pelo cash-flow e volatilidade do cash-flow. Os resultados revelam o impacto negativo e significativo da crise financeira de 2008 nas disponibilidades em numerário do sector, que no final de 2011 ainda não tinham regressado aos níveis anteriores à crise. Os resultados empíricos rejeitam o argumento generalizado apresentado, ao longo de mais de uma década, para explicar as elevadas disponibilidades de tesouraria e a sua tendência para subir até à crise, enfatizando a pouca importância do motivo de precaução como incentivo à acumulação de liquidez.
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Este trabalho encontra-se publicado com a Licença Internacional Creative Commons Atribuição 4.0.
Este trabalho encontra-se publicado com a Licença Internacional Creative Commons Atribuição 4.0.
