Determinantes da detenção de liquidez

  • Manuel Nzuzi Bamba (Student)

Student thesis: Master's Thesis

Abstract

This study aims to empirically examine the factors affecting the liquidity holdings. Using a database consisting of 58 portuguese’s firms of publicly traded, it was possible to find evidence that firms with greater growth opportunities, that pay dividends, with high level of profitability, with higher levels of capital expenditure and with higher levels of bank lending does not seem to need to hold very liquidity and can only do so for reasons of transaction. In a similar way, firms with greater investment opportunities, larger size, higher level of cash flow, high leverage and higher earnings volatility are seeking to hold more liquidity under its aegis, for precautionary reasons, as was observed empirically by Opler et al. (1999), Ferreira-Vilela (2004),García-Teruel-Martinez-Solano (2007), among others. We therefore identified similarities in relation to empirical finance literature that was used in this work, proving the existence of theories of trade-off, pecking order and agency theory. For liquid assets substitutes and to debt maturity, the results are not consistent with the literature. It was still possible to demonstrate empirically that the financial crisis that affected the economies of almost all the world in 2008 and 2009 exerted a downward pressure on Portuguese companies, leaving many at risk for survival and continuity. The shareholder structure and the credit quality of the companies have not been analyzed empirically by unavailability of data, as well as to be out of the goals of this study.
Date of Award7 Mar 2013
Original languagePortuguese
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorLuis Pacheco (Supervisor)

Keywords

  • Liquidity holding
  • Agency theory
  • Shareholder structure
  • Overinvestment
  • Capital market

Designation

  • Mestrado em Finanças

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