Relação entre stock de liquidez e endividamento

: evidência empírica nos setores da eletricidade e das telecomunicações

Abstract

The scope of this paper consists of an empirical analysis of the relationship between stock liquidity and debt during the 1995-2010 period, in 290 and 243 companies in the electricity and telecommunications sectors respectively. Our statistics contradict Bates et al. (2009) study, in that the stock of liquid in these areas is not used to reduce leverage. The evolution of the level of liquidity of both sectors does not present significant changes, contrary to a significant increase in leverage over time. Based on a dynamic model, we found that the level of liquidity depends heavily on its past values, adjusting to a target level. Using the Generalized Method of Moments (GMM), our results reflect a negative relationship between liquidity and debt for the electricity sector, and an insignificant relation for the telecommunications sector. Additionally, the results for the electricity sector are consistent with the theory of static trade-off and free cash flow.

Date of Award	8 Mar 2013
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Luis Pacheco (Supervisor)