Restrições financeiras e performance empresarial

: uma análise empírica a empresas do NASDAQ-100

Abstract

The objective of this work is to analyze the impact of financial constraints on corporate performance. To achieve this, the 100 largest publicly traded North American companies, represented in the NASDAQ-100 index, were analyzed. Considering the scope and importance of the concept of financial constraints and the various existing theories on the subject, an index was developed to represent, in an updated and multifaceted manner, a company in a state of financial constraint. This model was based on the main discussed theories and their respective variables, drawing from both classical and more recent studies. Following the definition of what constitutes a financial constraint, an analysis was conducted on the impact of these constraints on the variation in stock prices of different companies in the financial market. It is worth mentioning the particular emphasis on the influence of the dividend variable in the study in question. In this study, evidence was found that, contrary to what is suggested by the core of current literature, a company with financial constraints tends to show good performance in the value of its shares in the market. The work thus contributed to the literature by creating a new index representing financial constraints and its contribution through the analysis of its impact on the performance of companies providing insights for future research. Furthermore, this study offers relevant perspectives for both managers and investors, demonstrating that companies under financial constraints can achieve market appreciation when they adopt rigorous financial strategies.

Date of Award	4 Jul 2025
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Aviner Manoel (Supervisor)