Palabras clave
holgura financiera
desempeño económico
empresas cincuentenarias
empresas no cincuentenaria
desempeño económico
empresas cincuentenarias
empresas no cincuentenaria
Cómo citar
Relación entre holgura financiera y desempeño económico en empresas cincuentenarias y no cincuentenarias. (2018). Cuadernos De Contabilidad, 19(47), 130-148. https://doi.org/10.11144/Javeriana.cc19-47.ffde
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El objetivo de este estudio es analizar la relación entre la holgura financiera e el desempeño económico en empresas cincuentenarias y no cincuentenarias. El propósito es fomentar las investigaciones que tengan en consideración las diferencias entre empresas con distinto tiempo de permanencia en el mercado, debido a que existe escasez de investigaciones que consideren la antigüedad de la empresa. Para la realización del estudio fueron consultadas empresas enlistadas en los indicadores Índice Brasil 100 (IBrx-100)
e Índice de Gobernanza Corporativa – Nuevo Mercado (IGC-NM), de la Bolsa de Valores, Mercancías y Futuros de São Paulo, con una muestra de 78 empresas no cincuentenarias y 34 empresas cincuentenarias. Por medio de la estadística descriptiva y de la correlación canónica, se concluyó que tanto en empresas cincuentenarias como no cincuentenarias la holgura financiera tiene relación con el desempeño económico. Así, las empresas cincuentenarias poseen un grado de relación más fuerte entre los dos conjuntos de indicadores que las no cincuentenarias. De esta forma, es posible que las empresas deban considerar su tiempo en el mercado, es decir, el grado de estabilidad y madurez que poseen, para comprender el menor o mayor uso de la holgura financiera con el propósito de elevar sus desempeños económicos, una vez que una mayor relación entre la holgura financiera y el desempeño económico es perceptible en empresas con más de 50 años.
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Acemoglu, D., Aghion, P., Lelarge, C., Van Reenen, J., & Zilibotti, F. (2007). Technology, Information, and the Decentralization of the Firm. e Quarterly Journal of Economics, 122(4), 1759-1799. DOI: 10.3386/w12206
Assaf Neto, A. (2010) Finanças corporativas e valor. 5. ed. São Paulo: Atlas.
Avadikyan, A., Lhuillery, S., & Negassi, S. (2016). Technological Innovation, Organizational Change, and Product-Related Services. M@ n@ gement, 19(4), 277-304.
Bourgeois, L. J., III (1981). On the Measurement of Organizational Slack. Academy of Management review, 6(1), 29-39. DOI: 10.2307/257138
Bradley, S. W., Shepherd, D. A., & Wiklund, J. (2011). e Importance of Slack for New Organizations Facing ‘Tough’ Environments. Journal of Management Studies, 48(5), 1071-1097. https://doi.org/10.1111/j.1467-6486.2009.00906.x
Braga, R., Nossa, V., & Marques, J. A. V. D. C. (2004). Uma proposta para a análise integrada da liquidez e rentabilidade das empresas. Revista Contabilidade & Finanças, 15(SPE), 51-64. http://dx.doi.org/10.1590/S1519-70772004000400004
Camargos, M. A., & Barbosa, F. V. (2005). Análise do desempenho econômico-nanceiro e da criação de sinergias em processos de fusões e aquisições do mercado brasileiro ocorridos entre 1995 e 1999. REGE Revista de Gestão,12(2), 99-115.
http://dx.doi.org/10.5700/issn.2177-8736.rege.2005.36520
Campos, A. L. S., & Nakamura, W. T. (2015). Rebalanceamento da Estrutura de Capital: Endividamento Setorial e Folga Financeira. Revista de Administração Contemporânea, 19(SPE), 20-37. http://dx.doi.org/10.1590/1982-7849rac20151789
Cheng, J. L., & Kesner, I. F. (1997). Organizational Slack and Response to Environmental Shis: e Impact of Resource Allocation Patterns. Journal of Management, 23(1), 1-18. https://doi.org/10.1016/S0149-2063(97)90003-9
Dai, W., & Kittilaksanawong, W. (2014). How Are Different Slack Resources Translated into Firm Growth? Evidence from China. International Business Research, 7(2), 1-12. http://dx.doi.org/10.5539/ibr.v7n2p1
Dalmácio, F. Z. (2009). Mecanismos de governança e acurácia das previsões dos analistas do mercado brasileiro: uma análise sob a perspectiva da teoria da sinalização. (Tese de doutorado). Universidade de São Paulo, São Paulo, SP,Brasil. DOI: 10.11606/T.12.2009.tde-17122009-171118.
Damanpour, F. (1987). e Adoption of Technological, Administrative, and Ancillary Innovations:Impact of Organizational Factors. Journal of Management, 13(4), 675-688. https://doi.org/10.1177/014920638701300408
Damanpour, F., & Wischnevsky, J. D. (2006). Research on Innovation in Organizations: Distinguishing Innovation-Generating from Innovation-Adopting Organizations. Journal of Engineering and Technology Management,23(4), 269-291. https://doi.org/10.1016/j.jengtecman.2006.08.002
Daniel, F., Lohrke, F. T., Fornaciari, C. J., & Turner, R. A., Jr. (2004). Slack Resources and Firm Performance: a Meta-Analysis. Journal of Business Research, 57(6), 565-574. https://doi.org/10.1016/S0148-2963(02)00439-3
Desai, H. & Oza, V. (2015) A Comparative Study of Working Capital Management of Dabur India and Marico. Global Journal of Multidisciplinary Studies, 4(7), 178-183.
Eljelly, A. M. A. (2004). Liquidity‐Protability Tradeoff: An Empirical Investigation in an
Emerging Market. International Journal of Commerce and Management, 14(2), 48-61. https://doi.org/10.1108/10569210480000179
Enqvist, J., Graham, M., & Nikkinen, J. (2014). e Impact of Working Capital Management on Firm Protability in Different Business Cycles: Evidence from Finland. Research in International Business and Finance, 32(C), 36-49. DOI: 10.1016/j.ribaf.2014.03.005
Epley, D. (2001). US Real Estate Agent Income and Commercial/Investment Activities. Journal of Real Estate Research,21(3), 221-244
Ehrhardt, M. C; Brigham, E. F. (2012). Administração financeira: teoria e prática. 2. ed. São Paulo: Cengage Learning.
Fávero, L. P. L. (2005) O mercado imobiliário residencial da região metropolitana de São Paulo: uma aplicação de modelos de comercialização hedônica de regressão e correlação canônica. (Tese de Doutorado) Universidade de São Paulo FEA-USP, São Paulo, SP, Brasil. DOI: 10.11606/T.12.2005.tde-05122005-151150
Ferreira, J. A. S. (2005). Finanças corporativas: conceitos e aplicações. São Paulo: Pearson Prentice Hall.
George, G. (2005). Slack Resources and the Performance of Privately Held Firms. Academy of Management Journal, 48(4), 661-676. https://doi.org/10.5465/amj.2005.17843944.
Gitman, L. J. (2010). Princípios de administração financeira. 12. ed. São Paulo: Pearson.
Gompers, P., & Lerner, J. (2001). e Venture Capital Revolution. Journal of Economic Perspectives, 15(2), 145-168. DOI: 10.1257/jep.15.2.145
Greenley, G. E., & Oktemgil, M. (1998). A Comparison of Slack Resources in High and Low Performing British Companies. Journal of management Studies, 35(3), 377-398. https://doi.org/10.1111/1467-6486.00098
Hair, J. F., Anderson, R. E., Tatham, R. L. & Black, W. C. (2005). Análise multivariada de dados. 5 ed. Porto Alegre: Bookman.
Hitt, M. A., Xu, K., & Carnes, C. M. (2016). Resource Based eory in Operations Management Research. Journal of Operations Management, 41, 77-94. https://doi.org/10.1016/j.jom.2015.11.002
Iyer, D. N., & Miller, K. D. (2008). Performance Feedback, Slack, and the Timing of Acquisitions. Academy of Management Journal, 51(4), 808-822. https://doi.org/10.5465/amr.2008.33666024
John, K., Li, Y., & Pang, J. (2016). Does Corporate Governance Matter More for High Financial Slack Firms?.Management Science, 63(6), 1872-1891. https://doi.org/10.1287/mnsc.2015.2392
Ju, M., & Zhao, H. (2009). Behind Organizational Slack and Firm Performance in China: e Moderating Roles of Ownership and Competitive Intensity. Asia Pacific Journal of Management, 26(4), 701-717. https://doi.org/10.1007/s10490-009-9148-1
Kim, H., Kim, H., & Lee, P. M. (2008). Ownership Structure and the Relationship Between Financial Slack and R&D Investments: Evidence from Korean Firms. Organization Science, 19(3), 404-418. https://doi.org/10.1287/orsc.1080.0360.
Laffranchini, G., & Braun, M. (2014). Slack in Family Firms: Evidence from Italy (2006-2010). Journal of Family Business Management, 4(2), 171-193. https://doi.org/10.1108/JFBM-04-2013-0011
Lin, X., & Zhang, Y. (2009). Bank Ownership Reform and Bank Performance in China. Journal of Banking & Finance, 33(1), 20 29. https://EconPapers.repec.org/RePEc:eee:jbfina:v:33:y:2009:i:1:p:20-29
Matarazzo, D. C. (2010) Análise financeira de balanços: abordagem gerencial.7 ed. São Paulo: Atlas.
Mathur, I., & Banchuenvijit, W. (2007). e Effects of Privatization on the Performance of Newly Privatized Firms in Emerging Markets. Emerging Markets Review, 8(2), 134-146. https://doi.org/10.1016/j.ememar.2006.12.002.
Mingoti, S. A. (2005) Análise de dados através de métodos de estatística multivariada: uma abordagem aplicada. Belo Horizonte: Ed. UFMG
Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decisions when Firms have Information that Investors do not Have. Journal of Financial Economics, 13(2), 187-221. https://doi.org/10.1016/0304-405X(84)90023-0.
Mylonidis, N., & Kelnikola, I. (2005). Merging Activity in the Greek Banking System: A Financial Accounting Perspective. South Eastern Europe Journal of Economics, 3(1), 121-144. https://EconPapers.repec.org/RePEc:seb:journl:v:3:y:2005:i:1:
Namiki, N. (2012) e Impact of Slack Reduction on Performance Turnaround during the Great Recession: e Case of Japanese Electronics Companies. International Proceedings of Economics Development and Research, 50(6), 24-28.
Nohria, N., & Gulati, R. (1996). Is Slack Good or Bad for Innovation? e Academy of Management Journal, 39(5), 1245-1264. DOI: 10.2307/256998.
Pimentel, R. C., & Lima, I. S. (2011). Relação trimestral de longo prazo entre os indicadores de liquidez e de rentabilidade: evidência de empresas do setor têxtil. Revista de Administração, 46(3), 275-289. https://doi.org/10.5700/rausp1012
Puente-Palacios, K. E. (1995). Inuências das características pessoais e ambientais na avaliação do clima social do
trabalho. Revista de Administração, 30(3), 73-79.
Quayyum, S. T. (2011). Relationship Between Working Capital Management and Protability in Context of Manufacturing Industries in Bangladesh. International Journal of Business and Management, 7(1), 58-69. https://doi.org/10.5539/ijbm.v7n1p58.
Ross, S. A., Westereld, R. W. & Jaffe, J. F. D. (2015). Administração financeira. 10 ed. São Paulo: McGraw-Hill/Bookman.
Satta, G., Parola, F., Penco, L., & Esposito de Falco, S. (2016). Insights to Technological Alliances and Financial Resources as Antecedents of High‐Tech Firms' Innovative Performance. R&D Management, 46(S1), 127-144.DOI: 10.1111/radm.12117.
Scarpel, R. A. & Milioni, A. Z. (2001) Aplicação de modelagem econométrica à análise financeira de empresas. Revista de Administração da Universidade de São Paulo (RAUSP), 36(2), 80-88.
Shaikh, I. A., O'Brien, J. P., & Peters, L. (2018). Inside Directors and the Underinvestment of Financial Slack Towards R&D-Intensity in High-Technology Firms. Journal of Business Research, 82(C), 192-201. DOI: 10.1016/j.jbusres.2017.09.014.
Sharfman, M. P., Wolf, G., Chase, R. B., & Tansik, D. A. (1988). Antecedents of Organizational Slack. Academy of Management Review, 13(4), 601-614. https://doi.org/10.5465/amr.1988.4307484
Silveira, A. D. M. D. (2002). Governança corporativa, desempenho e valor da empresa no Brasil. (Dissertação de Mestrado) Universidade de São Paulo – USP. São Paulo, SP, Brasil.DOI: 10.11606/D.12.2002.tde-04122002-102056.
Singh, J. V. (1986). Performance, Slack, and Risk Taking in Organizational Decision Making. Academy of Management Journal, 29(3), 562-585. DOI: 10.2307/256224.
Su, Z., Xie, E., & Li, Y. (2009). Organizational Slack and Firm Performance During Institutional Transitions. Asia Pacific Journal of Management, 26(1), 75-91. https://doi.org/10.1007/s10490-008-9101-8
Tan, J., & Peng, M. W. (2003). Organizational Slack and Firm Performance During Economic Transitions: Two Studies from an Emerging Economy. Strategic Management Journal, 24(13), 1249-1263. https://doi.org/10.1002/smj.351
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Acemoglu, D., Aghion, P., Lelarge, C., Van Reenen, J., & Zilibotti, F. (2007). Technology, Information, and the Decentralization of the Firm. e Quarterly Journal of Economics, 122(4), 1759-1799. DOI: 10.3386/w12206
Assaf Neto, A. (2010) Finanças corporativas e valor. 5. ed. São Paulo: Atlas.
Avadikyan, A., Lhuillery, S., & Negassi, S. (2016). Technological Innovation, Organizational Change, and Product-Related Services. M@ n@ gement, 19(4), 277-304.
Bourgeois, L. J., III (1981). On the Measurement of Organizational Slack. Academy of Management review, 6(1), 29-39. DOI: 10.2307/257138
Bradley, S. W., Shepherd, D. A., & Wiklund, J. (2011). e Importance of Slack for New Organizations Facing ‘Tough’ Environments. Journal of Management Studies, 48(5), 1071-1097. https://doi.org/10.1111/j.1467-6486.2009.00906.x
Braga, R., Nossa, V., & Marques, J. A. V. D. C. (2004). Uma proposta para a análise integrada da liquidez e rentabilidade das empresas. Revista Contabilidade & Finanças, 15(SPE), 51-64. http://dx.doi.org/10.1590/S1519-70772004000400004
Camargos, M. A., & Barbosa, F. V. (2005). Análise do desempenho econômico-nanceiro e da criação de sinergias em processos de fusões e aquisições do mercado brasileiro ocorridos entre 1995 e 1999. REGE Revista de Gestão,12(2), 99-115.
http://dx.doi.org/10.5700/issn.2177-8736.rege.2005.36520
Campos, A. L. S., & Nakamura, W. T. (2015). Rebalanceamento da Estrutura de Capital: Endividamento Setorial e Folga Financeira. Revista de Administração Contemporânea, 19(SPE), 20-37. http://dx.doi.org/10.1590/1982-7849rac20151789
Cheng, J. L., & Kesner, I. F. (1997). Organizational Slack and Response to Environmental Shis: e Impact of Resource Allocation Patterns. Journal of Management, 23(1), 1-18. https://doi.org/10.1016/S0149-2063(97)90003-9
Dai, W., & Kittilaksanawong, W. (2014). How Are Different Slack Resources Translated into Firm Growth? Evidence from China. International Business Research, 7(2), 1-12. http://dx.doi.org/10.5539/ibr.v7n2p1
Dalmácio, F. Z. (2009). Mecanismos de governança e acurácia das previsões dos analistas do mercado brasileiro: uma análise sob a perspectiva da teoria da sinalização. (Tese de doutorado). Universidade de São Paulo, São Paulo, SP,Brasil. DOI: 10.11606/T.12.2009.tde-17122009-171118.
Damanpour, F. (1987). e Adoption of Technological, Administrative, and Ancillary Innovations:Impact of Organizational Factors. Journal of Management, 13(4), 675-688. https://doi.org/10.1177/014920638701300408
Damanpour, F., & Wischnevsky, J. D. (2006). Research on Innovation in Organizations: Distinguishing Innovation-Generating from Innovation-Adopting Organizations. Journal of Engineering and Technology Management,23(4), 269-291. https://doi.org/10.1016/j.jengtecman.2006.08.002
Daniel, F., Lohrke, F. T., Fornaciari, C. J., & Turner, R. A., Jr. (2004). Slack Resources and Firm Performance: a Meta-Analysis. Journal of Business Research, 57(6), 565-574. https://doi.org/10.1016/S0148-2963(02)00439-3
Desai, H. & Oza, V. (2015) A Comparative Study of Working Capital Management of Dabur India and Marico. Global Journal of Multidisciplinary Studies, 4(7), 178-183.
Eljelly, A. M. A. (2004). Liquidity‐Protability Tradeoff: An Empirical Investigation in an
Emerging Market. International Journal of Commerce and Management, 14(2), 48-61. https://doi.org/10.1108/10569210480000179
Enqvist, J., Graham, M., & Nikkinen, J. (2014). e Impact of Working Capital Management on Firm Protability in Different Business Cycles: Evidence from Finland. Research in International Business and Finance, 32(C), 36-49. DOI: 10.1016/j.ribaf.2014.03.005
Epley, D. (2001). US Real Estate Agent Income and Commercial/Investment Activities. Journal of Real Estate Research,21(3), 221-244
Ehrhardt, M. C; Brigham, E. F. (2012). Administração financeira: teoria e prática. 2. ed. São Paulo: Cengage Learning.
Fávero, L. P. L. (2005) O mercado imobiliário residencial da região metropolitana de São Paulo: uma aplicação de modelos de comercialização hedônica de regressão e correlação canônica. (Tese de Doutorado) Universidade de São Paulo FEA-USP, São Paulo, SP, Brasil. DOI: 10.11606/T.12.2005.tde-05122005-151150
Ferreira, J. A. S. (2005). Finanças corporativas: conceitos e aplicações. São Paulo: Pearson Prentice Hall.
George, G. (2005). Slack Resources and the Performance of Privately Held Firms. Academy of Management Journal, 48(4), 661-676. https://doi.org/10.5465/amj.2005.17843944.
Gitman, L. J. (2010). Princípios de administração financeira. 12. ed. São Paulo: Pearson.
Gompers, P., & Lerner, J. (2001). e Venture Capital Revolution. Journal of Economic Perspectives, 15(2), 145-168. DOI: 10.1257/jep.15.2.145
Greenley, G. E., & Oktemgil, M. (1998). A Comparison of Slack Resources in High and Low Performing British Companies. Journal of management Studies, 35(3), 377-398. https://doi.org/10.1111/1467-6486.00098
Hair, J. F., Anderson, R. E., Tatham, R. L. & Black, W. C. (2005). Análise multivariada de dados. 5 ed. Porto Alegre: Bookman.
Hitt, M. A., Xu, K., & Carnes, C. M. (2016). Resource Based eory in Operations Management Research. Journal of Operations Management, 41, 77-94. https://doi.org/10.1016/j.jom.2015.11.002
Iyer, D. N., & Miller, K. D. (2008). Performance Feedback, Slack, and the Timing of Acquisitions. Academy of Management Journal, 51(4), 808-822. https://doi.org/10.5465/amr.2008.33666024
John, K., Li, Y., & Pang, J. (2016). Does Corporate Governance Matter More for High Financial Slack Firms?.Management Science, 63(6), 1872-1891. https://doi.org/10.1287/mnsc.2015.2392
Ju, M., & Zhao, H. (2009). Behind Organizational Slack and Firm Performance in China: e Moderating Roles of Ownership and Competitive Intensity. Asia Pacific Journal of Management, 26(4), 701-717. https://doi.org/10.1007/s10490-009-9148-1
Kim, H., Kim, H., & Lee, P. M. (2008). Ownership Structure and the Relationship Between Financial Slack and R&D Investments: Evidence from Korean Firms. Organization Science, 19(3), 404-418. https://doi.org/10.1287/orsc.1080.0360.
Laffranchini, G., & Braun, M. (2014). Slack in Family Firms: Evidence from Italy (2006-2010). Journal of Family Business Management, 4(2), 171-193. https://doi.org/10.1108/JFBM-04-2013-0011
Lin, X., & Zhang, Y. (2009). Bank Ownership Reform and Bank Performance in China. Journal of Banking & Finance, 33(1), 20 29. https://EconPapers.repec.org/RePEc:eee:jbfina:v:33:y:2009:i:1:p:20-29
Matarazzo, D. C. (2010) Análise financeira de balanços: abordagem gerencial.7 ed. São Paulo: Atlas.
Mathur, I., & Banchuenvijit, W. (2007). e Effects of Privatization on the Performance of Newly Privatized Firms in Emerging Markets. Emerging Markets Review, 8(2), 134-146. https://doi.org/10.1016/j.ememar.2006.12.002.
Mingoti, S. A. (2005) Análise de dados através de métodos de estatística multivariada: uma abordagem aplicada. Belo Horizonte: Ed. UFMG
Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decisions when Firms have Information that Investors do not Have. Journal of Financial Economics, 13(2), 187-221. https://doi.org/10.1016/0304-405X(84)90023-0.
Mylonidis, N., & Kelnikola, I. (2005). Merging Activity in the Greek Banking System: A Financial Accounting Perspective. South Eastern Europe Journal of Economics, 3(1), 121-144. https://EconPapers.repec.org/RePEc:seb:journl:v:3:y:2005:i:1:
Namiki, N. (2012) e Impact of Slack Reduction on Performance Turnaround during the Great Recession: e Case of Japanese Electronics Companies. International Proceedings of Economics Development and Research, 50(6), 24-28.
Nohria, N., & Gulati, R. (1996). Is Slack Good or Bad for Innovation? e Academy of Management Journal, 39(5), 1245-1264. DOI: 10.2307/256998.
Pimentel, R. C., & Lima, I. S. (2011). Relação trimestral de longo prazo entre os indicadores de liquidez e de rentabilidade: evidência de empresas do setor têxtil. Revista de Administração, 46(3), 275-289. https://doi.org/10.5700/rausp1012
Puente-Palacios, K. E. (1995). Inuências das características pessoais e ambientais na avaliação do clima social do
trabalho. Revista de Administração, 30(3), 73-79.
Quayyum, S. T. (2011). Relationship Between Working Capital Management and Protability in Context of Manufacturing Industries in Bangladesh. International Journal of Business and Management, 7(1), 58-69. https://doi.org/10.5539/ijbm.v7n1p58.
Ross, S. A., Westereld, R. W. & Jaffe, J. F. D. (2015). Administração financeira. 10 ed. São Paulo: McGraw-Hill/Bookman.
Satta, G., Parola, F., Penco, L., & Esposito de Falco, S. (2016). Insights to Technological Alliances and Financial Resources as Antecedents of High‐Tech Firms' Innovative Performance. R&D Management, 46(S1), 127-144.DOI: 10.1111/radm.12117.
Scarpel, R. A. & Milioni, A. Z. (2001) Aplicação de modelagem econométrica à análise financeira de empresas. Revista de Administração da Universidade de São Paulo (RAUSP), 36(2), 80-88.
Shaikh, I. A., O'Brien, J. P., & Peters, L. (2018). Inside Directors and the Underinvestment of Financial Slack Towards R&D-Intensity in High-Technology Firms. Journal of Business Research, 82(C), 192-201. DOI: 10.1016/j.jbusres.2017.09.014.
Sharfman, M. P., Wolf, G., Chase, R. B., & Tansik, D. A. (1988). Antecedents of Organizational Slack. Academy of Management Review, 13(4), 601-614. https://doi.org/10.5465/amr.1988.4307484
Silveira, A. D. M. D. (2002). Governança corporativa, desempenho e valor da empresa no Brasil. (Dissertação de Mestrado) Universidade de São Paulo – USP. São Paulo, SP, Brasil.DOI: 10.11606/D.12.2002.tde-04122002-102056.
Singh, J. V. (1986). Performance, Slack, and Risk Taking in Organizational Decision Making. Academy of Management Journal, 29(3), 562-585. DOI: 10.2307/256224.
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