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Apesar de ter começado como uma crise de saúde humana, o Covid-19 rapidamente se tornou numa crise económica global que fez com que inúmeros gestores tivessem de repensar nas suas estratégias de gestão. As Cash Holdings são para muitas empresas o seu sustento para enfrentar períodos de recessão, enquanto para outras esta rubrica alimenta as oportunidades de investimento e crescimento com que se vão deparando, ao invés de recorrer a financiamentos externos, com custos elevados cobrados pelas instituições bancárias.
Adotando uma abordagem meticulosa, este estudo tem por objetivo compreender o impacto da pandemia Covid-19 nas Cash Holdings nas empresas dos países apelidados como “PIGS” por vários economistas da zona euro, Portugal, Espanha, Grécia e Itália, bem como a comparação entre si, com a influência dos indicadores económicos relevantes Cash Flow, MtB, Size e Rule of Law. Com recurso a um estudo empírico com dados trabalhados em painel, conclui-se que os gestores e acionistas das empresas observadas têm em consideração os impactos que uma crise económica pode ter em períodos de incerteza, contudo nem todas
as empresas apresentaram bons indicadores devido à realidade do seu país, o que as obrigaria a realizar mais acumulação de cash. Este estudo contribui significativamente para destacar a importância das Cash Holdings em períodos de crise.
Despite starting as a human health crisis, Covid-19 quickly evolved into a global economic crisis, prompting numerous managers to rethink their management strategies. Cash Holdings serve as a lifeline for many companies to weather recessionary periods, while for others, this category fuels the investment opportunities and growth they encounter, instead of resorting to external financing with high costs charged by banking institutions. Adopting a meticulous approach, this study aims to understand the impact of the Covid-19 pandemic on Cash Holdings in companies from countries dubbed as "PIGS" by various eurozone economists, Portugal, Spain, Greece, and Italy, as well as comparing them with each other, considering the influence of relevant economic indicators like Cash Flow, MtB, Size, and Rule of Law. With an empirical study organized by panel data, it is concluded that managers and shareholders from the observed companies consider the impacts that an economic crisis can have during periods of uncertainty. However, not all companies showed good indicators due to the reality of their country, which would make them to accumulate more cash. This study significantly contributes to highlighting the importance of Cash Holdings during crises.
Despite starting as a human health crisis, Covid-19 quickly evolved into a global economic crisis, prompting numerous managers to rethink their management strategies. Cash Holdings serve as a lifeline for many companies to weather recessionary periods, while for others, this category fuels the investment opportunities and growth they encounter, instead of resorting to external financing with high costs charged by banking institutions. Adopting a meticulous approach, this study aims to understand the impact of the Covid-19 pandemic on Cash Holdings in companies from countries dubbed as "PIGS" by various eurozone economists, Portugal, Spain, Greece, and Italy, as well as comparing them with each other, considering the influence of relevant economic indicators like Cash Flow, MtB, Size, and Rule of Law. With an empirical study organized by panel data, it is concluded that managers and shareholders from the observed companies consider the impacts that an economic crisis can have during periods of uncertainty. However, not all companies showed good indicators due to the reality of their country, which would make them to accumulate more cash. This study significantly contributes to highlighting the importance of Cash Holdings during crises.
Descrição
Mestrado em Análise Financeira
Palavras-chave
Cash holdings Covid-19 Cash flow Size Market-to-book Rule of law
Contexto Educativo
Citação
Brito, B. F. (2024) Cash Holdings e o impacto da Covid-19. [Dissertação de mestrado, Instituto Superior de Contabilidade e Administração de Lisboa]. Repositório Científico do Instituto Politécnico de Lisboa. http://hdl.handle.net/10400.21/17533