ANÁLISE DA ADMINISTRAÇÃO DO CAPITAL DE GIRO E SUA INFLUÊNCIA NA RENTABILIDADE: UM ESTUDO DE EMPRESAS DE CAPITAL ABERTO NA BOLSA DE VALORES BRASILEIRA

Frederico Nunes Borges de Lima; Sérgio Augusto Pereira Bastos; Edvan Soares de  Oliveira

doi:10.21714/1984-6975FACES2024V23N1ART9724

Authors

Frederico Nunes Borges de Lima FUCAPE Business School; Banco do Nordeste do Brasil S.A. https://orcid.org/0009-0004-0153-0801
Sérgio Augusto Pereira Bastos FUCAPE Business School http://orcid.org/0000-0002-5697-3624
Edvan Soares de Oliveira FUCAPE Business School https://orcid.org/0000-0002-0843-1556

DOI:

https://doi.org/10.21714/1984-6975FACES2024V23N1ART9724

Keywords:

Necessidade de capital de giro, Rentabilidade, Empresas abertas, Brasil

Abstract

The objective of this article is to point out the impact of working capital management, measured by NCG (Working Capital Need) on companies' profitability. The NCG was measured according to the Fleuriet model, equivalent to the difference between Operating Current Assets and Liabilities. The object of study was the set of publicly traded companies traded on the Brazilian stock exchange B3, excluding those in the financial sector. The data were analyzed in panel. The results indicated that NCG positively affects the Return on Equity the Return on Assets for the group of companies and, separately, for the transformation and services sectors. Moreover, the impact of NCG on companies' profitability cannot be analyzed in isolation but also in interaction with other variables, slope dummies, such as gross margin and short-term financial leverage. Finally, the management of working capital can positively impact the company's profitability regardless of financial slack. As a theoretical contribution, the present study highlighted the intersection of operational and financial management with the profitability of companies, having the NCG as a critical element. From a practical point of view, the research offered insights into efficient working capital management.

Author Biographies

Frederico Nunes Borges de Lima, FUCAPE Business School; Banco do Nordeste do Brasil S.A.

Mestre em Ciências Contábeis e Administração pela FUCAPE Business School, Especialista em Gestão Financeira, Controladoria e Auditoria pela Fundação Getulio Vargas - FGV, Engenheiro Agrônomo pela Universidade Federal de Viçosa e Gerente de Agência no Banco do Nordeste.

Sérgio Augusto Pereira Bastos, FUCAPE Business School

Professor Associado da FUCAPE Business School e sócio da Substantiva Consultoria de Gestão de Empresas Ltda. Doutor em Administração de Empresas (PUC-Rio, 2012), Mestre em Administração de Empresas (PUC-Rio, 2006), Especialista em Administração de Empresas (PUC-Rio, 1991) e Engenheiro Mecânico (UFRJ, 1985). 38 anos de experiência profissional em consultoria empresarial, gestão de empresas, docência e pesquisa.

Edvan Soares de Oliveira, FUCAPE Business School

Doutor em Ciências Contábeis pela FUCAPE Business School e graduado em Ciências Econômicas pela FUCAPE Business School. Professor Associado da FUCAPE Business School nas disciplinas de Macroeconomia, Econometria, Séries Temporais, Economia Monetária, Teoria dos Jogos, Finanças, Calculo e Estatística, com disciplinas ministradas na graduação, MBA e Mestrado.

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