Financial constraint and Investments: reflexes from economy and politics

Este trabalho investiga as diferenças de respostas corporativas à influências exógenas de origens distintas que resultem em crises financeiras. Através da utilização de modelos econométricos que medem a sensibilidade o investimento ao fluxo de caixa, foram utilizados dados financeiros de empresas abertas comercializadas na BM&FBovespa entre 1996 e 2015 para identificar distinções no financiamento corporativo para as crises de 2002, 2008 e 2014. O presente estudo busca contribuir para a literatura uma vez que não foram encontrados trabalhos prévios contrastando diferenças de impacto de crises políticas ou financeiras no ambiente corporativoThis paper investigates corporate response differences to distinct exogenous influences that generate financial crisis. Econometric models capable of measuring investment cash-flow sensitivities were used on financial data from open companies marketed on BM&FBovespa between 1996 and 2015 to identify differences on corporate finance during the 2002, 2008 and 2014 financial crises. This study intends to build on the literature, once previous studies differentiating politic and financial crisis impacts on corporate decisions weren\'t found. According to this approach the results indicate that Brazilian companies react differently to political and financial crisis, on the short and long term. On the short term, the results indicate that companies rely more heavily on internal resources to fund investment during crisis that have pure financial roots. However, the data collected suggests that on the long run political crisis harden the financial constraints of the economy, demanding higher internal funding for corporate investments