Use este identificador para citar ou linkar para este item: http://rebacc.crcrj.org.br/handle/123456789/1446
metadata.atena.dc.title: The interaction between profitability and liquidity: an exploratory study
INTERAÇÃO ENTRE RENTABILIDADE E LIQUIDEZ: UM ESTUDO EXPLORATÓRIO
metadata.atena.dc.creator: Renê Coppe Pimentel
Roberto Braga
Silvia Pereira de Castro Casa Nova
metadata.atena.dc.subject: Corporate Finance; Financial Analysis; Profitability; Liquidity; Finanças Corporativas; Análise Financeira; Rentabilidade; Liquidez
metadata.atena.dc.date.issued: 2014-11-12
metadata.atena.dc.publisher: REVISTA DE CONTABILIDADE DO MESTRADO EM CIÊNCIAS CONTÁBEIS DA UERJ
metadata.atena.dc.description: The aim of this article was to examine the relation between profitability and liquidity of a group of companies, of the sector of retail trade, in Brazil, from 2000 to 2003. The hypothesis raised from Hirigoyen (1985), which motivated the present study, was that in medium and long run, profitability and liquidity would assume positive correlation, in contrary of what occurs in short term, where a conflict between the ratioscan be verified. Using the accounting information of the companies of the sample, on the basis of statistical procedures, this relation was examined, suggesting therefore a distinction between companies with high profitability and liquidity and other companies in opposing situation. The results show that it is possible to verify negative correlation between liquidity andprofitability in short term. However, in medium and long run, the results oppose the hypothesis of Hirigoyen (1985), indicating the predominance of companies with opposite ratios even in medium run. Thus, if judging by these results,the companies would face a dilemma between liquidity and profitability either in short, medium or long period. The study had an exploratory nature and its conclusions are restricted to the group of companies and to the periods examined.Keywords: Corporate Finance; Financial Analysis; Profitability; Liquidity
O presente artigo teve o objetivo de examinar a relação entre rentabilidade e liquidez para um grupo de empresas no Brasil, do setor de Comércio Varejista, no período de 2000 a 2003. A hipótese levantada por Hirigoyen (1985), que serviu de motivação para o presente estudo, foi que, no médio e longo prazos, a rentabilidade e liquidez assumiriam relação positiva, contrariando o que ocorre no curto prazo, onde se verifica um conflito entre os indicadores. Partindo das informações contábeis das empresas da amostra, com base em procedimentos estatísticos, essa relação foi examinada, sendo proposta, para tanto, uma distinção entre empresas com alta rentabilidade e liquidez, em contraposição a outras em situação oposta. Os resultados mostraram uma correlação negativa entre liquidez e rentabilidade, no curto prazo. No entanto, nos médio e longo prazos, o resultado contrariou a hipótese de Hirigoyen (1985), indicando a predominância de empresas em que quanto maior a rentabilidade, menor o índice de liquidez corrente e vice-versa. Assim, a se julgar por esses resultados, as empresas enfrentariam um dilema entre liquidez e rentabilidade tanto a curto, quanto médio prazo. O estudo teve natureza exploratória e suas conclusões restringem-se ao grupo de empresas e aos períodos examinados. Palavras-chave: Finanças Corporativas; Análise Financeira; Rentabilidade; Liquidez ABSTRACT The aim of this article was to examine the relation between profitability and liquidity of a group of companies, of the sector of retail trade, in Brazil, from 2000 to 2003. The hypothesis raised from Hirigoyen (1985), which motivated the present study, was that in medium and long run, profitability and liquidity would assume positive correlation, in contrary of what occurs in short term, where a conflict between the ratios can be verified. Using the accounting information of the companies of the sample, on the basis of statistical procedures, this relation was examined, suggesting therefore a distinction between companies with high profitability and liquidity and other companies in opposing situation. The results show that it is possible to verify negative correlation between liquidity and profitability in short term. However, in medium and long run, the results oppose the hypothesis of Hirigoyen (1985), indicating the predominance of companies with opposite ratios even in medium run. Thus, if judging by these results,the companies would face a dilemma between liquidity and profitability either in short, medium or long period. The study had an exploratory nature and its conclusions are restricted to the group of companies and to the periods examined. Keywords: Corporate Finance; Financial Analysis; Profitability; Liquidity
metadata.atena.dc.identifier.uri: http://rebacc.crcrj.org.br/handle/123456789/1446
metadata.atena.dc.identifier: http://www.atena.org.br/revista/ojs-2.2.3-06/index.php/UERJ/article/view/674
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