O impacto da financeirização no investimento produtivo das empresas não-financeiras: um estudo de caso para o Brasil no período 2010-2016

Abstract

Financialization is a phenomenon that could have been observed in the United States since the 1970s. In the Brazilian economy this process can be divided into two phases, the first called "hyperinflation", which prevailed from 1970 to 1993, and the second named “hyper interest”, which began in 1994 with the implementation of the Real Plan. For the purposes of this dissertation, financialization was defined as the increase of the financial activity of nonfinancial companies and the rise of Corporate Governance focused on maximizing shareholder wealth. The objective of this study was to demonstrate the impacts of financialization on the productive investment of non-financial Brazilian companies through the use of financialaccounting data of 257 companies from 2010 to 2016. In order to achieve the objective some indicators were calculated and dynamic panel data models were estimated using GMM. As results of the indicators it follows that it has been occurring a fall in fixed capital investment; an increased on the dependence of financial revenue from productive companies; an elevation in corporate indebtedness. Regarding the results of the econometric models, the real variables that affected productive investment were the operational profit rate and the cost of indebtedness, the former positively affecting and the latter negatively affecting fixed capital investment. Concerning the financial variables, the debt ratio and the financial payment rate affected the productive investment in a negative and significant way. Thus, financialization has negatively affected productive investment by increasing indebtedness and financial payment because an increase in the payment of debt interest, interest on equity and dividends has reduced the resources available for the realization. of productive investment. However, the increase in financial investments and financial revenues did not affect productive investment significantly.