Influência da inflação na necessidade de capital de giro e endividamento de empresas listadas na B3

Abstract

The study aims to determine the influence of inflation on the working capital requirement and indebtedness of companies listed on B3. A descriptive, quantitative and documentary research was carried out, involving 215 companies, in the period from 2010 to 2021. The variables used to analyze macroeconomic relations were IPCA, GDP, EXCHANGE and SELIC, the last three as control variables of the analysis. To verify such inflationary effects on companies, three indicators were used: NCG, General Indebtedness and Financial Indebtedness, according to the research objectives. In addition, other variables that comprise the balance sheet were used in tests with the intention of aiding in the results obtained. In order to answer the objective of the study, the relationship between the economic and accounting variables was presented, where the degree of correlation was weak. Through regression thesis, the results show evidence contrary to what was expected. Inflation showed a negative and statistically significant relationship with working capital requirement (NCG), total indebtedness (TE), and financial indebtedness (FE). Accordingly, the IPCA reduces the total assets, trade accounts receivable, and the amount of inventory in the analyzed companies. Also, when inflation increases, financial loans, suppliers and equity are reduced. On the other hand, these indicators suffer an increase with respect to the EXCHANGE. GDP and the SELIC interest rate are also variables that cause relevant variation in the overall indebtedness of the companies analyzed. Thus, in times of crisis in which there is a high fluctuation of economic variables, one can point out that the internal policies and strategies adopted by the companies are efficient in reducing their impacts. The study contributes with society as it complements other searches vision as for influence of inflation in the indicator’s behavior and in addition, to help professionals in the area and managers to reduce the economy fluctuation impact on the economic-financial performance of companies.