Estágios do ciclo de vida e decisões corporativas

Abstract

The research aims to examine the influence of factors on the life cycle of Brazilian companies in the capital market, considering the period from 2010 to 2018. The basis used for the classification of companies was the model by Faff et al. (2016) for considering a newer proxy created for the life cycle and presenting a better ranking in relation to other proxies, and Dickinson (2011) for comparison purposes. The corporate decisions analyzed were investment, financing, dividends and cash. Data for measurement were displayed in the Thomson Reuters Eikon database. An application of the parameters models was given by GMM-SYS (Generalized Momentary Method), in order to mitigate problems of endogeneity, omitted variables and heterogeneity. The results indicate that there are strong evidences of a life-cycle effect on confirmed expectations corporate decisions. In the introduction phase companies invest less, have more debt, pay less dividends and have more cash available. In the maturity phase, investments are higher, debt has a slight increase, dividend distribution is better and cash level is the lowest of the other phases. Although in the maturity phase, investments are higher, a debt has an increase, a distribution of dividends is better, and the cash level is the lowest of the other phases. In the turbulence phase analyzed through the constant, only one debt and cash are shown significant, identifying the phase in which companies are considered smaller and larger than cash.