摘要：In this study we aim to identify what is the behavior of brazilian companies regarding the investment of their internal resources (cash flows) in the short and in the long run and verify if there is differences between the behavior of constrained and unconstrained firms. For this, we estimate a system of equations in which the dependent variables are the main uses of cash and among the explanatory variables are the current and previous ($ t-1 $ and $ t-2 $) cash flows. The results suggest that, in response to a positive shock on their cash flows, unconstrained firms channel most of this resources (over three years) to new investments and to profit distribution, while constrained firms to cut external finance and to cash retention. In summary, unconstrained firms seem to prioritize the new investments and constrained ones the strengthening of financial situation.
关键词：Restrições ao Crédito;Decisões Financeiras;Métodos de Dados em Painel;Firmas Brasileiras
其他关键词：Credit Constraints; Financial Decisions; Painel Data Methods; Brazilian Companies.
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