<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0123-5923</journal-id>
<journal-title><![CDATA[Estudios Gerenciales]]></journal-title>
<abbrev-journal-title><![CDATA[estud.gerenc.]]></abbrev-journal-title>
<issn>0123-5923</issn>
<publisher>
<publisher-name><![CDATA[Universidad Icesi]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0123-59232018000400373</article-id>
<article-id pub-id-type="doi">10.18046/j.estger.2018.149.2735</article-id>
<title-group>
<article-title xml:lang="pt"><![CDATA[Restrição financeira e a sensibilidade do fluxo de caixa das empresas brasileiras]]></article-title>
<article-title xml:lang="es"><![CDATA[Restricción financiera y la sensibilidad del flujo de caja de las empresas brasileñas]]></article-title>
<article-title xml:lang="en"><![CDATA[Financial constraint and cash flow sensitivity of Brazilian companies]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Bragioni]]></surname>
<given-names><![CDATA[Camila Aparecida]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ferreira Lopes Santos]]></surname>
<given-names><![CDATA[David]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidade Estadual Paulista &#8220;Júlio de Mesquita Filho&#8221; -UNESP  ]]></institution>
<addr-line><![CDATA[Jaboticabal ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidade Estadual Paulista &#8220;Júlio de Mesquita Filho&#8221; -UNESP Departamento de Economia, Administração e Educação ]]></institution>
<addr-line><![CDATA[Jaboticabal ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<volume>34</volume>
<numero>149</numero>
<fpage>373</fpage>
<lpage>384</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0123-59232018000400373&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0123-59232018000400373&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0123-59232018000400373&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="pt"><p><![CDATA[RESUMO Este estudo analisa o impacto da restrição financeira na sensibilidade do caixa das empresas brasileiras, a partir de um modelo empírico que extrapola a literatura com a moderação do nível de governança e a proximidade geográfica das empresas ao principal centro financeiro do país. Este tema é relevante em mercados emergentes em razão da fraca eficiência do mercado, da desigualdade econômica e do acesso ao mercado financeiro. A partir da análise de regressão com dados em painel em uma amostra com 319 empresas (2009-2016) verificou-se o impacto positivo e significativo da restrição financeira na sensibilidade do fluxo de caixa, com especificidades para o mercado brasileiro. Propõem-se contribuições teóricas e práticas, especialmente, para a necessidade de interiorização da bolsa de valores brasileira.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Este estudio analiza el impacto de la restricción financiera en la sensibilidad de la caja de las empresas brasileñas, a partir de un modelo empírico que extrapola la literatura con la moderación del nivel de gobernanza y la proximidad geográfica de las empresas al principal centro financiero del país. Este tema es relevante en mercados emergentes debido a la débil eficiencia del mercado, desigualdad económica y el acceso al mercado financiero. A partir del análisis de regresión con datos en panel en una muestra con 319 empresas (2009-2016) se verificó un impacto positivo y significativo de la restricción financiera en la sensibilidad del flujo de caja, con especificidades para el mercado brasileño. Se proponen contribuciones teóricas y prácticas, especialmente, para la necesidad de interiorización de la bolsa de valor brasileña.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT This study analyzes the impact of financial constraint on the cash sensitivity of Brazilian companies, based on an empirical model that extrapolates literature with the moderation of the level of governance and the geographical vicinity of companies to the main financial center of the country. This issue is relevant in emerging markets due to poor market efficiency, economic inequality and access to financial market. A regression analysis performed with panel data in a sample of 319 companies (2009-2016) demonstrated a positive and significant impact of financial constraint on cash flow sensitivity, with specificities for the Brazilian market. Both theoretical and practical contributions are proposed, particularly around the need for internalization of the Brazilian stock exchange market. Classificações JEL: G11, G14, G34.]]></p></abstract>
<kwd-group>
<kwd lng="pt"><![CDATA[assimetria de informação]]></kwd>
<kwd lng="pt"><![CDATA[economias emergentes]]></kwd>
<kwd lng="pt"><![CDATA[endividamento]]></kwd>
<kwd lng="pt"><![CDATA[investimento]]></kwd>
<kwd lng="pt"><![CDATA[localização geográfica]]></kwd>
<kwd lng="es"><![CDATA[asimetría de información]]></kwd>
<kwd lng="es"><![CDATA[economías emergentes]]></kwd>
<kwd lng="es"><![CDATA[endeudamiento]]></kwd>
<kwd lng="es"><![CDATA[inversión]]></kwd>
<kwd lng="es"><![CDATA[ubicación geográfica]]></kwd>
<kwd lng="en"><![CDATA[information asymmetry]]></kwd>
<kwd lng="en"><![CDATA[emerging economies]]></kwd>
<kwd lng="en"><![CDATA[indebtedness]]></kwd>
<kwd lng="en"><![CDATA[investment]]></kwd>
<kwd lng="en"><![CDATA[geographic location]]></kwd>
</kwd-group>
</article-meta>
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