Resumen

VAZQUEZ CARRAZANA, Xiomara Esther; MIRANDA, Gilberto José  y  SILVA DE ALMEIDA, Neirilaine. Common Variables in Explaining Profitability and Liquidity in Sectors of the Brazilian Market. Rev.fac.cienc.econ. [online]. 2023, vol.31, n.2, pp.55-72.  Epub 15-Dic-2023. ISSN 0121-6805.  https://doi.org/10.18359/rfce.6668.

The objective of this study is to identify common variables explaining profitability and liquidity in different sectors of the Brazilian economy. The empirical analysis to achieve this goal was based on information from two sectors that structure the Brazilian economy: the cyclical consumption sector and the non-cyclical consumption sector, both represented on the B3 platform, Brazil's stock exchange. The study utilized 674 observations of the indicators under study from the period 2010-2021. A quantitative methodology was employed using unbalanced panel data regression. The main results revealed a positive correlation, common points, and interconnections between profitability and liquidity in both sectors. However, differences between the two sectors were observed in some of the variables explaining profitability and liquidity, which were considered to be related to specific behavioral characteristics of the indicators in each sector. Overall, it was observed that, regardless of the responses found in the reviewed theoretical elements, the models also reflected behaviors and trends in these sectors. One of the main limitations and gaps left by this study is the lack of differentiation in the analysis by company groups using a ranking based on profitability or liquidity results.

Palabras clave : Profitability-Liquidity Relationship; Profitability-Liquidity Interconnection; Cash Cycle; Working Capital.

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