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      FINANCIAL SLACK AS DRIVER OF BRAZILIAN FIRMS’ GROWTH Translated title: SLACK FINANCEIRO COMO MOTOR DO CRESCIMENTO DAS EMPRESAS BRASILEIRAS

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          Abstract

          ABSTRACT Purpose: To determine the influence of the financial availabilities, as a component of organizational slack, on firms’ growth. Researchers’ discussions concerning organizational slack reveal instances of heterogeneity and divergence in literature on both from theoretical and empirical perspectives. Design/methodology/approach: We developed an embracing theoretical framework drew on confirmatory factor analysis and structural equation modeling techniques, we refined and tested indicators for financial slack. We restored just financial availabilities data about Brazilian corporations listed on the B3 market. Findings: We cannot confirm that all of the states of the financial slack affects organizational growth. Research limitations/implications: We make further research directions to deepen financial slack knowledge on corporate growth. Practical implications: For practitioners, we provide new methodological and indicator directions to scale slack and impact on organizational growth. Originality/value: Research and discussion on organizational choices about generating and taking advantage of slack are essential when considering risk, fund raising and liquidity positions to support organizational growth.

          Translated abstract

          RESUMO Propósito: Determinar a influência das disponibilidades financeiras, como um componente do “slack” organizacional, no crescimento das empresas. As discussões dos pesquisadores sobre a “slack” organizacional revelam exemplos de heterogeneidade e divergência na literatura, tanto a partir de perspectivas teóricas quanto empíricas. Metodologia: Desenvolvemos um arcabouço teórico abrangente baseado na análise fatorial confirmatória e em técnicas de modelagem de equações estruturais, refinamos e testamos indicadores de “slack” financeiro. Restauramos apenas os dados de disponibilidades financeiras sobre as empresas brasileiras listadas no mercado B3. Resultados: Não foi possível confirmar que todos os tipos de “slack” financeiro afetam o crescimento organizacional. Limitações e implicações da pesquisa: Ampliamos pesquisas existentes com o intuito de aprofundar o conhecimento do “slack” financeiro no crescimento corporativo. Implicações práticas: Para os profissionais, fornecemos novas orientações metodológicas e indicadores para dimensionar “slack” e o impacto no crescimento organizacional. Originalidade/valor: A pesquisa e a discussão sobre as escolhas organizacionais sobre como gerar e tirar proveito da folga são essenciais ao considerar o risco, a captação de recursos e as posições de liquidez para apoiar o crescimento organizacional.

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          Most cited references 128

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          Organizational Growth: Linking Founding Team, Strategy, Environment, and Growth Among U.S. Semiconductor Ventures, 1978-1988

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            PERFORMANCE, SLACK, AND RISK TAKING IN ORGANIZATIONAL DECISION MAKING.

             J. V. Singh (1986)
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              TESTING A CAUSAL MODEL OF CORPORATE RISK TAKING AND PERFORMANCE.

               P. Bromiley (1991)
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                Author and article information

                Journal
                reaufsm
                Revista de Administração da UFSM
                Rev. Adm. UFSM
                Universidade Federal de Santa Maria (Santa Maria, RS, Brazil )
                1983-4659
                December 2020
                : 13
                : 4
                : 748-772
                Affiliations
                Rio de Janeiro Rio de Janeiro orgnameUniversidade do Grande Rio orgdiv1Programa de Pós-graduação em Administração Brazil
                Rio de Janeiro RJ orgnameIBMEC Business School orgdiv1School of Management Brazil
                Article
                S1983-46592020000400748 S1983-4659(20)01300400748
                10.5902/1983465935571

                This work is licensed under a Creative Commons Attribution 4.0 International License.

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                Figures: 0, Tables: 0, Equations: 0, References: 128, Pages: 25
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