BNDES loans and the financial constraints of Brazilian publicly traded companies by Walter Eclache da Silva, Eduardo Kayo and Roy Martelanc published by RAUSP Management Journal Emerald Publishing Limited (2020).
The purpose of this paper is to analyze whether companies that contracted loans from the Brazilian National Bank for Economic and Social Development (BNDES) between 2002 and 2014 were able to invest more than companies that did not. The literature on financial constraints, particularly that based on the investment-cash flow sensitivity model, is among the most studied and controversial in the area of finance, and the discussion on the role of development banks is equally controversial.
