Aplicabilidade da Análise Dinâmica do Capital de Giro como Instrumento de Avaliação da Gestão Financeira em Cooperativas Agropecuárias

Abstract

This study has as purpose to investigate the originof the funds that financed the net workingcapital needs of a sample of 64 located agricultural cooperatives in 8 Brazilian states, in the period1999 to 2004. The results obtained lead to the conclusion that cooperatives’ demand for workingcapital has not been financed, in general, with permanent funds (long term liabilities andstockholders’ equity). So, there is a need to raiseshort-term burdensome funds to complement thefinancing of its financial cycle, generally, with higher cost and risks than the other sources of funds