Este trabalho analisa a evolução do grau de restrição de capital (dívida ou emissão de ações), sob a abordagem da relação entre a fluxo de caixa e investimetno (\"cash flow sensitivity\"), para empresas brasileiras e argentinas para quatro períodos macroeconômicos distintos. Estimou - se essa relação por meio de análise econométrica de painel para empresas de dois países: Brasil e Argentina. Espera-se que, na presença de imperfeições de mercado, ocorra restrição de capitais (financiamento externo), que se manisfeta por meio de uma relação positiva e significante entre o fluxo de caixa e o investimento. Os resultados mostram que a sensibilidade do investimento a variações no fluxo de caixa segue trajetória muito parecida nos dois países. De 1995 a 1997, período de estabilização econômica e crescimento em ambos os países, a relação foi positiva e significante, mostrando haver significativa restrição de capital. De 1998 a 2003, os anos das multi crises externas e internas, a relação entre as duas variáveis não foi estatisticamente significante. É um período em que as empresas utilizam as fontes de capital mais para assegurar a própria sobrevivência do que para crescer. De 2004 a 2007, os anos de recuperação da economia mundial, o coeficiente volta a ter relação positiva e significante, mas menor comparativametne ao período base (1995 a 1997). No Brasil, esse período foi caracterizado pelo fortalecimento dos mecanismos de governança corporativa, que aliados ao crescimento econômico e à oferta de capitais internacionais, propiciaram uma onda de aberturas de capital de empresas. De 2008 a 2009, período da crise financeira global, essa relação sofre um ligeiro acréscimo em ambos os paises. Apesar da vasta literatura sobre o tema, poucos trabalhos abordam a evolução da sensibilidade do investimento ao fluxo de caixa no tempo. Este trabalho visa a preencher esta lacuna para o Brasil e para a Argentina. / This article analyzes the degree of restriction of capital (debt or issuing shares), under the approach of the investment-cash flow sensitivity, suffered by companies from Brazil and Argentina in four different macroeconomic periods. This relation was estimated via econometric analysis of panel for the companies of the two countries. It is expected to have capital constraints when under the presence of market imperfections. This restriction is manifested through a positive and significant relation between cash flow and investment. The results showed that the link between investment and cash flow sensitivity was very similar in the both countries. From 1995 to 1997, period of economic stability and economic growth in both countries, this relationship was positive and significant showing a capital constraints. From 1998 to 2003 (multi-crisis), the relationship between the two variables was not statistically significant. It was a period that companies use their external finance to survive in the recession. From 2004 to 2007, world economic recovery, the rate reverts to a positive and significant, but lower compared with the baseline period (1995-1997). In Brazil, this period was characterized by the strengthening of corporate governance mechanisms which, together with economic growth and the supply of international capital, led a wave of IPOs of companies. De 2008 a 2009, the period of global financial crisis, this relationship suffers a slight increase. Despite the vast literature on the subject, studies regarding the evolution of the sensitivity of investment to cash flow in time.This work aims to fill this gap for Brazil and Argentina.

Cette thèse contribue à analyser dans quelles mesures les coopératives financières concourent à laréduction de la pauvreté.De ce point de vue, nos analyses ont porté aussi bien sur l’adéquation du cadre conceptuel de cesinstitutions que sur leurs impacts sur les sociétaires. Par rapport au fonctionnement, nos analysesmontrent dans le cas du Bénin, que les principes coopératifs sont globalement appliqués. Toutefois, ellessont confrontées à des problèmes de viabilité financière et de gouvernance liés à la croissance dusociétariat.En ce qui concerne leurs impacts sur les sociétaires, nos résultats suggèrent dans le court terme, que lecaractère intégré de ces institutions s’est avéré globalement pertinent. Par rapport à la dimensionfinancière, il ressort des résultats obtenus que le crédit communautaire contribue favorablement àl’accroissement du revenu des ménages, à la promotion de l’investissement en capital humain des enfants àtravers à l’accroissement des dépenses d’éducation et de santé, mais avec une portée relativement faible.Par contre, le crédit communautaire n’a pas eu d’effet sur l’accroissement de l’épargne. Par rapport à ladimension non financière, nos résultats suggèrent que les services non financiers offerts exercent à traversle statut de sociétariat, une influence favorable sur la constitution du revenu des ménages bénéficiaires ducrédit coopératif.Dans le même ordre d’idées, du point de vue de la mobilité économique, les résultats suggèrent à courtterme, une mobilité des ménages bénéficiaires relativement faible et liée à l’état initial de bien-Être. Defaçon comparative, les résultats suggèrent dans une certaine mesure qu’il y a eu une mobilité ascendanteélevée au niveau des ménages bénéficiaires comparés aux non bénéficiaires. Sur un horizon de long terme,nos résultats suggèrent une convergence très lente des sociétaires vers l’état de bien-Être supérieur si lescoopératives ne subissent pas de mutation en termes de stratégie de réduction de la pauvreté.Par ailleurs, de l’analyse de l’influence du degré de la contrainte de crédit révélée par les sociétairesbénéficiaires du crédit communautaire, il ressort que l’existence de la contrainte de crédit du côté del’offre ne semble pas avoir influencé le niveau de vie des bénéficiaires ayant jugé la valeur du montant ducrédit obtenu « insuffisante ou très insuffisante », dans le court terme. Par contre, par rapport auxbénéficiaires qui ont jugé la valeur du montant du crédit obtenu « suffisante », nos résultats suggèrent dansun premier temps, l’existence d’un biais de sélection et dans un second temps, que la chance de sortir de lapauvreté est plus faible pour cette catégorie de bénéficiaires comparée au reste de la population quipossède les mêmes caractéristiques mais qui s’estiment très contraints « crédit obtenu très insuffisant » oupartiellement contraints «crédit obtenu insuffisant ».En somme, nos résultats soulignent que le caractère intégré des coopératives peut contribuer à lacroissance économique et l’amélioration du bien-Être sociétaires pauvres et vulnérables, mais à conditionque ces structures définissent clairement une stratégie dans ce sens et qu’elle soit étalée sur un horizon detemps bien défini. En outre, pour y parvenir, ces institutions nécessitent d’être appuyées par des dotationsexternes ou d’autres programmes complémentaires au regard de leur mode endogène de mobilisation deressources qui pourraient donner lieu à des contraintes apparentes de crédit. / This thesis contributes to analyze the extent to which financial cooperatives contribute to povertyreduction. From this point of view, our analysis focused on both the adequacy of the conceptualframework of these institutions and their impact on members. As for their operation, our analysis showsin the case of Benin that cooperative principles generally applied. However, they face problems offinancial sustainability and governance related to the growth of membership.With regard to their impact on shareholders, our results suggest that in the short term, the integratednature of these institutions has proven globally relevant. As for the financial dimension, it appears fromthe results that the community loan contributes positively to the growth of household income, theincrease of investment in human capital for children through higher education and health spending, butwith a relatively small range. However, the community loan had no effect on the growth of savings. As forthe non-Financial dimension, our results suggest that non-Financial services offered exercise through thestakeholder-Status, a positive influence on the formation of the income of households that arebeneficiaries of the cooperative loan.In the same vein, in terms of economic mobility, our results suggest, in short-Term a relatively lowmobility of recipient households which is also related to the initial state of well-Being. In other words, thefrequency of mobility is upward for all states of welfare for all recipients, except for the poorestshareholder households. Compared to non-Beneficiaries, our results suggest in some ways, a high upwardmobility for beneficiary households. Over a longer term, our results suggest a very slow convergence ofmembers to a state of higher well-Being when the cooperatives are not subject to change in their povertyreduction strategies.In addition, the analysis of the influence of the degree of credit constraints revealed by the shareholderswho were beneficiaries of the community loan, shows that the existence of credit constraints in the supplyside does not seem to have influenced the living standards of beneficiaries who rated the value of the loanreceived as "insufficient" or "very insufficient" in the short term. But, compared to recipients who foundthe value of the loan received "sufficient", our results suggest at first, the existence of a selection bias andin a second step, the chance to escape poverty is lower for this category of beneficiaries compared to therest of the population with the same characteristics but who feel very constrained ("loan received is veryinsufficient") or partially constrained ("loan received is insufficient".)In total, our results highlight that the integrated nature of cooperatives can contribute to economic growthand improve the welfare of poor and vulnerable members, provided that these cooperatives clearly definea strategy in that direction and spread it over a defined period of time. In addition, to achieve this, theseinstitutions need to be supported by external grants or other complementary programs, when oneconsiders their endogenous mode of resource mobilization.

Este trabalho analisa a evolução do grau de restrição de capital (dívida ou emissão de ações), sob a abordagem da relação entre a fluxo de caixa e investimetno (\"cash flow sensitivity\"), para empresas brasileiras e argentinas para quatro períodos macroeconômicos distintos. Estimou - se essa relação por meio de análise econométrica de painel para empresas de dois países: Brasil e Argentina. Espera-se que, na presença de imperfeições de mercado, ocorra restrição de capitais (financiamento externo), que se manisfeta por meio de uma relação positiva e significante entre o fluxo de caixa e o investimento. Os resultados mostram que a sensibilidade do investimento a variações no fluxo de caixa segue trajetória muito parecida nos dois países. De 1995 a 1997, período de estabilização econômica e crescimento em ambos os países, a relação foi positiva e significante, mostrando haver significativa restrição de capital. De 1998 a 2003, os anos das multi crises externas e internas, a relação entre as duas variáveis não foi estatisticamente significante. É um período em que as empresas utilizam as fontes de capital mais para assegurar a própria sobrevivência do que para crescer. De 2004 a 2007, os anos de recuperação da economia mundial, o coeficiente volta a ter relação positiva e significante, mas menor comparativametne ao período base (1995 a 1997). No Brasil, esse período foi caracterizado pelo fortalecimento dos mecanismos de governança corporativa, que aliados ao crescimento econômico e à oferta de capitais internacionais, propiciaram uma onda de aberturas de capital de empresas. De 2008 a 2009, período da crise financeira global, essa relação sofre um ligeiro acréscimo em ambos os paises. Apesar da vasta literatura sobre o tema, poucos trabalhos abordam a evolução da sensibilidade do investimento ao fluxo de caixa no tempo. Este trabalho visa a preencher esta lacuna para o Brasil e para a Argentina. / This article analyzes the degree of restriction of capital (debt or issuing shares), under the approach of the investment-cash flow sensitivity, suffered by companies from Brazil and Argentina in four different macroeconomic periods. This relation was estimated via econometric analysis of panel for the companies of the two countries. It is expected to have capital constraints when under the presence of market imperfections. This restriction is manifested through a positive and significant relation between cash flow and investment. The results showed that the link between investment and cash flow sensitivity was very similar in the both countries. From 1995 to 1997, period of economic stability and economic growth in both countries, this relationship was positive and significant showing a capital constraints. From 1998 to 2003 (multi-crisis), the relationship between the two variables was not statistically significant. It was a period that companies use their external finance to survive in the recession. From 2004 to 2007, world economic recovery, the rate reverts to a positive and significant, but lower compared with the baseline period (1995-1997). In Brazil, this period was characterized by the strengthening of corporate governance mechanisms which, together with economic growth and the supply of international capital, led a wave of IPOs of companies. De 2008 a 2009, the period of global financial crisis, this relationship suffers a slight increase. Despite the vast literature on the subject, studies regarding the evolution of the sensitivity of investment to cash flow in time.This work aims to fill this gap for Brazil and Argentina.