The impact of the strategy of credit in the liquidity and yield: an analysis of the department stores of the sector of retailing

Abstract

The present research has for objective to demonstrate to the impact of the credit policy in the liquidity indicators and yield of the department stores of the sector of retailing. For this, it was analyzed the average collection period (PMR), rates of overall liquidity, current, dry and immediate, the turn of the asset, the liquid edge, the yield of the asset and of the equity of Globex Utilidades S.A., of the Lojas Americanas S.A. and of the Cia. Brasileira de Distribuição. As for the methodology, the study can be regarded as descriptive, a time that interprets and records the influence of the credit policies of the companies examined in their liquidity ratios and profitability. It was found that, for the three companies examined, the credit policies and conditions of sales taken directly influence liquidity and profitability. Strategies lending more flexible, almost always resulted in lower liquidity and lower profitability. Most of the analysis showed no trade-off between liquidity and profitability, it indicating that credit policies are more liberal, as evidenced by increased of the PMR of the three companies in the period under review, have been not translated into real gains for firms, undermining the maximizing shareholder value.