THE FLEURIET MODEL AND THE EFFECTS OF THE COVID-19 PANDEMIC

Abstract

The present study aims to investigate the impact of the COVID-19 pandemic on the financial structure of publicly traded Brazilian companies listed on the IBrx-100, through the analysis of the Management Balance Sheets (BPG) and applying the dynamic Fleuriet model of analysis of working capital. Therefore, the research typology is descriptive and documentary, as it used the Consolidated Balance Sheets as a data source. The data were obtained through the Economática® database and the Reference form available on the website of Brasil, Bolsa, Balcão (B3), thus, the final sample consisted of 76 companies, over 10 quarters, corresponding to the 1st quarter of 2019 to 2nd quarter of 2021. As an analysis technique, a qualitative and quantitative approach was adopted, using descriptive analysis applied to the Fleriet model. The survey results show that over the 10 quarters analyzed, the variables cash balance (ST), working capital need (NCG) and working capital (CDG) were respectively negative by 43.96%, 12.20% and 12.07% of the sample. In addition, there was a predominance of type 2 BPG with 45.01% of the sample, followed by type 3 with 32.41%. As well as the reduction in the number of BPG with the type 3 profile, and the increase in type 2 over the periods. Thus, based on the results exposed in this study, it was identified that a trend of change in the typology of companies, after the beginning of the COVID-19 Pandemic, increasing the profiles considered solid.