Financiamento do ciclo operacional no setor de distribuição de gás natural canalizado do nordeste brasileiro

• Main Authors: George Wandermont Almeida dos Santos, Carlos André de Oliveira, Lieda Amaral de Souza, Walid Abbas El-Aouar, Laís Karla da Silva Barreto
• Format: Article
• Language: Portuguese
• Published: Universidade Nove de Julho 2016-01-01
• Series: Exacta
• Online Access: http://www.redalyc.org/articulo.oa?id=81047687004

Currently, the internal monitoring of operating activities shows itself necessary to the profitability of organizations. The distribution sector of piped natural gas (PNG) –characterized by high asset turnover – requires sizeable disbursements for its distribution process, which may compromise performance and capactity for expansion. The aim of this study is to examine how the companies of this sector in Northeast Brazil finance their operating activities. To do this, we carried out a multiple-case exploratory study in three states of this region. The results have shown that among the surveyed organizations, only one company was able to finance all its activities with operational sources (considered to be an ideal performance); in a supplementary analysis, the others, although also solid financially, relied on funds from other sources for operational purposes. These funds were classified as non-cyclical and/or erratic liabilities, according to the Fleuriet Dynamic Model.