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Abstract(s)
Na presente dissertação estudamos empiricamente os factores determinantes do
crescimento das PME`s Portuguesas. Para o efeito utilizamos uma amostra de 1383
PME`s Portuguesas para o período entre 1999 e 2005. Consideramos duas medidas de
crescimento: 1) crescimento do activo; e 2) crescimento das vendas. Como factores
determinantes do crescimento das PME`s Portuguesas, os determinantes usualmente
utilizados na literatura: 1) dimensão; 2) idade; 3) activos intangíveis; 4) financiamento interno (cash flows) e; 5) financiamento externo (endividamento total, e a sua posterior sub divisão em endividamento de curto e de longo prazo). Metodologicamente usamos regressões OLS com o objectivo de estimar as relações entre determinantes e crescimento. Os resultados indicam-nos que: 1) se rejeita a “Lei” de Gibrat´s, sendo o crescimento das PME`s Portuguesas dependente da prévia dimensão; 2) a maior idade das PME`s Portuguesas traduz-se num menor crescimento; 3) os activos intangíveis só contribuem para o acrescimento do crescimento das PME`s Portuguesas a partir de um nível mínimo de crescimento das PME`s Portuguesas; 4) o financiamento interno é relevante para o crescimento das PME`s Portuguesas; e 5) o efeito do financiamento externo sobre o crescimento das PME`s Portuguesas depende das medidas de financiamento externo e dimensão consideradas.
In the present dissertation we study empirically the determining growth factors of the Portuguese SME’s. For this study we have used a sample of 1383 Portuguese SME’s from 1999 to 2005. We consider two growth measures: 1) assets growth; 2) sales growth. We used, as it is commonly used, the following determining growth factors of the Portuguese SME’s: 1) size; 2) age; 3) intangible assets; 4) internal financing (cash flows) and; 5) external financing (total debt and its sub-division in short term and long term debt). Methodically we used OLS’s regressions with the goal of establishing the relationships between determinants and growth. The results show us that: 1) we reject Gibrat’s Law, since the growth of the Portuguese SME’s depends on the previous size; 2) the oldest the Portuguese SME’s are the less the growth; 3) the intangible assets only contribute to the increase of the growth of the Portuguese SME’s when taken from a minimum level of growth of the Portuguese SME’s; 4) the internal financing is relevant for the growth of the Portuguese SME’s; 5) The effect of the external financing over the Portuguese SME’s growth depends on the external financial measures and dimension which are taken into account.
In the present dissertation we study empirically the determining growth factors of the Portuguese SME’s. For this study we have used a sample of 1383 Portuguese SME’s from 1999 to 2005. We consider two growth measures: 1) assets growth; 2) sales growth. We used, as it is commonly used, the following determining growth factors of the Portuguese SME’s: 1) size; 2) age; 3) intangible assets; 4) internal financing (cash flows) and; 5) external financing (total debt and its sub-division in short term and long term debt). Methodically we used OLS’s regressions with the goal of establishing the relationships between determinants and growth. The results show us that: 1) we reject Gibrat’s Law, since the growth of the Portuguese SME’s depends on the previous size; 2) the oldest the Portuguese SME’s are the less the growth; 3) the intangible assets only contribute to the increase of the growth of the Portuguese SME’s when taken from a minimum level of growth of the Portuguese SME’s; 4) the internal financing is relevant for the growth of the Portuguese SME’s; 5) The effect of the external financing over the Portuguese SME’s growth depends on the external financial measures and dimension which are taken into account.
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Keywords
Criação de empresas - Portugal Activos intangíveis