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Abstract(s)
A temática sobre a performance financeira das empresas tem sido um tópico de interesse
para vários autores. De acordo com a literatura, as pequenas e médias empresas (PME)
contribuem para que um país se desenvolva a nível económico e social. Porém, estas
enfrentam vários obstáculos, entre os quais, restrições no acesso ao financiamento externo.
Esta dissertação teve como objetivo investigar a performance financeira e alguns dos seus
determinantes, salientando a relação entre o endividamento e a performance financeira das
PME Portuguesas. Para atingir os objetivos de investigação, recolheram-se dados referentes
a 9521 PME Portuguesas utilizando a base de dados Sistema de Análise de Balanços Ibéricos
(SABI) para o período 2010-2020. Relativamente à metodologia utilizada na investigação,
foi usado o estimador dinâmico GMM System.
Para a elaboração do modelo usou-se a variável performance financeira como variável
dependente, e os determinantes endividamento, dimensão, idade, crescimento, liquidez,
tangibilidade e Covid-19, são as variáveis explicativas.
Após a analise dos resultados obteve-se as seguintes conclusões, o endividamento, a
dimensão, o crescimento, a liquidez, a tangibilidade e a Covid-19 têm um impacto negativo
e estatisticamente significativo na performance financeira. A idade apresenta um impacto
positivo e estatisticamente significativo na performance financeira.
The topic of corporate financial performance has been a topic of interest for several authors. According to the literature, small and medium-sized enterprises (SMEs) contribute to a country's economic and social development. However, they face several obstacles, among them restrictions in accessing external financing. This dissertation aimed to investigate the financial performance and some of its determinants, highlighting the relationship between indebtedness and financial performance of Portuguese SMEs. To achieve the research objectives, data were collected for 9521 Portuguese SMEs using the Sistema de Análise de Balanços Ibéricos (SABI) database for the period 2010 to 2020. Regarding the methodology used in the research, the GMM System dynamic estimator was used. To develop the model, the financial performance variable was used as the dependent variable, and the determinants debt, size, age, growth, liquidity, tangibility, and Covid-19, are the explanatory variables. After analyzing the results, the following conclusions were reached: Debt, size, growth, liquidity, tangibility and Covid-19 have a negative and statistically significant impact on financial performance. Age has a positive and statistically significant impact on financial performance.
The topic of corporate financial performance has been a topic of interest for several authors. According to the literature, small and medium-sized enterprises (SMEs) contribute to a country's economic and social development. However, they face several obstacles, among them restrictions in accessing external financing. This dissertation aimed to investigate the financial performance and some of its determinants, highlighting the relationship between indebtedness and financial performance of Portuguese SMEs. To achieve the research objectives, data were collected for 9521 Portuguese SMEs using the Sistema de Análise de Balanços Ibéricos (SABI) database for the period 2010 to 2020. Regarding the methodology used in the research, the GMM System dynamic estimator was used. To develop the model, the financial performance variable was used as the dependent variable, and the determinants debt, size, age, growth, liquidity, tangibility, and Covid-19, are the explanatory variables. After analyzing the results, the following conclusions were reached: Debt, size, growth, liquidity, tangibility and Covid-19 have a negative and statistically significant impact on financial performance. Age has a positive and statistically significant impact on financial performance.
Description
Keywords
Endividamento Gmm System Pequenas e Médias Empresas Performance Financeira