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Abstract(s)
Este estudo analisa os determinantes de liquidez numa amostra de pequenas e mĂ©dias empresas (PME) industriais portuguesas para o perĂodo de 2000 a 2009. Dada a relevĂąncia que as empresas de elevado crescimento (ECE) representam na nossa economia, este estudo tambĂ©m analisa este universo de empresas. Os resultados empĂricos da amostra global mostram que as empresas para convergirem para um nĂvel Ăłtimo de caixa suportam elevados custos de transação, o que reflete os constrangimentos no acesso ao financiamento destas empresas. Os resultados indicam ainda que sĂŁo as empresas com mais oportunidades de crescimento e cash flows mais elevados que detĂȘm nĂveis mais elevados de cash holdings. Pelo contrĂĄrio, o nĂvel Ăłtimo de caixa Ă© negativamente afetado pela dimensĂŁo e pelo fundo de maneio que serve como um substituto de liquidez. A idade e a alavancagem apresentam uma relação ambĂgua no que se refere a pequenas empresas e a empresas de crescimento.
This study analyses the determinants of liquidity in a sample of small and medium-sized firms (SMEs) Portuguese firms operating in the industrial sector during the period 2000-2009. Due economic relevance of the high growth firms in the Portuguese Economy, the study also examines the determinants of cash holdings for this subgroup of firms (ECE). The empirical results show that firms to converge to an optimal level of cash face high financial constraints, results that confirm that such firms fade high level restrictions to achieve external financing. The results also show that there are the firms with more growth opportunities and more liquid assets that achieve high level of cash holdings. In the opposite side the cash level is negatively affected by the size and the working capital which serves as a substitute of liquidity. The age and leverage have report ambiguous results h regard to small firms and ECE and the cash holdings.
This study analyses the determinants of liquidity in a sample of small and medium-sized firms (SMEs) Portuguese firms operating in the industrial sector during the period 2000-2009. Due economic relevance of the high growth firms in the Portuguese Economy, the study also examines the determinants of cash holdings for this subgroup of firms (ECE). The empirical results show that firms to converge to an optimal level of cash face high financial constraints, results that confirm that such firms fade high level restrictions to achieve external financing. The results also show that there are the firms with more growth opportunities and more liquid assets that achieve high level of cash holdings. In the opposite side the cash level is negatively affected by the size and the working capital which serves as a substitute of liquidity. The age and leverage have report ambiguous results h regard to small firms and ECE and the cash holdings.
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Keywords
Cash Holdings Teoria da AgĂȘncia. Teoria da Pecking Order Teoria do Trade-Off