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Authors
Abstract(s)
O objetivo deste estudo e´ analisar os determinantes do financiamento interno das PME
do setor hoteleiro ibérico. A investigação nesta área, é crucial devido à dificuldade que
muitas PMEs enfrentam ao aceder ao financiamento externo. Para respondermos ao
objetivo, recorremos a uma amostra de PMEs portuguesas e espanholas do setor
hoteleiro para o período de análise entre 2003-2023. Recorrendo a modelos estáticos de
dados em painel verificamos que o financiamento interno das PMEs do setor hoteleiro
ibérico é afetado positivamente por fatores como a dimensão da empresa, tesouraria e
risco do negócio, enquanto endividamento, a crise financeira de 2008 e a pandemia de
COVID-19 têm impactos negativos.
The aim of this study is to analyze the determinants of internal financing for SMEs in the Iberian hotel sector. Research in this area is crucial due to the difficulty many SMEs face in accessing external financing. To meet this objective, we used a sample of Portuguese and Spanish SMEs in the hotel sector for the period of analysis 2003-2023. Using static panel data models, we found that the internal financing of SMEs in the Iberian hotel sector is positively affected by factors such as company size, cash flow and business risk, while indebtedness, the 2008 financial crisis and the COVID-19 pandemic have negative impacts.
The aim of this study is to analyze the determinants of internal financing for SMEs in the Iberian hotel sector. Research in this area is crucial due to the difficulty many SMEs face in accessing external financing. To meet this objective, we used a sample of Portuguese and Spanish SMEs in the hotel sector for the period of analysis 2003-2023. Using static panel data models, we found that the internal financing of SMEs in the Iberian hotel sector is positively affected by factors such as company size, cash flow and business risk, while indebtedness, the 2008 financial crisis and the COVID-19 pandemic have negative impacts.
Description
Keywords
Estrutura de Capital Covid-19 Crise Financeira Dados em Painel Financiamento Interno Setor Hoteleiro