| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 643.49 KB | Adobe PDF |
Authors
Abstract(s)
Na literatura internacional, o estudo da rendibilidade das empresas tem sido tema de investigação em diversas áreas da Economia. O presente estudo tem como objetivo principal analisar os possíveis determinantes da rendibilidade das Pequenas e Médias Empresas (PME) consideradas como Knowledge Intensive Business Services (KIBS).
Para responder a este objetivo, foram utilizados modelos de dados em painel estáticos e dinâmicos, com o recurso a uma amostra de 68 PME KIBS portuguesas, sob o período temporal compreendido entre 2004 e 2009. Como possíveis determinantes da rendibilidade das empresas alvo do nosso estudo, considerámos a dimensão, a idade, a liquidez, o endividamento de longo prazo, as despesas em Investigação e Desenvolvimento (I&D) e o risco das PME.
Os resultados alcançados mostram que a dimensão, a liquidez, o endividamento de longo prazo e as despesas em I&D influenciam positivamente a rendibilidade das PME KIBS, destacando-se o determinante relativo à intensidade em I&D, ao apresentar um forte impacto na rendibilidade. O risco apresenta um impacto negativo, e a idade não revela qualquer influência sobre a rendibilidade das PME KIBS. Por último, os resultados obtidos mostram que a rendibilidade do período anterior se relaciona positivamente com a rendibilidade do período atual da empresa.
In the international literature, the study of corporate profitability has been the subject of research in various areas of economics. The objective of the present study is to analyze the main determinants of the probability of small and medium enterprises (SMEs) considered Knowledge Intensive Business Services (KIBS). To meet this objective, we used static and dynamic panel data models, using a sample of 68 Portuguese SMEs KIBS, under the temporal range between 2004 and 2009. As possible determinants of corporate profitability target of our study, we considered the size, age, liquidity, long-term debt, expenditure on Research and Development (R & D) and SMEs risk. The results show that the size, liquidity, long-term debt and R & D spending have a positive influence on the profitability of SMEs KIBS, highlighting the determinant on the intensity of R & D, to present a strong impact on profitability. The risk has a negative impact, and age did not show any influence on the profitability of SMEs KIBS. Finally, the results obtained show that the profitability of the previous period is positively related to current period profitability of these companies.
In the international literature, the study of corporate profitability has been the subject of research in various areas of economics. The objective of the present study is to analyze the main determinants of the probability of small and medium enterprises (SMEs) considered Knowledge Intensive Business Services (KIBS). To meet this objective, we used static and dynamic panel data models, using a sample of 68 Portuguese SMEs KIBS, under the temporal range between 2004 and 2009. As possible determinants of corporate profitability target of our study, we considered the size, age, liquidity, long-term debt, expenditure on Research and Development (R & D) and SMEs risk. The results show that the size, liquidity, long-term debt and R & D spending have a positive influence on the profitability of SMEs KIBS, highlighting the determinant on the intensity of R & D, to present a strong impact on profitability. The risk has a negative impact, and age did not show any influence on the profitability of SMEs KIBS. Finally, the results obtained show that the profitability of the previous period is positively related to current period profitability of these companies.
Description
Keywords
Knowledge Intensive Business Services Pequenas e médias empresas - Determinantes de rendibilidade