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Relação entre a Estrutura de Capital e a Performance Financeira das Micro e PME Portuguesas do setor Industrial
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Abstract(s)
Este trabalho analisa o impacto da estrutura de capital na performance financeira das
micro, pequenas e médias empresas industriais em Portugal. Para tal foi analisada uma
amostra de dados em painel não balanceados de 1 690 empresas do setor industrial
pertencentes aos códigos de atividades económicas 26, 27 e 28, durante o período 2013-
2023. Foram analisadas ainda três subamostras: antes, durante e pós COVID-19.
A análise foi realizada por meio de regressões lineares, pelo método dos mínimos
quadrados (OLS), permitindo analisar a relação entre diferentes formas de endividamento
(total, por maturidade e formas específicas) e a performance financeira, medida pela
rendibilidade do capital próprio e a rendibilidade do ativo. Os resultados obtidos
evidenciam que o aumento do endividamento de médio/longo prazo, dos créditos
comerciais e dos empréstimos bancários causam um impacto negativo na performance
financeira das empresas, medida pela rendibilidade dos ativos. Adicionalmente, a análise
identificou que as variáveis de controlo - dimensão, crescimento das vendas, liquidez e
estrutura dos ativos são relevantes para explicar a performance financeira.
A análise à robustez dos resultados, considerando o impacto do COVID-19 na relação entre
estrutura de capital e performance financeira evidencia que, durante a pandemia o
endividamento total contribui para melhorar a rendibilidade do ativo. Já o endividamento
de curto prazo teve efeito oposto para explicar a performance antes e após a pandemia.
Este estudo reforça a importância das decisões financeiras das micro, pequenas e médias
empresas industriais portuguesas na otimização da sua rendibilidade sem comprometer
sua estabilidade financeira.
This study analyzes the impact of capital structure on the financial performance of micro, small, and medium-sized industrial companies in Portugal. To this end, an unbalanced panel data sample of 1,690 companies in the industrial sector, classified under the economic activity codes 26, 27, and 28, was examined for the period 2013-2023. Additionally, three subsamples were analyzed: before, during, and after COVID-19. The analysis was conducted using linear regressions based on the ordinary least squares (OLS) method, allowing for an examination of the relationship between different forms of debt (total, by maturity, and specific types) and financial performance, measured by return on equity and return on assets. The results indicate that an increase in medium/long-term debt, trade credit, and bank loans negatively impacts companies' financial performance, measured by the return on assets ratio. Additionally, the analysis identified that control variables—size, sales growth, liquidity, and asset structure—are relevant in explaining financial performance. The robustness analysis, considering the impact of COVID-19 on the relationship between capital structure and financial performance, shows that during the pandemic, total debt contributed to improving return on assets. However, short-term debt had the opposite effect in explaining performance before and after the pandemic. This study reinforces the importance of financial decisions for Portuguese micro, small, and medium-sized industrial companies in optimizing their profitability without compromising their financial stability
This study analyzes the impact of capital structure on the financial performance of micro, small, and medium-sized industrial companies in Portugal. To this end, an unbalanced panel data sample of 1,690 companies in the industrial sector, classified under the economic activity codes 26, 27, and 28, was examined for the period 2013-2023. Additionally, three subsamples were analyzed: before, during, and after COVID-19. The analysis was conducted using linear regressions based on the ordinary least squares (OLS) method, allowing for an examination of the relationship between different forms of debt (total, by maturity, and specific types) and financial performance, measured by return on equity and return on assets. The results indicate that an increase in medium/long-term debt, trade credit, and bank loans negatively impacts companies' financial performance, measured by the return on assets ratio. Additionally, the analysis identified that control variables—size, sales growth, liquidity, and asset structure—are relevant in explaining financial performance. The robustness analysis, considering the impact of COVID-19 on the relationship between capital structure and financial performance, shows that during the pandemic, total debt contributed to improving return on assets. However, short-term debt had the opposite effect in explaining performance before and after the pandemic. This study reinforces the importance of financial decisions for Portuguese micro, small, and medium-sized industrial companies in optimizing their profitability without compromising their financial stability
Description
Keywords
Performance financeira Estrutura de capital Micro Pequenas e médias empresas Indústria Portugal