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O Impacto dos Subsídios na Performance Financeira das Empresas: Evidência Comparativa entre Territórios de Baixa e Alta Densidade
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Abstract(s)
Este trabalho analisa se os subsídios públicos, em particular os Sistemas de Incentivo à Inovação (SI Inovação) do Portugal 2020, produzem efeitos diferenciados no desempenho financeiro das empresas portuguesas consoante a sua localização geográfica. O estudo compara empresas situadas em territórios de baixa densidade com empresas localizadas noutras regiões, de forma a avaliar se as primeiras apresentam uma performance financeira distinta das segundas, em resultado da majoração da taxa de incentivo que lhes é atribuída. Estes apoios constituem instrumentos centrais da política de coesão, procurando reduzir disparidades regionais e fomentar a competitividade das Pequenas e Médias Empresas (PME).
A análise empírica baseia-se numa amostra de empresas beneficiárias do Sistemas de Incentivo à Inovação agrupados em dois grupos: situadas em territórios de baixa densidade (BD) e nas restantes regiões do país (outros territórios – OT). Para assegurar comparabilidade entre os grupos foi aplicado o método de Propensity Score Matching (PSM). Posteriormente, recorreu-se ao modelo econométrico Difference-in-Differences (DID), com variáveis de controlo, de forma a estimar o efeito diferencial dos subsídios recebidos pelas empresas situadas nos territórios de baixa densidade sobre indicadores contabilísticos de desempenho: Rendibilidade do Ativo (RA), Rendibilidade do Capital Próprio (RCP), Crescimento do Volume de Negócios (CVN) e Produtividade do Trabalho (PT).
Os resultados obtidos indicam que a simples majoração da taxa de incentivo poderá não ser suficiente para gerar impactos diferenciadores nas empresas localizadas em territórios mais desfavorecidos. Tal conclusão poderá apontar para a necessidade de complementar os apoios financeiros com medidas estruturais, como acompanhamento técnico, reforço de capacidades internas e estratégias de desenvolvimento territorial integradas, com vista a maximizar a eficácia das políticas públicas de apoio ao investimento e à inovação.
This study investigates whether public subsidies, particularly the Innovation Incentive Systems under Portugal 2020, generate differentiated effects on the financial performance of Portuguese companies depending on their geographical location. It compares companies located in low-density territories with those in other regions, assessing whether firms in low-density areas achieve a distinct financial performance as a consequence of the higher incentive rates they receive. These subsidies are key instruments of cohesion policy, aiming to reduce regional disparities and promote the competitiveness of Small and Medium-sized Enterprises. The empirical analysis is based on a sample of beneficiary firms from both low-density territories and other regions of the country. To ensure group comparability, the Propensity Score Matching method was applied. Subsequently, the Difference-in-Differences econometric model, with control variables, was used to estimate the differential effect of subsidies on four accounting-based performance indicators: Return on Assets, Return on Equity, Turnover Growth and Labour Productivity. The results indicate that merely increasing the incentive rate may not be sufficient to generate differentiated impacts in firms located in structurally disadvantaged territories. This finding highlights the importance of complementing financial support with structural measures, such as technical assistance, capacity building, and integrated territorial development strategies, in order to enhance the effectiveness of public policies supporting investment and innovation.
This study investigates whether public subsidies, particularly the Innovation Incentive Systems under Portugal 2020, generate differentiated effects on the financial performance of Portuguese companies depending on their geographical location. It compares companies located in low-density territories with those in other regions, assessing whether firms in low-density areas achieve a distinct financial performance as a consequence of the higher incentive rates they receive. These subsidies are key instruments of cohesion policy, aiming to reduce regional disparities and promote the competitiveness of Small and Medium-sized Enterprises. The empirical analysis is based on a sample of beneficiary firms from both low-density territories and other regions of the country. To ensure group comparability, the Propensity Score Matching method was applied. Subsequently, the Difference-in-Differences econometric model, with control variables, was used to estimate the differential effect of subsidies on four accounting-based performance indicators: Return on Assets, Return on Equity, Turnover Growth and Labour Productivity. The results indicate that merely increasing the incentive rate may not be sufficient to generate differentiated impacts in firms located in structurally disadvantaged territories. This finding highlights the importance of complementing financial support with structural measures, such as technical assistance, capacity building, and integrated territorial development strategies, in order to enhance the effectiveness of public policies supporting investment and innovation.
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Keywords
Subsídios públicos SI Inovação Performance financeira Baixa densidade PSM DID