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Profitability determinants of fitness SMEs: Empirical evidence from Portugal using panel data

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Author Info

  • Pedro Guedes de Carvalho

    (Sport Sciences Department, Beira Interior University and CIDESD Research Center, UTAD University, Portugal)

  • Zélia Serrasqueiro

    (Management and Economics Department, Beira Interior University and CEFAGE Research Center, Évora University, Portugal)

  • Paulo Maças Nunes

    ()
    (Management and Economics Department, Beira Interior University and CEFAGE Research Center, Évora University, Portugal)

Abstract

Based on a sample of 182 small and medium-sized Portuguese fitness firms, using panel data models, this paper studies the determinants of profitability in Portuguese fitness SMEs. The empirical evidence indicates that: i) size, age, liquidity, long-term debt and government subsidies are determinants stimulating profitability in Portuguese fitness SMEs; ii) risk is a restrictive determinant of profitability in Portuguese fitness SMEs; and iii) growth opportunities, in the form of intangible assets, are neither a stimulating nor restrictive determinant of profitability in Portuguese fitness SMEs. The empirical evidence allows us to make important suggestions for political decision-makers and the owners/managers of small and medium-sized Portuguese fitness firms.

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Bibliographic Info

Article provided by Academy of Economic Studies - Bucharest, Romania in its journal The AMFITEATRU ECONOMIC journal.

Volume (Year): 15 (2013)
Issue (Month): 34 (June)
Pages: 417-430

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Handle: RePEc:aes:amfeco:v:15:y:2013:i:34:p:417-430

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Related research

Keywords: financial constraints; human kinetics; performance; Portugal; service SMEs;

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References

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  1. Marc Deloof, 2003. "Does Working Capital Management Affect Profitability of Belgian Firms?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(3-4), pages 573-588.
  2. David Smallbone & Friederike Welter & Artem Voytovich & Igor Egorov, 2008. "Government and entrepreneurship in transition economies: the case of small firms in business services in Ukraine," The Service Industries Journal, Taylor & Francis Journals, vol. 30(5), pages 655-670, May.
  3. Paulo J. Ma��s Nunes & Zélia M. Serrasqueiro & Tiago N. Sequeira, 2007. "Profitability in Portuguese service industries: a panel data approach," The Service Industries Journal, Taylor & Francis Journals, vol. 29(5), pages 693-707, May.
  4. M. Adams & M. Buckle, 2003. "The determinants of corporate financial performance in the Bermuda insurance market," Applied Financial Economics, Taylor & Francis Journals, vol. 13(2), pages 133-143.
  5. Armenia Androniceanu & Irina-Virginia Drăgulănescu, 2012. "Sustainability of the Organizational Changes in the Context of Global Economic Crisis," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 14(32), pages 365-379, June.
  6. Adelina Gschwandtner, 2004. "Profit Persistence in the "Very" Long Run: Evidence from Survivors and Exiters," Vienna Economics Papers 0401, University of Vienna, Department of Economics.
  7. Douglas W. Diamond, 1998. "Reputation Acquisition in Debt Markets," Levine's Working Paper Archive 602, David K. Levine.
  8. Teece, David J, 1981. "Internal Organization and Economic Performance: An Empirical Analysis of the Profitability of Principal Firms," Journal of Industrial Economics, Wiley Blackwell, vol. 30(2), pages 173-99, December.
  9. Pino G. Audia & Henrich R. Greve, 2006. "Less Likely to Fail: Low Performance, Firm Size, and Factory Expansion in the Shipbuilding Industry," Management Science, INFORMS, vol. 52(1), pages 83-94, January.
  10. Gabriela Ţigu & Bogdan Călăreţu, 2013. "Supply Chain Management Performance in Tourism. Continental Hotels Chain Case," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 15(33), pages 103-115, February.
  11. Cristinel Vasiliu & Mihaela Dobrea, 2013. "State of Implementation of Supply Chain Management in Companies in Romania," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 15(33), pages 44-55, February.
  12. Jovanovic, Boyan, 1982. "Selection and the Evolution of Industry," Econometrica, Econometric Society, vol. 50(3), pages 649-70, May.
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