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As determinantes do desempenho economico-financeiro das PME: o papel do capital estrangeiro

Author

Listed:
  • Luis Pacheco
  • Bruno Pedrinho

Abstract

As pequenas e médias empresas (PME) sao uma importante componente da estrutura empresarial portuguesa. Devido as suas características intrínsecas, estas tornam-se um alvo atrativo de investimento por parte de forcas extranacionais, o que tem consequencias a nível económico-financeiro, mais especificamente ao nível da rendibilidade. É amplo o debate acerca da influencia do capital estrangeiro, com autores a defender a sua importancia e outros a sua nao significancia em termos de rendibilidade. O objetivo geral deste estudo é verificar qual o impacto do capital estrangeiro na rendibilidade das PME. Através da análise de dados para 5.667 PME portuguesas, dos mais diversos setores de atividade e para o período de 2014 a 2018, é empregue uma regressao de dados em painel, mais especificamente o modelo de efeitos aleatórios. Para além da amostra completa, sao igualmente realizadas regressoes com a amostra segmentada entre micro, pequenas e médias empresas e empresas pertencentes a indústria transformadora ou ao comércio por grosso. Os resultados evidenciam que a origem externa do capital nao exerce qualquer influencia significativa na rendibilidade daquelas empresas.

Suggested Citation

  • Luis Pacheco & Bruno Pedrinho, 2022. "As determinantes do desempenho economico-financeiro das PME: o papel do capital estrangeiro," Estudios Gerenciales, Universidad Icesi, vol. 38(164), pages 334-346, September.
    • Handle: RePEc:col:000129:020409
    DOI: 10.18046/j.estger.2022.164.5104
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    More about this item

    Keywords

    PME; rendibilidade do ativo; capital sob propriedade estrangeira; modelo de efeitos aleatórios.;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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