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Revisitar as Empresas Zombie em Portugal (2008-2021)

Author

Listed:
  • Ricardo Pinheiro Alves
  • Nuno Tavares
  • Gabriel Osório de Barros

    (GEE - Gabinete de Estratégia e Estudos do Ministério da Economia e do Mar (Office for Strategy and Studies of the portuguese Ministry of Economy and Maritime Affairs)
    GEE - Gabinete de Estratégia e Estudos do Ministério da Economia e do Mar (Office for Strategy and Studies of the portuguese Ministry of Economy and Maritime Affairs)
    GEE - Gabinete de Estratégia e Estudos do Ministério da Economia e do Mar (Office for Strategy and Studies of the portuguese Ministry of Economy and Maritime Affairs))

Abstract

O estudo analisa a evolução e caracteriza as empresas zombie em Portugal entre 2008 e 2021. Este fenómeno abrange empresas com EBITDA negativo (Earnings before interest, taxes, depreciation and amortization) ou sobreendividadas, com dificuldades no cumprimento de responsabilidades financeiras face aos credores, ao longo de vários anos, cuja manutenção no mercado impacta negativamente o desempenho da economia e limita a afetação eficiente de recursos. O número de empresas zombie em Portugal varia consoante a conjuntura económica, sendo que a pandemia de COVID-19 confirma essa relação com o aumento da sua prevalência. Estas empresas apresentam menor dimensão, não possuem vocação exportadora, pagam salários mais baixos, investem por trabalhador mais 32% do que as restantes (embora menos em atividades de I&D), vendem por trabalhador menos 34%, sendo também menos produtivas do que a generalidade das empresas. A dinâmica destas empresas mostra uma enorme persistência ao longo do período, evidenciando um efeito estrutural que pode estar associado a barreiras à saída e/ou à entrada de novas empresas mais eficientes, o que dificulta o processo schumpeteriano de destruição criativa que contribui para a regeneração do tecido empresarial. O aprofundamento e análise do fenómeno das empresas zombie em Portugal, incluindo a compreensão da importância relativa das razões que explicam a sua existência, nomeadamente num contexto de fim dos apoios públicos no combate às consequências da pandemia, de inflação persistente e da subida das taxas de juro, facilitarão a adequação das políticas públicas.

Suggested Citation

  • Ricardo Pinheiro Alves & Nuno Tavares & Gabriel Osório de Barros, 2023. "Revisitar as Empresas Zombie em Portugal (2008-2021)," GEE Papers 178, Gabinete de Estratégia e Estudos, Ministério da Economia, revised Oct 2023.
    • Handle: RePEc:mde:wpaper:178
    as

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    File URL: https://www.gee.gov.pt//RePEc/WorkingPapers/GEE_PAPERS_178.pdf
    File Function: First version, 2023
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Empresas Zombie; Afetação de recursos; Dinâmica empresarial;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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