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Determinantes da rendibilidade das empresas portuguesas da indústria alimentar
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Abstract(s)
Este estudo tem como principal objetivo investigar os determinantes da
rendibilidade das empresas portuguesas da indústria alimentar. Baseia-se em dados
financeiros de uma amostra final composta por 1.773 empresas do período
compreendido entre 2010 e 2017, tendo-se obtido um painel com 12.006 observações.
Para concretizar o objetivo do estudo utilizou-se a base de dados Amadeus. Foram
investigados os seguintes determinantes da rendibilidade: dimensão, crescimento,
endividamento total, tangibilidade, liquidez e idade.
Os resultados sugerem que todos os fatores investigados são determinantes da
rendibilidade das empresas da indústria alimentar. Não obstante, evidenciam que as
variáveis endividamento, tangibilidade e dimensão são as mais importantes na
explicação do nível de rendibilidade, as duas primeiras com efeito negativo e a
dimensão com efeito positivo.
As evidências observadas neste trabalho sugerem que a rendibilidade das
empresas da indústria alimentar poderá ser potenciada se estas empresas beneficiarem
de condições estimulantes ao seu crescimento, se possível, em estruturas com alguma
flexibilidade e suficientemente atrativas para que não sejam necessariamente
financiadas com capital alheio.
This study aims to investigate the determinants of profitability of Portuguese companies in the food industry. It is based on financial data from a final sample of 1.773 companies from 2010 to 2017, and a panel with 12.006 observations was obtained. To achieve the objective of the study we used the Amadeus database. The following determinants of profitability were investigated: size, growth, total indebtedness, tangibility, liquidity and age. The results suggest that all factors investigated are determinants of the profitability of the food industry companies. However, they show that the variables debt, tangibility and dimension are the most important in explaining the level of return, the first two with negative effect and the dimension with positive effect. The evidence observed in this paper suggests that the profitability of food industry enterprises may be boosted if these companies benefit from conditions that stimulate their growth, if possible, in structures with some flexibility and sufficiently attractive that they are not necessarily financed with foreign capital
This study aims to investigate the determinants of profitability of Portuguese companies in the food industry. It is based on financial data from a final sample of 1.773 companies from 2010 to 2017, and a panel with 12.006 observations was obtained. To achieve the objective of the study we used the Amadeus database. The following determinants of profitability were investigated: size, growth, total indebtedness, tangibility, liquidity and age. The results suggest that all factors investigated are determinants of the profitability of the food industry companies. However, they show that the variables debt, tangibility and dimension are the most important in explaining the level of return, the first two with negative effect and the dimension with positive effect. The evidence observed in this paper suggests that the profitability of food industry enterprises may be boosted if these companies benefit from conditions that stimulate their growth, if possible, in structures with some flexibility and sufficiently attractive that they are not necessarily financed with foreign capital
Description
Keywords
Tangibilidade Liquidez e idade Indústria Capital alheio Investigar Endividamento total