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Authors
Abstract(s)
O objetivo desta dissertação consiste em averiguar se a velocidade de ajustamento dos
níveis de tesouraria das PME portuguesas do setor industrial são influencidas pelas
oportunidades de crescimento, restrições financeiras e pelas dificuldades financeiras.
Além disso, pretende-se investigar se a crise que ocorreu entre 2010 e 2014 e a crise
provocada pelo surto pandémico impactaram positivamente a velocidade de ajustamento
dos níveis de tesouraria das PME.
De forma a atingir o objetivo desta investigação teve-se como base a informação
disponível na base de dados SABI para o período compreendido entre 2010 e 2020. Em
primeiro lugar, foi utilizada como metodologia modelos estáticos de dados em painel para
testar os determinantes do nível de tesouraria e, posteriormente, foi aplicada a
metodologia de modelos dinâmicos de dados em painel para medir a velocidade de
ajustamento do nível de tesouraria das empresas em estudo perante as oportunidades de
crescimento, as dificuldades e as restrições financeiras.
Os resultados obtidos através do modelo estático de dados em painel sugerem que as
determinantes dos níveis de tesouraria apontadas na literatura influenciam os níveis de
tesouraria das PME industriais portuguesas. Utilizando o modelo dinâmico de dados em
painel, foi possível inferir que as oportunidades de crescimento, as restrições financeiras,
as dificuldades financeiras, a crise que afetou Portugal entre 2010 e 2014 e a mais recente
crise provocada pela pandemia da Covid-19, em 2020, incrementaram a velocidade de
ajustamento dos níveis de tesouraria das PME portuguesas do setor industrial.
The aim of this dissertation is to investigate whether the speed of adjustment of the cash holding of Portuguese SMEs in the industrial sector are influenced by growth opportunities, financial constraints and financial distress. Furthermore, it is intended to investigate whether the crisis that occurred between 2010 and 2014 and the crisis caused by the pandemic outbreak positively impacted the speed of adjustment of SMEs cash holding. In order to achieve the objective of this research it was based on the information available in the SABI database for the period between 2010 and 2020. Firstly, static panel data models were used as methodology to test the determinants of cash holding and, subsequently, the methodology of dynamic panel data models was applied to measure the speed of adjustment of the cash holding of the firms under study in face of growth opportunities, difficulties and financial constraints. The results obtained through the static panel data model suggest that the determinants of cash holding pointed out in the literature influence the cash holding of Portuguese industrial SMEs. Using the dynamic panel data model, it was possible to infer that growth opportunities, financial constraints, financial distress, the crisis that affected Portugal between 2010 and 2014 and the most recent crisis caused by the Covid-19 pandemic, in 2020, increased the speed of adjustment of cash holding of Portuguese industrial SMEs.
The aim of this dissertation is to investigate whether the speed of adjustment of the cash holding of Portuguese SMEs in the industrial sector are influenced by growth opportunities, financial constraints and financial distress. Furthermore, it is intended to investigate whether the crisis that occurred between 2010 and 2014 and the crisis caused by the pandemic outbreak positively impacted the speed of adjustment of SMEs cash holding. In order to achieve the objective of this research it was based on the information available in the SABI database for the period between 2010 and 2020. Firstly, static panel data models were used as methodology to test the determinants of cash holding and, subsequently, the methodology of dynamic panel data models was applied to measure the speed of adjustment of the cash holding of the firms under study in face of growth opportunities, difficulties and financial constraints. The results obtained through the static panel data model suggest that the determinants of cash holding pointed out in the literature influence the cash holding of Portuguese industrial SMEs. Using the dynamic panel data model, it was possible to infer that growth opportunities, financial constraints, financial distress, the crisis that affected Portugal between 2010 and 2014 and the most recent crisis caused by the Covid-19 pandemic, in 2020, increased the speed of adjustment of cash holding of Portuguese industrial SMEs.
Description
Keywords
Dificuldades financeiras Níveis de tesouraria Oportunidades de crescimento Restrições financeiras Velocidade de ajustamento Adjustment of speed Cash-holding Financial constraints