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Abstract(s)
O objetivo deste estudo é analisar o impacto da gestão de fundo de maneio na rentabilidade económica e financeira das empresas portuguesas do setor alimentar. Para tal, foram recolhidos dados contabilísticos de PME pertencentes ao Setor Alimentar Português. Essa informação foi recolhida da base de dados SABI para o período entre 2010 e 2016. As hipóteses formuladas foram analisadas usando a metodologia de dados em painel. Os resultados empíricos são robustos a potenciais problemas de endogeneidade. A rentabilidade económica foi medida pelo ROA e a rentabilidade financeira foi medida pelo ROE. A gestão de fundo de maneio foi medida pelo indicador Net Trade Cycle.
Os resultados demostram evidência de uma relação negativa entre a rentabilidade e o Net Trade Cycle. Os resultados também demostram uma relação negativa entre a rentabilidade e os componentes do Net Trade Cycle: o prazo médio de recebimento dos clientes, o prazo médio de inventários em armazém e o prazo médio de pagamento a fornecedores. Em suma, os gestores podem aumentar a rentabilidade reduzindo o prazo médio dos componentes do Net Trade Cycle.
Em consonância com estudos anteriores, foi testada a hipótese de uma relação não linear entre a rentabilidade e o Net Trade Cycle; os resultados suportam parcialmente essa hipótese. As evidências apontam para uma relação côncava entre a rentabilidade económica e o Net Trade Cycle, não tendo sido encontrada evidência no caso de a rentabilidade ser medida pelo ROE.
The aim of this study is to analize the impact of working capital management on the economic and financial profitability of Portuguese food industry companies. For this purpose, was collected accounting data of SME’s of Portuguese food sector. The data was collected from the SABI database for the 2010-2016 period. The hypotheses formulated in this study were analyzed under panel data methodologies. The empirical reults are robust to potential endogeneity problems. The economic profitability was measured by ROA and the financial profitability was measured by ROE. The working capital management was measured by the indicator Net Trade Cycle. The results provide evidence of a negative relationship between profitability and the Net Trade Cycle. The results also show a negative relationship between profitability and the components of the Net Trade Cycle: the average number of days of accounts receivable, the average number of days of inventories, and the average number of days of accounts payable. In sum, managers can increase profitability by reducing the average number of days of the components of Net Trade Cycle. In line with previous studies, was also tested the hypothesis of a nonlinear relationship between profitability and the Net Trade Cycle; the results support partially this hypothesis. The evidence points to a concave relationship between economic profitability and the Net Trade Cycle, but no evidence was found in the case of profitability being measured by ROE.
The aim of this study is to analize the impact of working capital management on the economic and financial profitability of Portuguese food industry companies. For this purpose, was collected accounting data of SME’s of Portuguese food sector. The data was collected from the SABI database for the 2010-2016 period. The hypotheses formulated in this study were analyzed under panel data methodologies. The empirical reults are robust to potential endogeneity problems. The economic profitability was measured by ROA and the financial profitability was measured by ROE. The working capital management was measured by the indicator Net Trade Cycle. The results provide evidence of a negative relationship between profitability and the Net Trade Cycle. The results also show a negative relationship between profitability and the components of the Net Trade Cycle: the average number of days of accounts receivable, the average number of days of inventories, and the average number of days of accounts payable. In sum, managers can increase profitability by reducing the average number of days of the components of Net Trade Cycle. In line with previous studies, was also tested the hypothesis of a nonlinear relationship between profitability and the Net Trade Cycle; the results support partially this hypothesis. The evidence points to a concave relationship between economic profitability and the Net Trade Cycle, but no evidence was found in the case of profitability being measured by ROE.
Description
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Keywords
Gestão de fundo de maneio Net Trade Cycle PME Rentabilidade Working capital management Net trade cycle SMEs Profitability