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O impacto do fundo de maneio na rendibilidade da empresa: caso das empresas portuguesas do setor do comércio
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Abstract(s)
Uma gestão eficiente de fundo de maneio desempenha um papel importante na estratégia empresarial, como forma de aumentar o valor da empresa, determinando a composição e nível de investimento no ativo corrente, as fontes de financiamento e o nível de financiamento de curto e longo prazo.
O contributo para a literatura existente relaciona-se com a falta de estudos sobre o tema da relação entre a gestão de Fundo de Maneio e a rendibilidade das empresas do setor do comércio.
O objetivo deste estudo é analisar o impacto da gestão do fundo de maneio na rendibilidade das empresas. Com base nos dados de 2 634 empresas no setor de comércio, para o período de 2005 a 2014. A metodologia utilizada consistiu no uso de modelo econométrico através da estimação de regressões, utilizando dados em painel em modelo de efeitos fixos.
Os resultados obtidos, mostram que existe uma relação estatisticamente significativa entre as variáveis da gestão do fundo de maneio e as variáveis de rendibilidade das empresas. A relação existente entre as variáveis da rendibilidade e as variáveis net trade cycle e os seus componentes: prazo médio de recebimento, prazo médio de existência, prazo médio de pagamento, evidenciando que uma gestão
agressiva de fundo de maneio tende a aumentar a rendibilidade das empresas. Ainda assim, o crescimento das vendas influencia os resultados de forma positiva sobre a rendibilidade operacional da empresa.
An efficient working capital management plays an important role in corporate strategy as a way to increase company´s value, determining the composition and level of investment in current assets, the sources of financing and the short and long-term financing level. The contribution to the existing literature relates to the lack of studies on the subject of the relationship between the management of working capital and the profitability of companies in the trade setor. The aim of this study is to analyze the impact of working capital management on corporate profitability. Based on the data of 2634 companies in the trade sector for the period 2005 to 2014 and using a methodology that consisted of an econometric model by estimating regressions in panel data with fixed effects model. The results show that there is a statistically significant relationship between the variables of working capital management and profitability variables. The relationship between the variables of profitability and net trade cycle variables and their components: average collection period, average period of existence, average payment period, show that aggressive management of working capital tends to increase the profitability of companies. Still, sales growth influences the results of positive over the operating profitability of the company.
An efficient working capital management plays an important role in corporate strategy as a way to increase company´s value, determining the composition and level of investment in current assets, the sources of financing and the short and long-term financing level. The contribution to the existing literature relates to the lack of studies on the subject of the relationship between the management of working capital and the profitability of companies in the trade setor. The aim of this study is to analyze the impact of working capital management on corporate profitability. Based on the data of 2634 companies in the trade sector for the period 2005 to 2014 and using a methodology that consisted of an econometric model by estimating regressions in panel data with fixed effects model. The results show that there is a statistically significant relationship between the variables of working capital management and profitability variables. The relationship between the variables of profitability and net trade cycle variables and their components: average collection period, average period of existence, average payment period, show that aggressive management of working capital tends to increase the profitability of companies. Still, sales growth influences the results of positive over the operating profitability of the company.
Description
Keywords
Gestão de fundo de maneio Rendibilidade do ativo Rendibilidade do capital próprio Net trade cycle Working capital management Asset profitability Return on equity
Pedagogical Context
Citation
Publisher
Instituto Politécnico do Porto. Escola Superior de Estudos Industriais e de Gestão