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Publication
Estrutura de capital e o impacto da crise da Covid-19: evidĂȘncias das PME portuguesas
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Abstract(s)
A estrutura de capital das empresas tem sido amplamente estudada na literatura financeira, especialmente em contextos de crise econĂłmica, nos quais as decisĂ”es de financiamento assumem particular relevĂąncia. Este estudo analisa o impacto da pandemia de COVID-19 na estrutura de capital das pequenas e mĂ©dias empresas (PME) portuguesas e avalia a eficĂĄcia das medidas pĂșblicas de apoio na mitigação dos seus efeitos financeiros. A investigação baseia-se numa amostra de 4.287 PME portuguesas, no perĂodo de 2011 a 2023, e aplica modelos de dados em painel para estimar os nĂveis Ăłtimos de endividamento e o respetivo excesso de dĂvida. Os resultados evidenciam que a pandemia provocou um aumento significativo do endividamento excessivo em 2020. Verificou-se, contudo, que a alocação das garantias pĂșblicas foi apenas parcialmente eficaz, uma vez que parte dos apoios beneficiou empresas com dificuldades estruturais. No perĂodo pĂłs-pandemia (2021-2023), observou-se uma melhoria gradual da posição financeira das PME, ainda que o equilĂbrio financeiro nĂŁo tenha sido totalmente restabelecido. Conclui-se que as polĂticas pĂșblicas foram determinantes para mitigar restriçÔes de liquidez, mas insuficientes para assegurar uma recuperação plena e sustentĂĄvel.
The capital structure of companies has been widely studied in financial literature, especially in contexts of economic crisis, in which financing decisions assume particular relevance. This study analyses the impact of the COVID-19 pandemic on the capital structure of Portuguese small and medium-sized enterprises (SMEs) and assesses the effectiveness of public support measures in mitigating their financial effects. The research is based on a sample of 4,287 Portuguese SMEs, for the period between 2011 and 2023, and uses panel data models to estimate the optimal levels of debt and the corresponding excess debt. The results show that the pandemic caused a significant increase in excessive indebtedness in 2020. However, the allocation of public guarantees was only partially effective, since part of the support benefited companies with structural difficulties. In the post-pandemic period (2021-2023), a gradual improvement in the financial position of SMEs was observed, although the financial balance has not yet been fully restored. It is concluded that public policies were essential to mitigate liquidity constraints but insufficient to ensure a full and sustainable recovery.
The capital structure of companies has been widely studied in financial literature, especially in contexts of economic crisis, in which financing decisions assume particular relevance. This study analyses the impact of the COVID-19 pandemic on the capital structure of Portuguese small and medium-sized enterprises (SMEs) and assesses the effectiveness of public support measures in mitigating their financial effects. The research is based on a sample of 4,287 Portuguese SMEs, for the period between 2011 and 2023, and uses panel data models to estimate the optimal levels of debt and the corresponding excess debt. The results show that the pandemic caused a significant increase in excessive indebtedness in 2020. However, the allocation of public guarantees was only partially effective, since part of the support benefited companies with structural difficulties. In the post-pandemic period (2021-2023), a gradual improvement in the financial position of SMEs was observed, although the financial balance has not yet been fully restored. It is concluded that public policies were essential to mitigate liquidity constraints but insufficient to ensure a full and sustainable recovery.
Description
Keywords
PME Estrutura de capital Endividamento COVID-19 SMEs Capital structure Indebtedness