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Authors
Abstract(s)
As empresas, cada vez mais, têm estímulos para manter o nível de tesouraria com
o intuito de cumprir com as suas obrigações financeiras, oriundas das suas operações e
do aproveitamento das oportunidades de crescimento. Neste sentido, os determinantes do
nível de tesouraria das empresas têm vindo a ser estudados ao longo das últimas décadas
por um vasto corpus de literatura científica, constituindo-se como objetivo principal deste
trabalho o de encontrar evidência empírica sobre o comportamento do nível de tesouraria
da indústria do mobiliário em Portugal e sobre os fatores que o determinam.
Para a concretização deste estudo, foram recolhidos dados de 551 empresas do
setor português do mobiliário, através da base de dados SABI, no período compreendido
entre 2010 e 2019. Com o intuito de investigar os determinantes do nível de tesouraria,
recorreu-se a regressões de dados em painel, avaliando os resultados do modelo de efeitos
fixos, do método dos momentos generalizados, considerando, também, o impacto da crise
financeira que assolou o país nos primeiros anos da década de 2010.
Os resultados das regressões sugerem que a dimensão das empresas tem uma
relação negativa e estatisticamente significativa com nível de tesouraria. Por outro lado,
mostram uma relação significativa e positiva com o cash flow, as oportunidades de
crescimento e a rentabilidade. De seguida, analisou-se a influência da “Grande Recessão”
nas relações atrás referidas usando-a como variável de controlo com o objetivo de
verificar a robustez dos determinantes do nível de tesouraria na análise inicial. Os
resultados revelam que em períodos de crise as empresas apresentam níveis superiores de
tesouraria, sendo que as mais endividadas apresentam níveis inferiores de tesouraria.
É na Europa que se encontra uma maior concentração de empresas do setor do
mobiliário. As empresas portuguesas deste setor encontram-se em expansão tanto no
mercado interno como no externo, reformulando as suas estratégias comerciais e
produtivas, implementando crescimento contínuo nas empresas, permitindo responder à
globalização e aos períodos de crise. Em virtude destes acontecimentos e da evolução
positiva do setor, o foco na tesouraria das empresas da indústria do mobiliário em Portugal
é uma mais-valia deste trabalho.
Enterprises increasingly have incentives to maintain the level cash holdings to meet their financial obligations arising from their operations and taking advantage of growth opportunities. In this sense, the determinants of the level of cash holdings of companies have been studied over the last decades by a vast corpus of scientific literature, constituting as the main objective of this work to find empirical evidence on the behavior of the cash holdings level of the furniture industry in Portugal and on the factors that determine it. To carry out this study, data were collected from 551 companies in the Portuguese furniture sector, through the SABI database, in the period between 2010 and 2019. To investigate the determinants of the level of cash holdings, regressions were used panel data, evaluating the results of the fixed effects model, of the generalized moments method, also considering the impact of the financial crisis that devastated the country in the early years of the 2010’s The results of the regressions indicate that the size of the companies has a negative and significant relationship with the level of cash holdings. On the other hand, they show a significant and positive relationship with cash flow, as opportunities for growth and profitability. Initial analysis, the objective is to influence the aforementioned references using as a control variable with the level of determination in the robustness of the cash holdings criteria. Results revealed in periods of crisis as higher levels of cash flow with the most indebted having lower cash holdings levels. It is in Europe that there is a greater concentration of companies in the furniture sector. Portuguese companies in this sector are expanding both in the domestic and foreign markets, reformulating their commercial and production strategies, implementing continuous growth in companies, allowing them to respond to globalization and periods of crisis. Due to these events and the positive evolution of the sector, the focus on the cash holdings of companies in the furniture industry in Portugal is an added value of this work.
Enterprises increasingly have incentives to maintain the level cash holdings to meet their financial obligations arising from their operations and taking advantage of growth opportunities. In this sense, the determinants of the level of cash holdings of companies have been studied over the last decades by a vast corpus of scientific literature, constituting as the main objective of this work to find empirical evidence on the behavior of the cash holdings level of the furniture industry in Portugal and on the factors that determine it. To carry out this study, data were collected from 551 companies in the Portuguese furniture sector, through the SABI database, in the period between 2010 and 2019. To investigate the determinants of the level of cash holdings, regressions were used panel data, evaluating the results of the fixed effects model, of the generalized moments method, also considering the impact of the financial crisis that devastated the country in the early years of the 2010’s The results of the regressions indicate that the size of the companies has a negative and significant relationship with the level of cash holdings. On the other hand, they show a significant and positive relationship with cash flow, as opportunities for growth and profitability. Initial analysis, the objective is to influence the aforementioned references using as a control variable with the level of determination in the robustness of the cash holdings criteria. Results revealed in periods of crisis as higher levels of cash flow with the most indebted having lower cash holdings levels. It is in Europe that there is a greater concentration of companies in the furniture sector. Portuguese companies in this sector are expanding both in the domestic and foreign markets, reformulating their commercial and production strategies, implementing continuous growth in companies, allowing them to respond to globalization and periods of crisis. Due to these events and the positive evolution of the sector, the focus on the cash holdings of companies in the furniture industry in Portugal is an added value of this work.
Description
Keywords
Nível da tesouraria Indústria do mobiliário GMM Modelo efeitos fixos Dados em painel Cash holdings Furniture industry Panel data Fixed effects model