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Authors
Abstract(s)
O objetivo deste trabalho é estudar empiricamente a relação entre o grau de
internacionalização das empresas e o seu desempenho económico e financeiro.
O estudo é aplicado a uma amostra de 1406 empresas industriais portuguesas pertencentes
ao setor de fabricação de mobiliário e colchoaria (CAE 31) no período de 2014 a 2019,
tendo sido estimado um modelo econométrico com dados em painel. Tomou-se como
variável dependente indicadores de desempenho económico-financeiro como o ROA, o
REBITDA e o REBIT, e como variável independente o grau de internacionalização,
medido pelo peso das exportações de bens e serviços no total das vendas. Foram ainda
consideradas váriáveis de controlo e calculados separadamente os resultados para as
pequenas, médias e grandes empresas (PMGE) e para as microempresas. Para as
estimações foi aplicado um modelo de efeitos fixos.
Os resultados sugerem que a internacionalização influencia a rendibilidade da empresa
de forma linear positiva, revelando que um maior nível de expansão internacional
potencia o desempenho da empresa. O uso de variáveis de controlo permitiu ainda
concluir pelo impacto positivo da dimensão da empresa e pelo impacto negativo das
variáveis idade e endividamento no desempenho das empresas do setor. Os resultados
obtidos para as microempresas estão em linha com os das PMGE.
The aim of this paper is to empirically study the relationship between the degree of internationalization of firms and their financial performance. The study is applied to a sample of 1406 Portuguese industrial companies belonging to the furniture and mattress industry (CAE 31) in the period from 2014 to 2019, thus being estimated an econometric model with panel data. As dependent variable, economic and financial performance indicators such as ROA, REBITDA and REBIT were taken into account, and as independent variable, the degree of internationalization, measured by the weight of exports of goods and services in total sales, was considered. Control variables were also measured and results were calculated separately for small, medium and big companies (SMBs) and micro firms. A fixed effects model was applied for the estimations. The results suggest that internationalization influences firm profitability in a positive linear way, revealing that a higher level of international expansion boosts firm performance. The use of control variables also allowed to determine a positive impact of firm size and a negative impact of the variables age and indebtedness on the performance of firms in the industry. The results obtained for micro-firms are in line with those obtained for SMBs.
The aim of this paper is to empirically study the relationship between the degree of internationalization of firms and their financial performance. The study is applied to a sample of 1406 Portuguese industrial companies belonging to the furniture and mattress industry (CAE 31) in the period from 2014 to 2019, thus being estimated an econometric model with panel data. As dependent variable, economic and financial performance indicators such as ROA, REBITDA and REBIT were taken into account, and as independent variable, the degree of internationalization, measured by the weight of exports of goods and services in total sales, was considered. Control variables were also measured and results were calculated separately for small, medium and big companies (SMBs) and micro firms. A fixed effects model was applied for the estimations. The results suggest that internationalization influences firm profitability in a positive linear way, revealing that a higher level of international expansion boosts firm performance. The use of control variables also allowed to determine a positive impact of firm size and a negative impact of the variables age and indebtedness on the performance of firms in the industry. The results obtained for micro-firms are in line with those obtained for SMBs.
Description
Keywords
Dados em painel Desempenho económico e financeiro Exportações Internacionalização Setor mobiliário Panel data Economic and financial performance Exports Internationalization Furniture industry