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Determinantes da performance empresarial: a influência dos ativos tangíveis e intangíveis nas empresas ibéricas
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A presente dissertação analisa a influência do investimento em ativos tangíveis e
intangíveis na performance empresarial das empresas ibéricas. O estudo utiliza uma
amostra de empresas portuguesas e espanholas extraída da base de dados SABI,
considerando o período de 2014 a 2024, sendo a informação de 2014 utilizada apenas
como ano base para cálculo das variáveis. A performance empresarial é medida através
do Return on Assets (ROA) e do Return on Equity (ROE), enquanto o investimento em
ativos tangíveis e intangíveis é operacionalizado através da variação anual destas rubricas,
normalizada pelo ativo total. A metodologia assenta em modelos de regressão com dados
em painel, incorporando efeitos fixos de empresa e de ano.
Os resultados evidenciam uma relação positiva e estatisticamente significativa
entre o investimento em ativos tangíveis e a performance empresarial, tanto no modelo
geral como nas análises por país, setor, antiguidade da empresa e internacionalização. O
investimento em ativos intangíveis apresenta coeficientes geralmente positivos, mas uma
significância estatística menos robusta, sendo mais evidente no modelo do ROE para
Espanha e no setor industrial.
As análises complementares mostram ainda que a relação entre investimento e
performance não se mantém de forma robusta quando são aplicados desfasamentos
temporais de um ano. Este resultado sugere que os efeitos positivos identificados nos
modelos principais não se traduzem de forma consistente na performance do ano seguinte,
podendo depender de processos de implementação e maturação que não são captados por
um desfasamento temporal simples.
As variáveis de controlo indicam que o endividamento se associa negativamente
à performance, enquanto o crescimento das vendas apresenta uma relação positiva com o
ROA e o ROE. O estudo contribui para a literatura ao fornecer evidência empírica sobre
a estrutura de ativos e a performance empresarial no contexto ibérico.
This dissertation analyses the influence of investment in tangible and intangible assets on the corporate performance of Iberian firms. The study uses a sample of Portuguese and Spanish companies extracted from the SABI database, covering the period from 2014 to 2024, with the 2014 information being used only as a base year for the calculation of the variables. Corporate performance is measured through Return on Assets (ROA) and Return on Equity (ROE), while investment in tangible and intangible assets is operationalised through the annual variation of these items, normalised by total assets. The methodology is based on panel data regression models, incorporating firm and year fixed effects. The results show a positive and statistically significant relationship between investment in tangible assets and corporate performance, both in the general model and in the analyses by country, sector, firm age and internationalisation. Investment in intangible assets generally presents positive coefficients, but with less robust statistical significance, being more evident in the ROE model for Spain and in the industrial sector. The complementary analyses also show that the relationship between investment and performance does not remain robust when one-year temporal lags are applied. This result suggests that the positive effects identified in the main models do not translate consistently into performance in the following year, and may depend on implementation and maturation processes that are not captured by a simple temporal lag. The control variables indicate that leverage is negatively associated with performance, while sales growth has a positive relationship with both ROA and ROE. The study contributes to the literature by providing empirical evidence on asset structure and corporate performance in the Iberian context.
This dissertation analyses the influence of investment in tangible and intangible assets on the corporate performance of Iberian firms. The study uses a sample of Portuguese and Spanish companies extracted from the SABI database, covering the period from 2014 to 2024, with the 2014 information being used only as a base year for the calculation of the variables. Corporate performance is measured through Return on Assets (ROA) and Return on Equity (ROE), while investment in tangible and intangible assets is operationalised through the annual variation of these items, normalised by total assets. The methodology is based on panel data regression models, incorporating firm and year fixed effects. The results show a positive and statistically significant relationship between investment in tangible assets and corporate performance, both in the general model and in the analyses by country, sector, firm age and internationalisation. Investment in intangible assets generally presents positive coefficients, but with less robust statistical significance, being more evident in the ROE model for Spain and in the industrial sector. The complementary analyses also show that the relationship between investment and performance does not remain robust when one-year temporal lags are applied. This result suggests that the positive effects identified in the main models do not translate consistently into performance in the following year, and may depend on implementation and maturation processes that are not captured by a simple temporal lag. The control variables indicate that leverage is negatively associated with performance, while sales growth has a positive relationship with both ROA and ROE. The study contributes to the literature by providing empirical evidence on asset structure and corporate performance in the Iberian context.
Descrição
Palavras-chave
Ativos tangíveis Ativos intangíveis Performance empresarial Empresas ibéricas Tangible assets Intangible assets Corporate performance Iberian firms