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Abstract(s)
O objetivo principal deste trabalho é analisar o impacto das restrições financeiras no investimento das empresas portuguesas (PME) do setor da metalomecânica. De acordo com a literatura anterior, formulamos diferentes hipóteses com o propósito de testarmos a sensibilidade do investimento e das reservas de caixa ao cash flow, ou seja, ao financiamento interno. A informação necessária foi recolhida da base de dados SABI, para o período 2006 a 2016. Dada a estrutura longitudinal dos nossos dados, as hipóteses foram testadas com recurso a metodologias de dados em painel. Dividimos a amostra em vários subgrupos: i) empresas restritas e não restritas financeiramente; ii) exportadoras e domésticas; iii) exportadoras somente para o Mercado Intracomunitário e exportadoras para o Mercado Intracomunitário e Extracomunitário. Os nossos resultados sugerem que as empresas que enfrentam maiores restrições financeiras revelam maior sensibilidade do investimento ao financiamento interno e mantêm maiores reservas de caixa relativamente ao cash flow. Estes resultados são consistentes com estudos anteriores. Por outo lado, e ao contrário da evidência anteriormente demonstrada na literatura, os nossos resultados sugerem que as empresas exportadoras apresentam maior sensibilidade do seu investimento e reservas de caixa ao cash flow do que as empresas domésticas. Também as empresas que exportam para o Mercado Intra e Extracomunitário aparentam ter maior sensibilidade do seu investimento e reservas de caixa ao cash flow. Finalmente, não encontramos evidências de que a sensibilidade do investimento ao cash flow aumentasse durante a mais recente crise financeira, mas documentamos uma menor dependência do investimento ao cash flow após a crise; no entanto, evidenciamos um aumento das reservas de caixa para esse período.
The main objective of this work is to analyze the impact of financial constraints on the investment of Portuguese companies (SME’s) of the metalworking sector. According to the previous literature, we formulate different hypotheses with the purpose of testing the sensitivity of the investment and the cash holdings to the cash flow, i.e., to the internal financing. The necessary data was collected from the SABI database, for the 2006 to 2016 period. Given the longitudinal structure of our data, the hypotheses were tested using panel data methodologies. We divided the sample into several subgroups: i) financially constrained and non-financially constrained companies; (ii) exporters and domestics; iii) exporters only to the intra-Community market and exporters to the intra-Community and to the extra-Community markets. Our results suggest that firms facing greater financial constraints reveal greater investment sensitivity to the internal financing and maintain greater cash holdings relative to the cash flow. These results are consistent with previous studies. On the other hand, and contrary to the evidence previously demonstrated in the literature, our results suggest that exporting companies show greater sensitivity of their investment and cash holdings to the cash flow than domestic firms. Also companies that export to the intra- and extra-Community markets appear to have greater sensitivity of their investment and cash holdings to cash flow. Finally, we found no evidence that the sensitivity of investment to cash flow increased during the most recent financial crisis, but we documented a less dependence of investment on cash flow after the crisis; however, we have demonstrated an increase in cash holdings for this period.
The main objective of this work is to analyze the impact of financial constraints on the investment of Portuguese companies (SME’s) of the metalworking sector. According to the previous literature, we formulate different hypotheses with the purpose of testing the sensitivity of the investment and the cash holdings to the cash flow, i.e., to the internal financing. The necessary data was collected from the SABI database, for the 2006 to 2016 period. Given the longitudinal structure of our data, the hypotheses were tested using panel data methodologies. We divided the sample into several subgroups: i) financially constrained and non-financially constrained companies; (ii) exporters and domestics; iii) exporters only to the intra-Community market and exporters to the intra-Community and to the extra-Community markets. Our results suggest that firms facing greater financial constraints reveal greater investment sensitivity to the internal financing and maintain greater cash holdings relative to the cash flow. These results are consistent with previous studies. On the other hand, and contrary to the evidence previously demonstrated in the literature, our results suggest that exporting companies show greater sensitivity of their investment and cash holdings to the cash flow than domestic firms. Also companies that export to the intra- and extra-Community markets appear to have greater sensitivity of their investment and cash holdings to cash flow. Finally, we found no evidence that the sensitivity of investment to cash flow increased during the most recent financial crisis, but we documented a less dependence of investment on cash flow after the crisis; however, we have demonstrated an increase in cash holdings for this period.
Description
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Keywords
Restrições financeiras Investimento Reservas de caixa Cash flow Financial constraints Cash holdings Investment