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Impacto da gestão de fundo de maneio na rendibilidade das empresas portuguesas: sector da cortiça
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Abstract(s)
O estudo analisa o impacto da gestão de Fundo de maneio na rendibilidade de algumas empresas Portuguesas no sector da cortiça, sendo a amostra final constituída por 354 empresas no período de 2007 a 2013.
O contributo para a literatura existente relaciona-se com a falta de estudos sobre o tema da relação entre a gestão de Fundo de Maneio e a rendibilidade das empresas do sector da cortiça.
A relação entre a eficiência da gestão de Fundo de Maneio e a rendibilidade das empresas foi analisada usando dados em painel e a metodologia utilizada consistiu na análise de regressão utilizando o Modelo de Efeitos fixos.
De entre os resultados obtidos, constatamos que os gestores podem aumentar a rendibilidade das empresas, reduzindo o prazo médio de existências e alargando o prazo médio de pagamentos. Não foi possível provar a existência de relação entre a duração do net trade cycle ou do prazo médio de recebimentos e a rendibilidade das empresas.
Por outro lado, o grau de alavancagem operacional apresenta um efeito positivo sobre a rendibilidade da empresa.
The study analyzes the impact of Working capital management on the profitability of some companies in the Portuguese cork sector, with the final sample of 354 companies from 2007 to 2013. The contribution to existing relates to literature with the lack of working capital management studies and profitability of the cork sector, and the relative tendency to working capital management policy that is the aggressive policy of Fund management associated with these companies. The relationship between the efficiency of working capital management and corporate profitability was analyzed using panel data and the methodology used is in regression analysis using the fixed effects model. The results that were obtained show that managers can increase corporate profitability, reducing the average term of stocks and extending the average maturity payments. It was not possible to prove the connection between the net trade cycle or the average maturity collection and profitability. Moreover, the degree of operational leverage has a positive effect on the profitability of the company.
The study analyzes the impact of Working capital management on the profitability of some companies in the Portuguese cork sector, with the final sample of 354 companies from 2007 to 2013. The contribution to existing relates to literature with the lack of working capital management studies and profitability of the cork sector, and the relative tendency to working capital management policy that is the aggressive policy of Fund management associated with these companies. The relationship between the efficiency of working capital management and corporate profitability was analyzed using panel data and the methodology used is in regression analysis using the fixed effects model. The results that were obtained show that managers can increase corporate profitability, reducing the average term of stocks and extending the average maturity payments. It was not possible to prove the connection between the net trade cycle or the average maturity collection and profitability. Moreover, the degree of operational leverage has a positive effect on the profitability of the company.
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Keywords
Gestão de fundo de maneio Rendibilidade do capital próprio Net trade cycle Modelo de efeitos fixos Working capital management Return on equity Fixed effects model