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Abstract(s)
A desregulamentação, a globalização dos mercados financeiros, o crescimento da inovação financeira, entre outros factores que foram verificados ao longo de mais de duas décadas culminaram, em 2008, na que seria considerada a maior crise financeira desde a grande depressão de 1929. Pode-se dizer que os seus efeitos foram sentidos primeiramente nas instituições financeiras, que se viram deparadas com grandes dificuldades de financiamento, em resultado da contração severa de liquidez e crédito a nível internacional mas, tendo em conta a grande dependência das familias e empresas do financiamento bancário, rapidamente se alastrou à economia real.
Com base no tratamento de dados contabilisticos de 4645 empresas, obtidos a partir da base de dados SABI (Sistema Análise de Balanços Ibérica) da entidade Bureau van Dijk, para o período de 2006-2014, a presente dissertação visa estudar o impacto da crise financeira do Subprime nas empresas portuguesas
internacionalizadas, importadoras e exportadoras, nomeadamente, ao nível do desempenho operacional, do investimento e do financiamento.
Os resultados revelaram que a crise económica-financeira teve um significativo impacto na degradação da performance operacional, na redução da taxa de investimento e, principalmente, na desalavancagem das empresas Portuguesas internacionalizadas. Sendo que, no período de crise, as empresas com níveis de endividamento mais elevado tendem a apresentar taxas de investimento mais altas e melhores rácios de Resultado Operacional sobre o Ativo, por total oposição ao período de pré-crise.
The deregulation, the globalization of financial markets, the growth of financial innovation, among other factors that have been verified for over two decades culminated in 2008 in what would be considered the biggest financial crisis since the Great Depression of 1929. We can say that its effects were felt primarily in financial institutions, who have been encountered with large financing difficulties, as a result of severe contraction of liquidity and credit internationally, but, given the high bank financing dependence of the families and businesses, quickly spread to the real economy. Based on the processing of accounting data of 4645 companies, obtained from the SABI database of Bureau van Dijk entity for the period of 2006-2014, this dissertation aims to study the impact of the financial crisis of subprime in internationalized Portuguese companies, importing and exporting, in particular at operational performance, investment and financing level. The results revealed that the economic and financial crisis had a significant impact on the deterioration of operating performance, in reducing of the investment rate and, especially, in the deleveraging of internationalized Portuguese companies. Furthermore, in crisis time, companies with higher debt levels tend to have higher rates of investment and better operating income ratios on assets, for total opposition at pre-crisis time.
The deregulation, the globalization of financial markets, the growth of financial innovation, among other factors that have been verified for over two decades culminated in 2008 in what would be considered the biggest financial crisis since the Great Depression of 1929. We can say that its effects were felt primarily in financial institutions, who have been encountered with large financing difficulties, as a result of severe contraction of liquidity and credit internationally, but, given the high bank financing dependence of the families and businesses, quickly spread to the real economy. Based on the processing of accounting data of 4645 companies, obtained from the SABI database of Bureau van Dijk entity for the period of 2006-2014, this dissertation aims to study the impact of the financial crisis of subprime in internationalized Portuguese companies, importing and exporting, in particular at operational performance, investment and financing level. The results revealed that the economic and financial crisis had a significant impact on the deterioration of operating performance, in reducing of the investment rate and, especially, in the deleveraging of internationalized Portuguese companies. Furthermore, in crisis time, companies with higher debt levels tend to have higher rates of investment and better operating income ratios on assets, for total opposition at pre-crisis time.
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Keywords
Crise financeira Desempenho operacional Endividamento Investimento Financial crisis Operational performance Indebtedness Investment