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Abstract(s)
O principal objetivo desta investigação é analisar a relação entre o endividamento e as decisões de exportação de empresas do setor industrial português, considerando a influência das restrições financeiras e o impacto das crises económicas. A pesquisa abrange dados de empresas entre 2012 e 2022, e utiliza informações disponíveis na SABI. Para alcançar esse objetivo, foi realizada uma análise econométrica baseada num modelo probit, de forma a avaliar como o nível de endividamento, o rácio de liquidez, o rácio de cobertura de juros e outras variáveis financeiras influenciam a probabilidade de uma empresa se envolver em atividades de exportação.
Os resultados indicam que as empresas exportadoras apresentam níveis de endividamento superiores às não exportadoras. Este resultado evidência uma dependência maior de financiamento externo para cobrir custos associados à exportação. A liquidez das empresas influencia essa relação, sendo mais evidente nas empresas com alta liquidez, onde o endividamento é usado como uma ferramenta para expandir as operações internacionais. Nas empresas com baixa liquidez, a relação entre endividamento e decisões de exportação não é significativa. Isto sugere que as restrições financeiras dificultam a utilização do crédito para exportação.
Durante períodos de crise, como a crise soberana e a crise pandémica, observou-se um aumento do endividamento em ambos os grupos de empresas, embora a diferença entre exportadoras e não exportadoras não tenha sido estatisticamente significativa. No entanto, a análise não permitiu concluir com clareza se o endividamento desempenha um papel determinante nas decisões de exportação, mesmo entre as empresas financeiramente saudáveis, visto que os resultados não demonstraram uma associação significativa entre endividamento e exportação em períodos de crise. Assim, embora o endividamento possa ser uma ferramenta de financiamento, os dados não confirmam o seu impacto direto sobre as exportações em tempos de adversidade económica.
The main objective of this research is to analyze the relationship between debt and the export decisions of companies in the Portuguese industrial sector, considering the influence of financial constraints and the impact of economic crises. The study covers data from companies between 2012 and 2022, utilizing information available from SABI. To achieve this objective, an econometric analysis based on a probit model was implemented, allowing the evaluation of how the level of debt, liquidity ratios, and interest coverage ratios along with other financial variables, influence the probability of a company engaging in export activities. The results indicate that exporting companies exhibit higher levels of debt compared to non-exporters. This finding highlights a greater reliance on external financing to cover costs associated with exporting. The liquidity of companies influences this relationship, being more pronounced in companies with high liquidity, where debt is used as a tool to expand international operations. In companies with low liquidity, the relationship between debt and export decisions is not significant, suggesting that financial constraints restrict the use of credit for export purposes. During crisis periods, such as the sovereign debt crisis and the COVID-19 pandemic, an increase in debt was observed for both groups of companies, although the difference between exporters and non-exporters was not statistically significant. However, the analysis did not provide clear evidence that debt plays a decisive role in export decisions, even among financially healthy firms, as the results did not show a significant association between debt and export activity during crises. Thus, while debt may serve as a financing tool, the data do not confirm its direct impact on exports during periods of economic adversity.
The main objective of this research is to analyze the relationship between debt and the export decisions of companies in the Portuguese industrial sector, considering the influence of financial constraints and the impact of economic crises. The study covers data from companies between 2012 and 2022, utilizing information available from SABI. To achieve this objective, an econometric analysis based on a probit model was implemented, allowing the evaluation of how the level of debt, liquidity ratios, and interest coverage ratios along with other financial variables, influence the probability of a company engaging in export activities. The results indicate that exporting companies exhibit higher levels of debt compared to non-exporters. This finding highlights a greater reliance on external financing to cover costs associated with exporting. The liquidity of companies influences this relationship, being more pronounced in companies with high liquidity, where debt is used as a tool to expand international operations. In companies with low liquidity, the relationship between debt and export decisions is not significant, suggesting that financial constraints restrict the use of credit for export purposes. During crisis periods, such as the sovereign debt crisis and the COVID-19 pandemic, an increase in debt was observed for both groups of companies, although the difference between exporters and non-exporters was not statistically significant. However, the analysis did not provide clear evidence that debt plays a decisive role in export decisions, even among financially healthy firms, as the results did not show a significant association between debt and export activity during crises. Thus, while debt may serve as a financing tool, the data do not confirm its direct impact on exports during periods of economic adversity.
Description
Keywords
Endividamento Exportação Liquidez Restrições financeiras Debt Exportation Financial constraints Liquidity