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Abstract(s)
Entre os vários tipos de fluxos de capitais, o Investimento Direto Estrangeiro (IDE) é tido como um “impulsionador chave da integração económica internacional” (OCDE, 2008), sendo “percebido como um “bom” tipo de fluxo uma vez que promove o crescimento nos países de acolhimento” (Dell’Erba e Reinhardt, 2015). Considera-se que o IDE tem efeitos de grande relevância nas economias recetoras, dos quais se destacam a promoção do crescimento, a abertura comercial ao exterior, o desenvolvimento financeiro (Iamsiraroj e Ulubaşoğlu, 2015).
O caso português não constitui uma exceção. Em Portugal este tipo de estudo, sobre o impacto do IDE sobre a rentabilidade, ainda se encontra pouco explorado quando comparado com outras economias de maior dimensão.
Esta dissertação tem como objetivo, avaliar o impacto da existência de participação social estrangeira na performance das empresas; em concreto, pretendemos verificar se a presença de capital estrangeiro nas empresas portuguesas tem um impacto positivo ou negativo na rentabilidade das mesmas. Desejamos avaliar o desempenho das empresas, tendo em conta o IDE recebido e verificar as vantagens/desvantagens ao nível da rentabilidade.
De acordo com as especificidades e limitações da amostra, bem como com os resultados obtidos para os vários testes estatísticos, utilizou-se o modelo GMM (Método Generalizado dos Momentos) e o modelo OLS para avaliar as hipóteses desta pesquisa. Nos resultados obtidos com esta dissertação, constatamos que a presença de Capital Estrangeiro produziu efeitos desfavoráveis na variável ROE e efeitos favoráveis na variável ROS.
Among the various types of capital flows, Foreign Direct Investment (FDI) is seen as a "key driver of international economic integration" (OECD, 2008) and is "perceived as a "good" type of flow as it promotes growth in host countries" (Dell'Erba and Reinhardt, 2015). FDI is considered to have a major impact on host economies, of which the promotion of growth, trade openness abroad, financial development (Iamsiraroj and Ulubaşoğlu, 2015) are of particular importance. The Portuguese case is no exception. In Portugal, this type of study on the impact of FDI on profitability is still under-exploited when compared to other larger economies. This dissertation aims at assessing the impact of the existence of foreign equity participation on company performance; in particular, we intend to verify whether the presence of foreign capital in Portuguese companies has a positive or negative impact on their profitability . According to the specificities and limitations of the sample, as well as to the results obtained for the various statistical tests, the GMM (Generalized Method of Moments) model, and OLS model, were used in order to evaluate the hypotheses of this research. In the results obtained with this dissertation, we found that the presence of Foreign Capital produced unfavourable effects on the ROE variable and favourable effects on the ROS variable.
Among the various types of capital flows, Foreign Direct Investment (FDI) is seen as a "key driver of international economic integration" (OECD, 2008) and is "perceived as a "good" type of flow as it promotes growth in host countries" (Dell'Erba and Reinhardt, 2015). FDI is considered to have a major impact on host economies, of which the promotion of growth, trade openness abroad, financial development (Iamsiraroj and Ulubaşoğlu, 2015) are of particular importance. The Portuguese case is no exception. In Portugal, this type of study on the impact of FDI on profitability is still under-exploited when compared to other larger economies. This dissertation aims at assessing the impact of the existence of foreign equity participation on company performance; in particular, we intend to verify whether the presence of foreign capital in Portuguese companies has a positive or negative impact on their profitability . According to the specificities and limitations of the sample, as well as to the results obtained for the various statistical tests, the GMM (Generalized Method of Moments) model, and OLS model, were used in order to evaluate the hypotheses of this research. In the results obtained with this dissertation, we found that the presence of Foreign Capital produced unfavourable effects on the ROE variable and favourable effects on the ROS variable.
Description
Versão final (esta versão contém as críticas e sugestões dos elementos do júri).
Keywords
IDE Performance financeira Internacionalização Multinacionais Capital estrangeiro Internationalization Multinationals FDI Financial performance Foreign capital