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Abstract(s)
Esta dissertação procura compreender como a crise energética, em particular o aumento
dos preços da energia, está a afetar a rentabilidade das empresas portuguesas. Além disso,
investiga a capacidade de resiliência destas empresas ao aumento dos custos de energia,
levando em conta a sua dimensão, idade e setor de atividade onde operam no mercado.
Sendo a energia um bem necessário para a atividade económica de quase todas as
empresas, o aumento dos preços da energia pode afetar significativamente os custos
operacionais de uma empresa, reduzindo margens de lucro e afetando a sua
competitividade no mercado.
Com este propósito, utilizou-se um conjunto de dados ao nível da empresa extraídos da
base de dados SABI Informa e, a nível macroeconómico de Portugal extraídos do
Eurostat, para analisar a relação entre o aumento dos custos de energia incorridos pelas
empresas portuguesas e o seu desempenho financeiro, no período de 2018 a 2022. Através
de um modelo econométrico, estudou-se a hipótese dos custos de energia influenciarem
a rentabilidade dos ativos das empresas portuguesas.
Os resultados obtidos indicam que a rentabilidade das empresas portuguesas diminui com
o aumento dos custos de energia. Revelaram também que características específicas das
empresas, influenciam a capacidade de relisiência das mesmas a este aumento de custos
de energia, nomeadamente, empresas com maior liquidez geral ou com maior crescimento
no volume de negócios, apresentam um melhor desempenho financeiro. Já empresas com
um maior nível de endividamento apresentam um desempenho financeiro pior. Além
disso, este estudo mostra que o setor de atividade em que a empresa opera influencia o
nível de rentabilidade.
Considerando os resultados obtidos, estes podem ser úteis no âmbito de revisão da gestão
estratégica da empresa, especialmente no que diz respeito à gestão estratégica de custos
e à afetação dos recursos.
This dissertation seeks to understand how the energy crisis, in paticular the increase in energy prices, is affecting the rentability of portuguese companies. It also investigates the organization resilience to the increase in energy prices, considering their size, age and sector of activity in the market. As energy is essencial for the economic activity of almost all companies, an increase in energy prices can significantly affect a company’s operational costs, reducing profit margins and affecting its competitiveness. For this purpose, a dataset from SABI Informa at the company level and, Eurostat at Portugal’s macroeconomic level, was used to analyse the relationship between the increase in energy costs incurred by portuguese companies and their financial performance, from 2018 to 2022. Through an econometric model, the hypothesis that energy costs influence the returon on assets of portuguese companies was studied. The results show that the rentability of portuguese companies decreases with an increase in energy costs. They also reveal that specific characteristics of the companies influence their resilience capability to this increase in energy costs, namely companies with higher liquidity or greater growth in turnover have a better financial performance. On the other hand, companies with a higher level of debt show a worse financial performance. Furthermore, this study demonstrates that the sector of activity in which a company operates influences the level of rentability. Considering the results, they could be useful in reviewing the company’s strategic management, especially regarding cost management and resource allocation.
This dissertation seeks to understand how the energy crisis, in paticular the increase in energy prices, is affecting the rentability of portuguese companies. It also investigates the organization resilience to the increase in energy prices, considering their size, age and sector of activity in the market. As energy is essencial for the economic activity of almost all companies, an increase in energy prices can significantly affect a company’s operational costs, reducing profit margins and affecting its competitiveness. For this purpose, a dataset from SABI Informa at the company level and, Eurostat at Portugal’s macroeconomic level, was used to analyse the relationship between the increase in energy costs incurred by portuguese companies and their financial performance, from 2018 to 2022. Through an econometric model, the hypothesis that energy costs influence the returon on assets of portuguese companies was studied. The results show that the rentability of portuguese companies decreases with an increase in energy costs. They also reveal that specific characteristics of the companies influence their resilience capability to this increase in energy costs, namely companies with higher liquidity or greater growth in turnover have a better financial performance. On the other hand, companies with a higher level of debt show a worse financial performance. Furthermore, this study demonstrates that the sector of activity in which a company operates influences the level of rentability. Considering the results, they could be useful in reviewing the company’s strategic management, especially regarding cost management and resource allocation.
Description
Keywords
Crise energética Inflação Preços de energia Rentabilidade Energy crisis Rentability Energy prices Inflation