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Abstract(s)
No atual contexto de mercado global, a concorrência é cada vez maior e a rentabilidade das empresas é cada vez mais relevante no que respeita à sua possibilidade de sobrevivência e expansão. O presente estudo incide sobre o setor automóvel português pelo papel preponderante que o mesmo representa na economia nacional, procurando colmatar a falta de investigação nesta área, aplicada especificamente a este setor.
Os objetivos centrais desta investigação prendem-se em perceber se a rentabilidade das empresas portuguesas do Cluster automóvel foi afetada pela crise financeira sentida em Portugal em 2010/2011, examinando alguns dos determinantes da rentabilidade e se existem diferenças na importância relativa desses fatores durante e após o período da crise económica e financeira.
A análise desenvolvida tem por base uma amostra de 3670 empresas representativas do Cluster automóvel português, das quais 3486 representam o Comércio automóvel e 184 representam a Indústria automóvel, de acordo com a informação empresarial retirada da Base de Dados SABI. Esta análise é conduzida através da aplicação de metodologias de dados em painel estático e dinâmico durante o período compreendido entre 2011 e 2018.
Os principais resultados obtidos sugerem que a crise económica e financeira teve impacto na degradação da rentabilidade das empresas do Cluster automóvel e, por outro lado, demonstram evidências de relações não lineares entre alguns dos determinantes selecionados e a rentabilidade das empresas. No caso específico da relação entre o nível de internacionalização e a rentabilidade, os resultados sugerem uma teoria unificada de expansão internacional em três fases, que incorpora uma relação do tipo côncavo seguida de uma relação do tipo convexa. A outro nível, os resultados desta pesquisa revelam que a crise económica e financeira alterou alguns dos efeitos das variáveis independentes sobre a rentabilidade das empresas portuguesas do Cluster automóvel.
In the current global market context, competition is increasing and the profitability of companies is increasingly relevant in terms of their chances of survival and expansion. This study focuses on the portuguese automotive sector due to its preponderant role in the national economy, seeking to make up for the lack of research in this area, applied specifically to the sector. The central objectives of this research are to understand whether the profitability of Portuguese companies in the automotive Cluster was affected by the financial crisis felt in Portugal in 2010/2011, examining some of the determinants of profitability and whether there are differences in the relative importance of these factors during and after the period of economic and financial crisis. The analysis developed is based on a sample of 3670 companies representing the portuguese automotive Cluster, of which 3486 represent the automotive Trade and 184 represent the automotive Industry, according to corporate information taken from the SABI database. This analysis is conducted through the application of static and dynamic panel data methodologies between the period of 2011 and 2018. The main results obtained suggest that the economic and financial crisis had an impact on the degradation of the profitability of the automotive Cluster companies and, on the other hand, show evidence of non-linear relationships between some of the selected determinants and the profitability of the companies. In the specific case of the relationship between the level of internationalization and profitability, the results suggest a unified theory of international expansion in three phases, which incorporates a concave type relationship followed by a convex type relationship. On another level, the results of this research reveal that the economic and financial crisis has altered some of the effects of the independent variables on the profitability of portuguese automotive Cluster companies.
In the current global market context, competition is increasing and the profitability of companies is increasingly relevant in terms of their chances of survival and expansion. This study focuses on the portuguese automotive sector due to its preponderant role in the national economy, seeking to make up for the lack of research in this area, applied specifically to the sector. The central objectives of this research are to understand whether the profitability of Portuguese companies in the automotive Cluster was affected by the financial crisis felt in Portugal in 2010/2011, examining some of the determinants of profitability and whether there are differences in the relative importance of these factors during and after the period of economic and financial crisis. The analysis developed is based on a sample of 3670 companies representing the portuguese automotive Cluster, of which 3486 represent the automotive Trade and 184 represent the automotive Industry, according to corporate information taken from the SABI database. This analysis is conducted through the application of static and dynamic panel data methodologies between the period of 2011 and 2018. The main results obtained suggest that the economic and financial crisis had an impact on the degradation of the profitability of the automotive Cluster companies and, on the other hand, show evidence of non-linear relationships between some of the selected determinants and the profitability of the companies. In the specific case of the relationship between the level of internationalization and profitability, the results suggest a unified theory of international expansion in three phases, which incorporates a concave type relationship followed by a convex type relationship. On another level, the results of this research reveal that the economic and financial crisis has altered some of the effects of the independent variables on the profitability of portuguese automotive Cluster companies.
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Keywords
Rentabilidade Crise Cluster automóvel 2SLS & GMM Internacionalização Profitability Internationalization Crisis Automotive cluster