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Impacto da gestão do fundo maneio na rendibilidade das empresas: sector químico
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Abstract(s)
O investimento em ativos e passivos de curto prazo representa um peso significativo no balanço das empresas, de forma que é importante avaliar o desempenho da gestão destes ativos na rendibilidade das empresas.
Assim, o presente estudo, pretende analisar o impacto da gestão de fundo de maneio na rendibilidade das empresas do setor da indústria química, com recurso a dados financeiros durante o período de 2006 a 2014, utilizando o Net Trade Cycle (NTC) como medida de eficiência na gestão do fundo de maneio.
Como variáveis dependentes recorre-se, entre outras, à rendibilidade do ativo (ROA) e do capital próprio (ROE). Com recurso a uma amostra de 568 empresas sediadas em ortugal, foram efetuadas regressões múltiplas com dados em painel e usando o modelo de efeitos aleatórios.
Os resultados deste estudo apontam no sentido que os gestores podem aumentar a rendibilidade do ativo, reduzindo o Net Trade Cycle, o prazo médio de recebimento e prazo médio de recebimento; não foram encontradas evidências de relação entre as medidas de rendibilidade e o prazo médio de pagamento.
Investment in assets and short-term liabilities represents a considerable weight in the balance sheet of the companies, so it is important to assess the performance of the management of these assets in corporate profitability. Thus, this study aims to analyze the impact of working capital management on the profitability of companies in the chemical industry sector, using financial data for the period 2006-2014 and using the Net Trade Cycle (NTC) as a measure of efficiency in working capital management. The dependent variables are among others, the return on assets (ROA) and the return on equity (ROE). Using a sample of 568 companies based in Portugal, multiple regressions were performed with panel data and using the randon effects model. The results of this study point out that managers can increase the profitability of the asset by reducing the Net Trade Cycle, the average term of receipt and the average term of receipt; There was no evidence of a relationship between the profitability measures and the average payment term.
Investment in assets and short-term liabilities represents a considerable weight in the balance sheet of the companies, so it is important to assess the performance of the management of these assets in corporate profitability. Thus, this study aims to analyze the impact of working capital management on the profitability of companies in the chemical industry sector, using financial data for the period 2006-2014 and using the Net Trade Cycle (NTC) as a measure of efficiency in working capital management. The dependent variables are among others, the return on assets (ROA) and the return on equity (ROE). Using a sample of 568 companies based in Portugal, multiple regressions were performed with panel data and using the randon effects model. The results of this study point out that managers can increase the profitability of the asset by reducing the Net Trade Cycle, the average term of receipt and the average term of receipt; There was no evidence of a relationship between the profitability measures and the average payment term.
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Keywords
Gestão de fundo de maneio Rendibilidade do ativo Rendibilidade do capital próprio Net trade cycle Modelo de efeitos aleatórios Working Capital Management Return on assets Return on equity Random-effects model