O equilíbrio financeiro de curto prazo e a rendibilidade das empresas portuguesas

Luís R. Silva, Elisabete S. Vieira

Resumo


Este estudo pretende analisar a relação entre o equilíbrio financeiro de curto prazo e a rendibilidade, numa amostra composta por 49 empresas com títulos cotados na Euronext Lisbon, para o período compreendido entre 2006 e 2013, recorrendo à metodologia de dados em painel. A rendibilidade (variável dependente) foi medida através da rendibilidade operacional do ativo. Foram consideradas como variáveis independentes a duração média de inventários, o prazo médio de pagamentos, o prazo médio de recebimentos e o ciclo de conversão de caixa. O rácio de endividamento geral e a dimensão da empresa foram consideradas como variáveis de controlo.
Embora todas as variáveis apresentem o sinal esperado, não apresentam significância estatística, pelo que não podemos considerar que as variáveis independentes sejam explicativas da rendibilidade, o que é consistente com os resultados de outros estudos. Quando consideramos a rendibilidade do capital próprio como variável dependente, encontramos uma relação positiva e significativa entre a dimensão das empresas e a rendibilidade.


Palavras-chave


equilíbrio financeiro; fundo de maneio; rendibilidade; dados painel

Texto Completo:

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DOI: http://dx.doi.org/10.1234/ei.v0i15.5113



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