Determinantes do desempenho empresarial na península ibérica: nova evidência usando dados em painel
Data
2021-04-22
Autores
Título da revista
ISSN da revista
Título do Volume
Editora
Resumo
Para que as organizações consigam desenvolver-se e sobreviver num mercado cada vez mais empreendedor e competitivo, analisar o Desempenho Empresarial é fundamental até porque qualquer economia depende disso. Um Desempenho Empresarial apropriado à organização garante que as decisões de gestão, numa determinada organização interna, dentro de um ambiente macroeconómico específico, conduzem a empresa ao sucesso e à sustentabilidade futura com níveis de rendibilidade adequados ao seu crescimento. O principal objetivo deste trabalho é estudar os fatores que determinam o Desempenho Empresarial, no período compreendido entre 2011 e 2018, atendendo ainda a um subperíodo demarcado pela presença da Troika em Portugal, 2011-2014. A amostra é constituída por 110 empresas não financeiras, da Península Ibérica, sendo que 43 destas empresas são Portuguesas e inscritas na Euronext Lisbon e 67 são Espanholas e matriculadas na Madrid Stock Exchange. Para alcançar o objetivo proposto, foi utilizada a metodologia de dados em painel, especificamente o método de estimação Generalized Method of Moments (GMM) proposto por Arellano e Bond (1991), Arellano e Bover (1995) e Blundell e Bond (1998). Os resultados mostram, para Portugal no período completo, que tanto as variáveis específicas de gestão (endividamento) como as obrigações fiscais (os impostos) e a diversidade no Conselho de Administração influenciam a performance empresarial. Para Espanha, os resultados revelam um maior número de variáveis significativas, tanto específicas como de governance num ambiente macroeconómico específico, na determinação do desempenho daquelas empresas. No que respeita ao subperíodo considerado, a performance das empresas portuguesas é apenas afetada pelos níveis de endividamento e impostos o que significa que neste período de grande fragilidade, as caraterísticas de governance deixam de ser determinantes. Relativamente à Espanha, para o mesmo subperíodo, verificou-se que apenas as caraterísticas de Corporate Governance e a dimensão das empresas são relevantes, sugerindo que a intervenção da Troika em Portugal, não afetou, ou afetou de forma bem diferenciada o país vizinho. De qualquer modo os resultados também sugerem que as caraterísticas de governance são muito mais importantes para determinar a performance das empresas espanholas. Talvez porque, como país desenvolvido, de referência, o interesse externo seja maior. Por fim, o estudo da amostra conjunta, incluindo Portugal e Espanha como Península Ibérica, vem revelar pelas diferenças encontradas, que é importante estudar países pequenos como Portugal, pois de outra forma, as particularidades de cada país são pouco visíveis, utilizando esta metodologia de estudo.
For organizations to be able to develop and survive in an increasingly entrepreneurial and competitive market, analyzing Business Performance is essential, because any economy depends on it. Business Performance appropriate to the organization ensures that management decisions, within a given internal organization, within a specific macroeconomic environment, lead the company to success and future sustainability with profitability levels appropriate to its growth. The main objective of this work is to study the factors that determine Business Performance, in the period between 2011 and 2018, also taking into account a subperiod marked by the presence of the Troika in Portugal, 2011-2014. The sample consists of 110 non-financial companies from the Iberian Peninsula, 43 of which are Portuguese and registered at Euronext Lisbon and 67 are Spanish and registered on the Madrid Stock Exchange. To achieve the proposed objective, the panel data methodology was used, specifically the Generalized Method of Moments (GMM) estimation method proposed by Arellano and Bond (1991), Arellano and Bover (1995), Blundell and Bond (1998). The results show, for Portugal in the full period, that both the specific management variables (indebtedness) as well as the tax obligations (taxes) and the diversity in the Board of Directors influence business performance. For Spain, the results reveal a greater number of significant variables, both specific and governance in a specific macroeconomic environment, in determining the performance of those companies. With regard to the sub-period considered, the performance of Portuguese companies is only affected by the levels of indebtedness and taxes, which means that in this period of great fragility, the governance characteristics are no longer decisive. Regarding Spain, for the same subperiod, it was found that only the characteristics of Corporate Governance and the size of the companies are relevant, suggesting that the intervention of the Troika in Portugal did not affect, or affected in a very different way, the neighboring country. In any case, the results also suggest that governance characteristics are much more important in determining the performance of Spanish companies. Perhaps because, as a developed, reference country, foreign interest is greater. Finally, the study of the joint sample, including Portugal and Spain as the Iberian Peninsula, reveals by the differences found, that it is important to study small countries like Portugal, because otherwise, the particularities of each country are barely visible, using this methodology of study.
For organizations to be able to develop and survive in an increasingly entrepreneurial and competitive market, analyzing Business Performance is essential, because any economy depends on it. Business Performance appropriate to the organization ensures that management decisions, within a given internal organization, within a specific macroeconomic environment, lead the company to success and future sustainability with profitability levels appropriate to its growth. The main objective of this work is to study the factors that determine Business Performance, in the period between 2011 and 2018, also taking into account a subperiod marked by the presence of the Troika in Portugal, 2011-2014. The sample consists of 110 non-financial companies from the Iberian Peninsula, 43 of which are Portuguese and registered at Euronext Lisbon and 67 are Spanish and registered on the Madrid Stock Exchange. To achieve the proposed objective, the panel data methodology was used, specifically the Generalized Method of Moments (GMM) estimation method proposed by Arellano and Bond (1991), Arellano and Bover (1995), Blundell and Bond (1998). The results show, for Portugal in the full period, that both the specific management variables (indebtedness) as well as the tax obligations (taxes) and the diversity in the Board of Directors influence business performance. For Spain, the results reveal a greater number of significant variables, both specific and governance in a specific macroeconomic environment, in determining the performance of those companies. With regard to the sub-period considered, the performance of Portuguese companies is only affected by the levels of indebtedness and taxes, which means that in this period of great fragility, the governance characteristics are no longer decisive. Regarding Spain, for the same subperiod, it was found that only the characteristics of Corporate Governance and the size of the companies are relevant, suggesting that the intervention of the Troika in Portugal did not affect, or affected in a very different way, the neighboring country. In any case, the results also suggest that governance characteristics are much more important in determining the performance of Spanish companies. Perhaps because, as a developed, reference country, foreign interest is greater. Finally, the study of the joint sample, including Portugal and Spain as the Iberian Peninsula, reveals by the differences found, that it is important to study small countries like Portugal, because otherwise, the particularities of each country are barely visible, using this methodology of study.
Descrição
Dissertação apresentada à Universidade de Trásos-Montes e Alto Douro, como requisito para a
obtenção do grau de Mestre em Ciências
Económicas e Empresariais
Palavras-chave
Desempenho Empresarial , Caraterísticas Específicas da Empresa