Rendibilidade bancária em Portugal e Espanha
Data
2019-01-21
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O presente estudo tem como objetivo analisar os determinantes de rendibilidade que afetam o setor bancário de Portugal e Espanha. Para tal, usou-se a metodologia dados em painel e os modelos foram estimados para um painel não balanceado de 267 instituições financeiras a atuarem no território ibérico, das quais 122 pertencem ao setor português e 145 ao setor espanhol. Utilizou-se como índices de performance a rendibilidade média do total do ativo (ROAA) e a rendibilidade média dos capitais próprios (ROAE) e para a estimação do modelo usou-se o Generalized Method of Moments. Os resultados obtidos mostram que grande parte da rendibilidade bancária de ambos os países é influenciada pelas variáveis internas. Ou seja, a forma como os gestores formulam e põem em prática as normas de funcionamento são a principal fonte de rendibilidade. Especificamente, as variáveis capital, eficiência operacional e crescimento anual de depósitos são as que influenciam de igual forma os indicadores de desempenho tanto para Portugal como para Espanha. No entanto, o setor espanhol demonstrou que os níveis de rendibilidade são apenas influenciados pelos fatores internos. Por seu lado, para o setor bancário português, para além das variáveis especificas da gestão, também o ambiente macroeconómico se mostrou importante na explicação da ROAA. Deste modo, conclui-se que Portugal e Espanha, para além de apresentarem economias distintas, ostentam influências sobre a rendibilidade bancária muito semelhantes.
The present study aims to analyse the determinants of profitability affecting the banking sector in Portugal and Spain. For this purpose, we used the panel data methodology and the models were estimated for an unbalanced panel of 267 financial institution that act in the Iberian territory, of which 122 belong to the Portuguese sector and 145 to the Spanish sector. We used as performance indices the return on average assets (ROAA) and the return on average equity (ROAE) as for the estimation the model we used was the Generalized Method of Moments. The results show that a large part of bank profitability of both countries is influenced by the internal variables. In other words, the way bank managers formulate and put in practice the operating standards are the main source of profitability. Specifically, the variables capital, operational efficiency and annual growth of deposits are the variables that influence equally the performance indicators for both Portugal and Spain. However, the Spanish sector has shown that profitability levels are only influenced by internal factors. On the other hand, for the Portuguese banking sector, not only the specific management variables, but also the macroeconomic environment showed to be important in the explanation of the ROAA. Therefore, it can be concluded that although Portugal and Spain have shown different economies, they have similar influences on banking profitability
The present study aims to analyse the determinants of profitability affecting the banking sector in Portugal and Spain. For this purpose, we used the panel data methodology and the models were estimated for an unbalanced panel of 267 financial institution that act in the Iberian territory, of which 122 belong to the Portuguese sector and 145 to the Spanish sector. We used as performance indices the return on average assets (ROAA) and the return on average equity (ROAE) as for the estimation the model we used was the Generalized Method of Moments. The results show that a large part of bank profitability of both countries is influenced by the internal variables. In other words, the way bank managers formulate and put in practice the operating standards are the main source of profitability. Specifically, the variables capital, operational efficiency and annual growth of deposits are the variables that influence equally the performance indicators for both Portugal and Spain. However, the Spanish sector has shown that profitability levels are only influenced by internal factors. On the other hand, for the Portuguese banking sector, not only the specific management variables, but also the macroeconomic environment showed to be important in the explanation of the ROAA. Therefore, it can be concluded that although Portugal and Spain have shown different economies, they have similar influences on banking profitability
Descrição
Dissertação de Mestrado em Gestão Empresarial
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Rendibilidade Bancária , Portugal , Espanha , Determinantes , GMM