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Abstract(s)
A presente investigação teve como objetivo avaliar os efeitos de algumas variáveis macroeconómicas no desempenho de 4.428 pequenas e médias empresas portuguesas, no período entre 2003 e 2013. As variáveis macroeconómicas estudadas foram a taxa de juro, a taxa de inflação, o crescimento do Produto Interno Bruto
(PIB) e o investimento. Por sua vez, o desempenho das empresas foi analisado através do indicador financeiro Return on Equity (ROE). Foi utilizado um modelo de regressão linear múltipla, onde o indicador ROE foi correlacionado com as quatro variáveis macroeconómicas. A taxa de inflação e o investimento foram
consideradas variáveis relevantes na explicação do modelo e na caraterização do ROE. Com base nos coeficientes obtidos, foi possível concluir que o aumento de uma unidade na taxa de inflação resulta num aumento médio de 22,303 no valor do indicador ROE e o aumento de uma unidade no investimento implica uma desvalorização de 6,816, estabelecendo-se uma relação positiva e outra negativa entre as duas variáveis e o indicador ROE. Quanto à taxa de juro e o crescimento do PIB, estas variáveis foram excluídas porque, embora tivessem a sua representatividade no modelo, não apresentaram relevância estatística. Considerando os resultados obtidos, esta investigação constitui-se como um importante contributo para o conhecimento do desempenho das pequenas e médias empresas portuguesas, no que respeita aos efeitos das mudanças do meio económico onde estão inseridas, bem como aos impactos das políticas macroeconómicas adotadas, permitindo este conhecimento uma melhor tomada de decisão por parte das organizações em função da conjuntura económica.
This research aimed to evaluate the effects of some macroeconomic variables in the performance of 4.428 small and medium Portuguese enterprises, between 2003 and 2013. The macroeconomic variables studied were the interest rate, inflation rate, growth of gross domestic product (GDP) and investment. In turn, the performance of enterprises was analyzed through the financial indicator Return on Equity (ROE). A multiple linear regression model was used, where the ROE indicator was correlated with the four macroeconomic variables. The inflation rate and investment were considered relevant variables in the explanation of the model and in the ROE characterization. Based on the obtained coefficients it was possible to conclude that one unit increase in the inflation rate will result in an average increase of 22,303 in the value of ROE indicator and one unit increase in investment implies a devaluation of 6,816, establishing a positive and a negative relationship between the two variables and the ROE indicator. Concerning to interest rate and GDP growth, these variables were excluded because, although they had their representativeness in the model, they didn’t show statistical relevance. Considering the obtained results, this research constitutes an important contribution for the knowledge of the performance of small and medium Portuguese companies, with regard to the effects of changes in the economic environment in which they operate, as well as the impacts of macro-economic policies adopted, allowing this knowledge a better decision making by organizations due to economic conjuncture.
This research aimed to evaluate the effects of some macroeconomic variables in the performance of 4.428 small and medium Portuguese enterprises, between 2003 and 2013. The macroeconomic variables studied were the interest rate, inflation rate, growth of gross domestic product (GDP) and investment. In turn, the performance of enterprises was analyzed through the financial indicator Return on Equity (ROE). A multiple linear regression model was used, where the ROE indicator was correlated with the four macroeconomic variables. The inflation rate and investment were considered relevant variables in the explanation of the model and in the ROE characterization. Based on the obtained coefficients it was possible to conclude that one unit increase in the inflation rate will result in an average increase of 22,303 in the value of ROE indicator and one unit increase in investment implies a devaluation of 6,816, establishing a positive and a negative relationship between the two variables and the ROE indicator. Concerning to interest rate and GDP growth, these variables were excluded because, although they had their representativeness in the model, they didn’t show statistical relevance. Considering the obtained results, this research constitutes an important contribution for the knowledge of the performance of small and medium Portuguese companies, with regard to the effects of changes in the economic environment in which they operate, as well as the impacts of macro-economic policies adopted, allowing this knowledge a better decision making by organizations due to economic conjuncture.
Description
Artigo em revista científica com arbitragem científica
Keywords
Variáveis macroeconómicas Inflação Investimento Taxa juro PIB ROE Macroeconomic variables Inflation Investment Interest Rate GDP