O Impacto das Restrições Financeiras no Investimento das Empresas do Setor Têxtil Português

Mariana Costa, Armando Silva, Sónia Silva

Abstract


Objetivo: O objetivo deste trabalho é investigar o impacto das restrições financeiras na decisão de investimento em ativos reais. Para tal, analisamos a sensibilidade do investimento empresarial ao financiamento interno, ou seja, ao cash flow.

Metodologia: Dada a evidência demonstrada pelos estudos empíricos anteriores, as nossas hipóteses de investigação foram testadas através de metodologias de dados em painel. A amostra usada neste estudo baseia-se num conjunto de pequenas e médias empresas portuguesas pertencente ao setor têxtil. O período em análise é entre 2005 e 2015.

Resultados: Os nossos resultados sugerem uma relação positiva e significativa entre o investimento e o cash flow, sendo que a magnitude dessa relação é alterada conforme o status das empresas seja considerado como restrito ou não restrito financeiramente. Adicionalmente, examinamos a relação entre as reservas de caixa e o cash flow. Os nossos resultados demonstram evidência que as empresas consideradas como financeiramente restritas conservam maiores reservas de caixa para precaverem o investimento atual e futuro.

Originalidade: Tanto quanto é de nosso conhecimento, este estudo é o primeiro a demonstrar evidência sobre a sensibilidade do investimento ao financiamento interno no setor têxtil Português.


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