O Impacto das Restrições Financeiras no Investimento das Empresas do Setor Têxtil Português
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. Deste modo, este trabalho contribui para a literatura da estrutura de capitais sobre empresas de pequena e média dimensão.
Palavras-chave: Fluxo de caixa; investimento; restrições financeiras; reservas de caixa; endividamento
[ENG]
Title: "The Impact of Financial Restrictions on Investment by Portuguese Textile Companies"
Abstract
Purpose: The objective of this paper is to investigate the impact of financial constraints on the decision to invest in real assets. To this end, we analyze the sensitivity of corporate investment to domestic financing, ie cash flow.
Methodology: Given the evidence from previous empirical studies, our research hypotheses were tested using panel data methodologies. The sample used in this study is based on a group of Portuguese small and medium enterprises from the textile sector. The period under review is between 2005 and 2015.
Results: Our results suggest a positive and significant relationship between investment and cash flow, and the magnitude of this relationship changes depending on whether the status of the companies is considered as financially restricted or unrestricted. Additionally, we examined the relationship between cash reserves and cash flow. Our results show evidence that financially constrained companies retain larger cash reserves to guard current and future investment.
Originality: To the best of our knowledge, this study is the first to demonstrate evidence of the sensitivity of investment to domestic financing in the Portuguese Textile Sector. Thus, this work contributes to the capital structure literature on small and medium sized companies.
Keywords: Cash Flow; investment; financial constraints; cash reserves; indebtedness
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European Journal of Applied Business and Management
ISSN: 2183-5594
DOI: https://doi.org/10.58869/EJABM
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