Determinantes da Rentabilidade Bancária: Evidências para o Setor Bancário Português

Carlos Mota

Abstract


Resumo

Objetivo: O objetivo deste artigo é analisar os determinantes da rentabilidade do setor bancário português, a partir de uma amostra constituída por dados semestrais de um painel dos onze maiores bancos universais a operar no mercado português no período 2006-2016.

Metodologia: Parte da definição de um modelo econométrico cujas variáveis independentes combinam as caraterísticas específicas dos bancos e os fatores externos por forma a avaliar o seu impacto nos três indicadores de rentabilidade utilizados. As estimativas são obtidas com recurso ao método dos momentos generalizados (Generalized Method of Moments – GMM). Além disso, considera sub-amostras para uma análise comparativa entre os períodos pré-crise e crise e pós-crise.

Resultados: Os resultados sugerem que a rentabilidade dos bancos em Portugal é explicada por caraterísticas específicas de cada entidade e contingências externas do mercado, embora com diferentes níveis de preponderância. O risco de crédito, a eficiência operacional, a alavancagem financeira e o crescimento dos depósitos destacam-se como os determinantes internos dos bancos que melhor explicam a rentabilidade. Os resultados também enfatizam a influência das condições macroeconómicas no desempenho dos bancos.

Originalidade e Valor: O estudo contribui para o conhecimento sobre o setor bancário em Portugal ao utilizar dados de séries temporais e variáveis explicativas que não foram consideradas em estudos anteriores e ao confrontar os períodos pré-crise, crise e pós-crise. A rentabilidade é um dos temas mais pertinentes e atuais com que se depara o setor bancário português.

Implicações práticas: Os resultados poderão ser úteis para orientar e definir estratégias que controlem os fatores que afetam negativamente a rentabilidade do setor bancário em Portugal.

 

Palavras-chave: Rentabilidade bancária, crise, Portugal.

 

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[ENG]

Title: "Determinants of Bank Profitability: Evidence for the Largest Portuguese Banks"

Abstract

Purpose: The objective of this paper is to analyze the determinants of profitability of the Portuguese banking sector, from a sample consisting of semi-annual data from a panel of the eleven largest universal banks operating in the Portuguese market in the period 2006-2016.

Methodology: Part of the definition of an econometric model whose independent variables combine banks' specific characteristics and external factors to assess their impact on the three profitability indicators used. Estimates are obtained using the Generalized Method of Moments (GMM) method. In addition, it considers sub-samples for a comparative analysis between pre-crisis and crisis and post-crisis periods.


Results: The results suggest that the profitability of banks in Portugal is explained by entity-specific characteristics and external market contingencies, although with different levels of preponderance. Credit risk, operating efficiency, financial leverage and deposit growth stand out as the internal determinants of banks that best explain profitability. The results also emphasize the influence of macroeconomic conditions on bank performance.


Originality and Value: The study contributes to the knowledge of the banking sector in Portugal by using time series data and explanatory variables that were not considered in previous studies and by comparing the pre-crisis, crisis and post-crisis periods. Profitability is one of the most pertinent and current issues facing the Portuguese banking sector.


Practical implications: The results may be useful in guiding and defining strategies that control the factors that negatively affect the profitability of the banking sector in Portugal.

 

Keywords: Bank profitability, crisis, Portugal.


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References


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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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