O desempenho financeiro das fintechs ibéricas

• Autor(a) principal: Santos, Larissa Medeiros
• Data de Publicação: 2021
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10400.22/19602
• topic: Fintech; Determinantes da rentabilidade; ROA; ROE; Determinants of profitability; Economia

Considering the significant growth of fintechs and their ecosystem in the Iberian market, it is becoming increasingly important to understand this new industry and analyze its financial performance. For this reason, and in order to overcome the shortage of research in this area applied to fintechs, it becomes pertinent to study the determinants that can impact the fintech’s profitability. Therefore, the main objective of this dissertation was to analyze the profitability determinants of Iberian companies in the fintech sector, for a period between 2013 and 2019. This study was based on a sample of 126 Iberian fintech companies, 25 Portuguese companies and 101 Spanish companies, for which the GMM (Generalized Method of Moments), FE (Fixed Effects) and pooled OLS (Ordinary Least Squares) methods were applied. The main results obtained suggest that leverage has a negative impact on the profitability of Iberian fintechs when measured by ROA, but a positive impact when measured by ROE. Furthermore, it was found that the location has a relative influence on profitability: being a Portuguese or Spanish fintech presents different impacts on its profitability. However, the size, firm age and inflation rate have not been shown to impact ROA and ROE. Regarding debt structure, growth and GDP rate, divergent results were obtained in the econometric models.