Influência do caráter familiar na internacionalização e na performance financeira de PME portuguesas

• Autor(a) principal: Oliveira, Inês Santos
• 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/10400.22/19101
• topic: PME familiar portuguesa; Internacionalização; Performance financeira; Curva W; Portuguese family SME; Internationalization; Financial performance; W-curve; Economia

In previous studies, a lot of evidence was provided about the relationship between internationalization and the financial performance of companies. This study thus analyzes the relationship between internationalization and financial performance in Portguese SME, in the years between 2010 and 2018. Thus, making a comparison between family an non-family businesses. To this end, a sample consisting of Portuguese SME was used, apllying a regression model with panel data to assess the following two study hypotheses: whether the relationship between internationalization and the financial performance of Portuguese family SME follows a curve in the shape of a W and if in the case of non-family Portuguese SME this relationship does not follow a curve in the shape of a W. The performance was measured through the dependent variavles: return on assets (ROA) and return on equity (ROE). As explanatory variables, the variables degree of internationalization werw used, this one squared, cubed and the fourth power. It was also considered a dummy variable, in order to define a company as family or non-family. The main results suggested that Portuguese family SME follow a W-shaped curve when analyzing the relationship between economic and financial performance and the level of internationalization, a relationship that was not verified in the case of Portuguese non-family SME. However, these results were only observed after dividing the global sample into two sub-samples, one for family businesses and the other for non-family businesses. In the global sample, it was possible to observe that the fact that it is a Portuguese family SME positively influences the economic and financial performance.