A relação crescimentorentabilidade nas PME portuguesas: um estudo nos setores da indústria e do comércio e serviços

• Autor(a) principal: Martins, Catarina Isabel Tavares
• 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/10400.22/19559
• topic: Crescimento; Rentabilidade; PME; Efeitos aleatórios; Dados em painel; Growth; Profitability; SME; Random effects; Panel data; Economia

Enterprise’s growth is an important factor in the dynamics of the national economy. Considering that the Portuguese business market is mostly constituted by SMEs, the study of the growth of these enterprises and the determinants that influence it assumes great relevance. The main purpose of this investigation is to understand the nexus between growth and profitability, to analyse how profitability influences the growth of Portuguese SMEs, namely in the industry and commerce and services sectors. Thus, for this study it was collected a panel data of 6403 Portuguese SMEs from industry and commerce and services sectors, comprising 64030 observations for the period between 2010 and 2019. The definition of this time spectrum considered the importance of studying the effects of the international financial crisis, which affected the Portuguese economy in the early 2010s, on the determinants of growth. To analyse the objective of this study, several econometric models were formulated, such as the OLS model, the Fixed Effects model and the 2SLS model, until reaching the model to be used in the study, the Random Effects model. The results of the Random Effects model suggest that profitability has a positive and statistically significant influence on the Portuguese SMEs growth. A positive and significant impact was also found between SME size, leverage ratio and tangibility of assets with their growth. On the contrary, there was a negative influence between age and SME growth. The results of the OLS model made it possible to verify the negative impact of the Portuguese financial crisis on SME growth.