Working capital management impact on profitability : empirical study based on Portuguese firms
Autor(a) principal: | |
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Data de Publicação: | 2014 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/19996 |
Resumo: | The main objective of this dissertation is to understand the impact of working capital management on profitability. This study comes in a period where managers are trying to push up the businesses activities and management policies are changing, aiming to adapt to the new economic context. The working capital management appears with relevance in several studies given the importance of the short-term policies in the value creation for the shareholders. In the literature are present several studies aiming to test the efficiency of working capital management and the relation with the profitability in the firms. The authors have been studying working capital by testing within the management policies, the size of the firm, the industry and geographical impact on the profitability. The core difference of this dissertation comparing with the previous studies is the role of working capital management and the impact in profitability of Portuguese firms, how firms in Portugal are managing working capital and what relevance does it bring to actual performance. In front of the recent economic difficulties and the struggling in credit finance experienced by Portuguese companies, the working capital management can be an important source of credit through an efficient management of the current assets and liabilities. The study will be developed under descriptive and empirical statistics and the data will be collected from Bloomberg for the period 2002-2006 in an annual basis. From the initial raw data will be excluded the data outliers and firms without complete information. In order to proceed correctly through the analysis, some control variables will be added and some tests will be carried out. The data will be treated and disposed in panel data to provide an intuitive analysis and interpretation to the reader. This dissertation will follow some papers and previous studies which tested similar hypothesis but in different countries with different economic-cultural aspects. |
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Working capital management impact on profitability : empirical study based on Portuguese firmsDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe main objective of this dissertation is to understand the impact of working capital management on profitability. This study comes in a period where managers are trying to push up the businesses activities and management policies are changing, aiming to adapt to the new economic context. The working capital management appears with relevance in several studies given the importance of the short-term policies in the value creation for the shareholders. In the literature are present several studies aiming to test the efficiency of working capital management and the relation with the profitability in the firms. The authors have been studying working capital by testing within the management policies, the size of the firm, the industry and geographical impact on the profitability. The core difference of this dissertation comparing with the previous studies is the role of working capital management and the impact in profitability of Portuguese firms, how firms in Portugal are managing working capital and what relevance does it bring to actual performance. In front of the recent economic difficulties and the struggling in credit finance experienced by Portuguese companies, the working capital management can be an important source of credit through an efficient management of the current assets and liabilities. The study will be developed under descriptive and empirical statistics and the data will be collected from Bloomberg for the period 2002-2006 in an annual basis. From the initial raw data will be excluded the data outliers and firms without complete information. In order to proceed correctly through the analysis, some control variables will be added and some tests will be carried out. The data will be treated and disposed in panel data to provide an intuitive analysis and interpretation to the reader. This dissertation will follow some papers and previous studies which tested similar hypothesis but in different countries with different economic-cultural aspects.O principal objectivo desta dissertação é compreender o impacto da gestão do Fundo de Maneio na rentabilidade das empresas. Este estudo aparece numa fase em que os gestores estão focados em mudar a actividade económica que se tem vivido nos últimos tempos. A gestão de Fundo de Maneio surge com relevância em diversos estudos dada a importância da gestão de curto prazo na criação de valor para as diferentes partes relacionadas com as empresas. Foram realizados diversos estudos que testam a eficiência da gestão de fundo de maneio e respectivo impacto na rentabilidade das empresas. Dos diferentes estudos envoltos neste tema, os que mais se destacam envolvem características onde os autores têm estudado o fundo de maneio relacionando com as políticas de gestão, com a dimensão das empresas e a divisão geográfica. A principal diferença desta dissertação ao comparar com os estudos anteriores focados no mesmo tema é o facto de os resultados empíricos serem baseados em empresas Portuguesas o que, até à data de hoje, ainda não tinha sido realizado. Este estudo foca-se em como as empresas em Portugal gerem o fundo de maneio e que relevância essa gestão, tem para a performance dessas empresas. As actuais dificuldades vividas em Portugal no que está relacionado com a actividade económica e a dificuldade na obtenção de empréstimos e linhas de crédito suscitam questões para os gestores em como financiar as actividades assim como deverá ser feita a gestão dos actuais recursos das empresas Desta forma, este estudo procura relacionar através do uso da estática descritiva e empírica de como a gestão de fundo de maneio influencia o retorno das empresas e de que forma as politicas mais agressivas ou mais conservativas se relacionam com as dificuldades económicas vividas em Portugal. A base de dados será a Bloomberg e os dados serão usados numa base anula e formarão uma amostra de 3360 empresas entre 2002 e 2006, constituindo assim um número de observações de grande dimensão para que as conclusões possam ser bem sustentadas. Alguns dados serão excluídos de forma a preservar a robustez dos modelos e evitar alguns erros de análise. Serão adicionadas algumas variáveis de controlo de forma a imputar os devidos efeitos nas variáveis em estudo. O estudo empírico será realizado em panel data o que permite atribuir individualidade a cada empesas durante os anos em estudo. Serão seguidas algumas linhas de raciocínio suportados por alguns papers e estudos cuja as hipóteses testadas são semelhantes ao objectivo do presente trabalho.Reis, Ricardo César Ribeiro Ventura FerreiraVeritati - Repositório Institucional da Universidade Católica PortuguesaSerrasqueiro, João Nogueira2016-04-28T09:56:09Z2015-11-0520142015-11-05T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/19996TID:201171015enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:25:43Zoai:repositorio.ucp.pt:10400.14/19996Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:16:31.154531Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Working capital management impact on profitability : empirical study based on Portuguese firms |
title |
Working capital management impact on profitability : empirical study based on Portuguese firms |
spellingShingle |
Working capital management impact on profitability : empirical study based on Portuguese firms Serrasqueiro, João Nogueira Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Working capital management impact on profitability : empirical study based on Portuguese firms |
title_full |
Working capital management impact on profitability : empirical study based on Portuguese firms |
title_fullStr |
Working capital management impact on profitability : empirical study based on Portuguese firms |
title_full_unstemmed |
Working capital management impact on profitability : empirical study based on Portuguese firms |
title_sort |
Working capital management impact on profitability : empirical study based on Portuguese firms |
author |
Serrasqueiro, João Nogueira |
author_facet |
Serrasqueiro, João Nogueira |
author_role |
author |
dc.contributor.none.fl_str_mv |
Reis, Ricardo César Ribeiro Ventura Ferreira Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Serrasqueiro, João Nogueira |
dc.subject.por.fl_str_mv |
Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
The main objective of this dissertation is to understand the impact of working capital management on profitability. This study comes in a period where managers are trying to push up the businesses activities and management policies are changing, aiming to adapt to the new economic context. The working capital management appears with relevance in several studies given the importance of the short-term policies in the value creation for the shareholders. In the literature are present several studies aiming to test the efficiency of working capital management and the relation with the profitability in the firms. The authors have been studying working capital by testing within the management policies, the size of the firm, the industry and geographical impact on the profitability. The core difference of this dissertation comparing with the previous studies is the role of working capital management and the impact in profitability of Portuguese firms, how firms in Portugal are managing working capital and what relevance does it bring to actual performance. In front of the recent economic difficulties and the struggling in credit finance experienced by Portuguese companies, the working capital management can be an important source of credit through an efficient management of the current assets and liabilities. The study will be developed under descriptive and empirical statistics and the data will be collected from Bloomberg for the period 2002-2006 in an annual basis. From the initial raw data will be excluded the data outliers and firms without complete information. In order to proceed correctly through the analysis, some control variables will be added and some tests will be carried out. The data will be treated and disposed in panel data to provide an intuitive analysis and interpretation to the reader. This dissertation will follow some papers and previous studies which tested similar hypothesis but in different countries with different economic-cultural aspects. |
publishDate |
2014 |
dc.date.none.fl_str_mv |
2014 2015-11-05 2015-11-05T00:00:00Z 2016-04-28T09:56:09Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/19996 TID:201171015 |
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http://hdl.handle.net/10400.14/19996 |
identifier_str_mv |
TID:201171015 |
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eng |
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eng |
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info:eu-repo/semantics/openAccess |
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openAccess |
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application/pdf |
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reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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