Determinantes internas do desempenho financeiro das PME: O papel do endividamento numa amostra alargada de empresas
Abstract
As PME são parte fundamental do tecido económico e industrial de qualquer economia. No entanto, dados os seus recursos limitados, enfrentam alguns obstáculos, de entre os quais se destacam as dificuldades no acesso ao financiamento. Este artigo tem como objetivo investigar o desempenho financeiro e alguns dos seus determinantes, salientando os efeitos do endividamento. Para atingir os objetivos de investigação, recolheram-se dados referentes a 9521 PME, para o período 2010-2020. Relativamente à metodologia utilizada na investigação, foi usado o estimador dinâmico GMM System. Para a elaboração do modelo usou-se uma variável de desempenho financeiro como variável dependente, e os determinantes endividamento, dimensão, idade, crescimento, liquidez, tangibilidade e Covid-19 como variáveis explicativas. Os resultados evidenciam que o endividamento, a dimensão, o crescimento, a liquidez, a tangibilidade e a Covid-19 têm um impacto negativo e estatisticamente significativo no desempenho financeiro, enquanto que a idade apresenta um impacto positivo e estatisticamente significativo. A principal limitação do artigo reside na sua aplicação a um país, podendo os resultados não ser generalizáveis a outras economias. Não obstante, os resultados obtidos são úteis para perceber em que variáveis internas das PME se poderá atuar para incrementar o seu desempenho em termos financeiros.
Keywords
Full Text:
PDFReferences
Abdallah, A. A. N., & Ismail, A. K. (2017). Corporate governance practices, ownership structure, and corporate performance in the GCC countries. Journal of International Financial Markets, Institutions and Money, 46, 98–115. https://doi.org/10.1016/J.INTFIN.2016.08.004
Abdullah, H., & Tursoy, T. (2021). Capital structure and firm performance: a panel causality test. MPRA Paper, 105871. https://mpra.ub.uni-muenchen.de/105871/1/MPRA_paper_105871.pdf
Abdulsaleh, A. M., & Worthington, A. C. (2013). Small and medium-sized enterprises financing: A review of literature. International Journal of Business and Management, 8(14), 36–54. https://doi.org/10.5539/IJBM.V8N14P36
Abeywardhana, D. K. (2017). Capital structure theory: An overview. Accounting and Finance Research, 6(1), 133. https://doi.org/10.5430/AFR.V6N1P133
Ahmad, N., Salman, A., & Shamsi, A. (2015). Impact of financial leverage on firms’ profitability: An investigation from cement sector of Pakistan. Research Journal of Finance and Accounting, 6(7), 75-80. https://iiste.org/Journals/index.php/RJFA
Ang, J. S. (1992). On the theory of finance for privately held firms. The Journal of Entrepreneurial Finance, 1(3), 185–203. https://doi.org/10.57229/2373-1761.1121
Ardalan, K. (2017). Capital structure theory: Reconsidered. Research in International Business and Finance, 39, 696–710. https://doi.org/10.1016/J.RIBAF.2015.11.010
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968
Baah, C., Opoku-Agyeman, D., Acquah, I. S. K., Agyabeng-Mensah, Y., Afum, E., Faibil, D., & Abdoulaye, F. A. M. (2021). Examining the correlations between stakeholder pressures, green production practices, firm reputation, environmental and financial performance: Evidence from manufacturing SMEs. Sustainable Production and Consumption, 27, 100–114. https://doi.org/10.1016/J.SPC.2020.10.015
Baltagi, B. H. (2005). Econometric Analysis of Panel Data. L. John Wiley & Sons (ed.); 3rd ed.
Banco de Portugal. (2021). Quadros do Setor. Banco de Portugal, Fontes de financiamento.
Berger, A., Udell, G., Berger, A., & Udell, G. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22(6–8), 613–673. https://doi.org/10.1016/S0378-4266(98)00038-7
Bhaird, C., & Lucey, B. (2011). An empirical investigation of the financial growth lifecycle. Journal of Small Business and Enterprise Development, 18(4), 715–731. https://doi.org/10.1108/14626001111179767
Brealey, R. A., Myers, S. C., & Allen, F. (2007). Princípios de Finanças Empresariais (M. Hill (ed.); 8th ed.).
Brigham, E. F., & Ehrhardt, M. C. (2011). Financial management: Theory and practice (O.: S.-W. C. L. Mason (ed.); 13th ed.). South-Western Cengage Learning.
Casey, E., & O’Toole, C. M. (2014). Bank-lending constraints, trade credit and alternative financing during the financial crisis: Evidence from European SMEs. Journal of Corporate Finance. 27, 173-193. https://doi.org/10.1016/j.jcorpfin.2014.05.001
Chow, Y. P. (2019). Sectoral analysis of the determinants of corporate capital structure in Malaysia. Organizations and Markets in Emerging Economies, 10(2), 278–293. https://doi.org/10.15388/omee.2019.10.14
Coad, A. (2009). The Growth of Firms: A survey of theories and empirical evidence (U.: E. E. Cheltenham (ed.)).
Coad, A., Holm, J. R., Krafft, J., & Quatraro, F. (2018). Firm age and performance. Journal of Evolutionary Economics, 28(1), 1–11. https://doi.org/10.1007/S00191- 017-0532-6
Costa, S., Laureano, L. M. S., & Laureano, R. M. S. (2014). The debt maturity of Portuguese SMEs: The aftermath of the 2008 financial crisis. Procedia - Social and Behavioral Sciences, 150, 172–181. https://doi.org/10.1016/j.sbspro.2014.09.024
Cotei, C., & Farhat, J. (2009). The trade-off theory and the pecking order theory: Are they mutually exclusive? North American Journal of Finance and Banking Research, 3(3), 1-16. https://doi.org/10.2139/ssrn.1404576
Eniola, A. A., & Entebang, H. (2015). SME firm performance-financial innovation and challenges. Procedia - Social and Behavioral Sciences, 195, 334–342. https://doi.org/10.1016/J.SBSPRO.2015.06.361
Fagiolo, G., Luzzi, A., Fagiolo, G., & Luzzi, A. (2006). Do liquidity constraints matter in explaining firm size and growth? Some evidence from the Italian manufacturing industry. Industrial and Corporate Change, 15(1), 1–39.
Forte, D., Barros, L. A., & Nakamura, W. T. (2013). Determinants of the capital structure of small and medium sized Brazilian enterprises. BAR - Brazilian Administration Review, 10(3), 347–369. https://doi.org/10.1590/S1807-76922013000300007
Gallina, A. S., & Araújo, M. da P. (2018). Assimetria de informação versus estrutura de capital: Um estudo comparativo entre empresas brasileiras e norte-americanas. Enfoque: Reflexão Contábil, 37(4), 121–141. https://doi.org/10.4025/ENFOQUE.V37I4.40255
Goddard, J., Tavakoli, M., & Wilson, J. O. S. (2006). Determinants of profitability in European manufacturing and services: Evidence from a dynamic panel model. Applied Financial Economics, 15(18), 1269–1282. https://doi.org/10.1080/09603100500387139
Goergen, M. (2012). International Corporate Governance (1st ed.). Pearson.
Gujarati, D. N., & Porter, D. C. (2010). Essentials of Econometrics (4th ed.). McGraw-Hill.
Gupta, J., Gregoriou, A., Gupta, J., & Gregoriou, A. (2018). Impact of market-based finance on SMEs failure. Economic Modelling, 69(C), 13–25. https://doi.org/10.1016/J.ECONMOD.2017.09.004
Harash, E., Al-tamimi, K., & Al-Timimi, S. (2014). The relationship between government policy and financial performance: A study on the SMEs in Iraq. China-USA Business Review, 13(4), 290–295. https://doi.org/10.17265/1537-1514/2014.04.005
Haron, N., Yahya, S., & Haron, H. (2014). Cash flow information and small enterprises’ performance. International Journal of Organizational Innovation, 7, 7–17. https://www.ijoi-online.org/images/stories/SpecialIssues/OrganizationalInnovationStrategies.pdf#page=7
Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174–191. https://doi.org/10.35808/IJEBA/204
Hunjra, A. I., Chani, M., Javed, S., Naeem, S., Ijaz, M. S., Hunjra, A. I., Chani, M., Javed, S., Naeem, S., & Ijaz, M. S. (2014). Impact of micro economic variables on firms’ performance. MPRA Paper. https://mpra.ub.uni-muenchen.de/60792/1/MPRA_paper_60792.pdf
Ibarra, F. B. (2003). Contabilidad de costes e analítica de gestão para as decisões estratégicas (Bilbau: Deusto (ed.); 9th ed.). Universidad Santo Tomás - USTA.
İltaş, Y., & Demirgunes, K. (2020). Asset tangibility and financial performance: A time series evidence. Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 6(2), 345–364. https://doi.org/10.31592/AEUSBED.731079
Irungu, A. M., Muturi, P. W., Nasieku, T., & No, I. (2018). Effect of asset tangibility on financial performance of listed firms in the Nairobi Securities Exchange. Journal of Finance & Accounting, 2(3), 55–74. https://stratfordjournals.org/journals/index.php/journal-of-accounting/article/view/236
Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Kaya, H. D. (2017). The impact of the global crisis on entrepreneurial activity. Journal of Applied Economic Sciences, 12(8), 2179–2189. https://doi.org/10.2478/sbe-2019-0009
Kenourgios, D., Savvakis, G. A., & Papageorgiou, T. (2020). The capital structure dynamics of European listed SMEs. Journal of Small Business and Entrepreneurship, 32(6), 567–584. https://doi.org/10.1080/08276331.2019.1603946
Kim, E. H. (1978). A mean-variance theory of optimal capital structure and corporate debt capacity. Journal of Finance, 33(1), 45–63. https://doi.org/10.2307/2326349
Kiraci, K., & Aydin, N. (2018). Factors that determine the capital structure: An empirical study on low-cost airlines. Scientific Annals of Economics and Business, 65(3), 227– 246. https://doi.org/10.2478/SAEB-2018-0018
Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911–922. https://doi.org/10.1111/J.1540-6261.1973.TB01415.X
Kuncová, M., Hedija, V., & Fiala, R. (2016). Firm size as a determinant of firm performance: The case of swine raising. Agris On-Line Papers in Economics and Informatics, 3(September), 77–89. https://doi.org/10.7160/AOL.2016.080308
Lau, C., Schaede, U., Lau, C., & Schaede, U. (2020). Of substitutes and complements: trade credit versus bank loans in Japan, 1980–2012. Review of Quantitative Finance and Accounting, 55(1), 305–326. https://doi.org/10.1007/S11156-019-00844-1
Le, T. P. V., & Phan, T. B. N. (2017). Capital structure and firm performance: Empirical evidence from a small transition country. Research in International Business and Finance, 42, 710–726. https://doi.org/10.1016/J.RIBAF.2017.07.012
Lee, M. (2019). Does a firm’s access to external finance matter for its performance? Applied Economics Letters, 27(9), 725–728. https://doi.org/10.1080/13504851.2019.1644434
Lee, N. (2014). What holds back high-growth firms? Evidence from UK SMEs. Small Business Economics, 43(1), 183–195. https://doi.org/10.1007/S11187-013-9525-5
Levati, M. V., Qiu, J., & Mahagaonkar, P. (2012). Testing the Modigliani-Miller theorem directly in the lab. Experimental Economics: A Journal of the Economic Science Association, 15(4), 693–716. https://doi.org/10.1007/s10683-012-9322-z
Li, K., Musah, M., Kong, Y., Adjei Mensah, I., Antwi, S. K., Bawuah, J., Donkor, M., Coffie, C. P. K., & Andrew Osei, A. (2020). Liquidity and firms’ financial performance nexus: Panel evidence from non-financial firms listed on the Ghana Stock Exchange. SAGE Open, 10(3). https://doi.org/10.1177/2158244020950363
Loderer, C. F., & Waelchli, U. (2010). Firm age and performance. SSRN Electronic Journal. https://doi.org/10.2139/SSRN.1342248
Lu, L., Peng, J., Wu, J., & Lu, Y. (2021). Perceived impact of the Covid-19 crisis on SMEs in different industry sectors: Evidence from Sichuan, China. International Journal of Disaster Risk Reduction, 55, 102085. https://doi.org/10.1016/J.IJDRR.2021.102085
Margaritis, D., & Psillaki, M. (2010). Capital structure, equity ownership and firm performance. Journal of Banking & Finance, 34(3), 621–632. https://doi.org/10.1016/J.JBANKFIN.2009.08.023
Marques, L. D. (2000). Modelos Dinâmicos com Dados em Painel: revisão de literatura. Working paper. Faculdade de Economia da Universidade do Porto. https://wps.fep.up.pt/wps/wp100.pdf
Matias, F., & Serrasqueiro, Z. (2017). Are there reliable determinant factors of capital structure decisions? Empirical study of SMEs in different regions of Portugal. Research in International Business and Finance, 40(C), 19–33. https://doi.org/10.1016/J.RIBAF.2016.09.014
McMahon, R., Holmes, S., Hutchinson, P., & Forsaith, D. (1993). Small Enterprise Financial Management: Theory and Practice. Harcourt Brace.
Michaelas, N., Chittenden, F. & Poutziouris, P. (1999). Financial Policy and Capital Structure Choice in U.K. SMEs: Empirical Evidence from Company Panel Data. Small Business Economics, 12, 113–130. https://doi.org/10.1023/A:1008010724051
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48, 261–297. https://www.jstor.org/stable/1809766
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. Source: The American Economic Review, 53(3), 433–443. https://www.jstor.org/stable/1809167
Mohanty, B., & Mehrotra, S. (2018). Relationship between liquidity and profitability: An exploratory study of SMEs in India. Emerging Economic Studies, 4(2), 169–181. https://doi.org/10.1177/2394901518795069
Musah, M., & Agyemang, A. (2019). The nexus between asset tangibility and firms’ financial performance: A panel study of non-financial firms listed on the Ghana Stock Exchange (GSE). European Academic Research, 7(1), 450-474.
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574–592. https://doi.org/10.1111/J.1540-6261.1984.TB03646.X
Myers, S. C. (2003). Financing of corporations. Handbook of the Economics of Finance, 1, Part 1, 215–253.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Myers, S. C., & Robichek, A. A. (1965). Optimal financing decisions. N. J. P.-H. Englewood Cliffs (ed.), 2nd ed.
Nguyen, H. T., & Nguyen, A. H. (2020). The impact of capital structure on firm performance: Evidence from Vietnam. Journal of Asian Finance, Economics and Business, 7(4), 97–105. https://doi.org/10.13106/JAFEB.2020.VOL7.NO4.97
Nguyen, H. X. (2022). The effect of COVID-19 pandemic on financial performance of firms: Empirical evidence from Vietnamese logistics enterprises. Journal of Asian Finance, 9(2), 183. https://doi.org/10.13106/jafeb.2022.vol9.no2.0177
Notta, O., & Vlachvei, A. (2014). The impact of financial crisis on firm performance in case of Greek food manufacturing firms. Procedia Economics and Finance, 14, 454–460. https://doi.org/10.1016/S2212-5671(14)00734-5
Nunes, P., Serrasqueiro, Z.., & Leitão, J. (2010). Are there nonlinear relationships between the profitability of Portuguese service SME and its specific determinants? Service Industries Journal, 30(8), 1313–1341. https://doi.org/10.1080/02642060802398853
Nunes, P., & Serrasqueiro, Z. (2015). Profitability determinants of Portuguese knowledge-intensive business services: empirical evidence using panel data models. Applied Economics Letters, 22(1), 51–56. https://doi.org/10.1080/13504851.2014.925041
OCDE. (2020). Construindo uma recuperação resiliente. Como podemos sair mais fortes da pandemia da COVID-19. OECD Better Policies for Better Lives. https://www.oecd.org/coronavirus/pt/
Owalla, B., Gherhes, C., Vorley, T., & Brooks, C. (2022). Mapping SME productivity research: a systematic review of empirical evidence and future research agenda. Small Business Economics, 58(3), 1285–1307. https://doi.org/10.1007/S11187-021-00450-3
Pacheco, L., & Pedrinho, B. (2022). As determinantes do desempenho econômico-financeiro das PME: o papel do capital estrangeiro. Estudios Gerenciales, 38(164), 334-346. https://doi.org/10.18046/j.estger.2022.164.5104
Pamplona, E., Dal Magro, C. B., & Silva, T. P. da. (2017). Estrutura de capital e desempenho económico de empresas familiares do Brasil e de Portugal. Revista de Gestão dos Países de Língua Portuguesa, 16(2), 38. https://doi.org/10.12660/RGPLP.V16N2.2017.78381
Pantea, M., Gligor, D., & Anis, C. (2014). Economic determinants of Romanian firms’ financial performance. Procedia - Social and Behavioral Sciences, 124, 272–281. https://doi.org/10.1016/J.SBSPRO.2014.02.486
Pervan, M., Pervan, I., & Ćurak, M. (2019). Determinants of firm profitability in the Croatian manufacturing industry: Evidence from dynamic panel analysis. Economic Research-Ekonomska Istrazivanja, 32(1), 968–981. https://doi.org/10.1080/1331677X.2019.1583587
Psillaki, M., & Daskalakis, N. (2009). Are the determinants of capital structure country or firm specific? Evidence from SMEs. Small Business Economics, 33(3), 319–333. https://doi.org/10.1111/J.1540-6261.1982.TB01104.X
Rababah, A., Al-Haddad, L., Sial, M. S., Chunmei, Z., & Cherian, J. (2020). Analyzing the effects of COVID-19 pandemic on the financial performance of Chinese listed companies. Journal of Public Affairs, 20(4). https://doi.org/10.1002/PA.2440
Ramli, N. A., Latan, H., & Solovida, G. T. (2019). Determinants of capital structure and firm financial performance - A PLS-SEM approach: Evidence from Malaysia and Indonesia. The Quarterly Review of Economics and Finance, 71(C), 148–160. https://doi.org/10.1016/J.QREF.2018.07.001
Robson, P. J. A., & Bennett, R. (2000). SME growth: The relationship with business advice and external collaboration. Small Business Economics, 15(3), 193–208. https://doi.org/10.1023/A:1008129012953
Rocha, F. D. (2014). Determinants of capital structure and the level of indebtedness in publicly traded companies: a comparative study between Argentina, Brazil and the United States. Universidade Federal de Minas Gerais (UFMG).
Roodman, D. (2009). How to do Xtabond2: An introduction to difference and System GMM in Stata. The Stata Journal, 9(1), 86–136. https://doi.org/10.1177/1536867X0900900106
Salim, M., & Yadav, R. (2012). Capital structure and firm performance: Evidence from Malaysian listed companies. Procedia - Social and Behavioral Sciences, 65, 156-166. https://doi.org/10.1016/J.SBSPRO.2012.11.105
Sardo, F., Serrasqueiro, Z., & Armada, M.R. (2022). The importance of owner loans for rebalancing the capital structure of small knowledge-intensive service firms. Research in International Business and Finance, 61. https://doi.org/10.1016/j.ribaf.2022.101657
Sardo, F., Vieira, E. & Serrasqueiro, Z. (2022). The role of gender and succession on the debt adjustments of family firm capital structure. Eurasian Business Review, 12, 349–372. https://doi.org/10.1007/s40821-021-00186-w
Scott, J. H. (1977). Bankruptcy, secured debt, and optimal capital structure. The Journal of Finance, 32(1), 1–19. https://doi.org/10.2307/2326898
Serrasqueiro, Z., & Caetano, A. (2015). Trade-off theory versus pecking order theory: Capital structure decisions in a peripheral region of Portugal. Journal of Business Economics and Management, 16(2), 445–466. https://doi.org/10.3846/16111699.2012.744344
Serrasqueiro, Z., & Nunes, P. (2008). Performance and size: Empirical evidence from Portuguese SMEs. Small Business Economics, 31(2), 195–217. https://doi.org/10.1007/S11187-007-9092-8/TABLES/12
Shen, H., Fu, M., Pan, H., Yu, Z., & Chen, Y. (2020). The impact of the COVID-19 pandemic on firm performance. Emerging Markets Finance and Trade, 56(10), 2213–2230. https://doi.org/10.1080/1540496X.2020.1785863
Sun, H., Cen, L., & Jiang, N. (2013). Our empirical study of bank loans accessibility influence factors for SMEs. International Conference on Advanced Information and Communication Technology for Education, Icaicte, 118–121. https://doi.org/10.2991/icaicte.2013.22
Tang, Y., & Moro, A. (2020). Trade credit in China: Exploring the link between short term debt and payables. Pacific-Basin Finance Journal, 59(C). https://doi.org/10.1016/J.PACFIN.2019.101240
Tong, Y., & Serrasqueiro, Z. (2020). A study on the influence of financial factors on the growth of small and medium-sized enterprises in Portuguese high technology and medium-high technology sectors. Business and Economics, 17, 703-716. https://doi.org/10.37394/23207.2020.17.68
Vanacker, T. R., & Manigart, S. (2010). Pecking order and debt capacity considerations for high-growth companies seeking financing. Small Business Economics, 35(1), 53–69. https://doi.org/10.1007/S11187-008-9150-X
Vera-Colina, M. A., Rodríguez-Medina, G., & Melgarejo-Molina, Z. (2011). Financial planning and access to financing in small and medium-sized companies in the Venezuelan manufacturing sector. Innovar, 21(42), 99-112. https://revistas.unal.edu.co/index.php/innovar/article/view/35459
Vo, X. V., & Ellis, C. (2017). An empirical investigation of capital structure and firm value in Vietnam. Finance Research Letters, 22(C), 90–94. https://doi.org/10.1016/J.FRL.2016.10.014
Westerlund, A. (2020). Capital structure and firm performance - Evidence from European listed firms. Hanken School of Economics. https://helda.helsinki.fi/dhanken/bitstream/handle/10227/352352/Westerlund_Andr%C3%A9.pdf?sequence=1&isAllowed=y
Xia, C., Chan, K. C., Cao, C., & Tan, Y. (2021). Generalized trust, personalized trust, and dynamics of capital structure: Evidence from China. China Economic Review, 68. https://doi.org/10.1016/j.chieco.2021.101640
Yang, C. H., & Tsou, M. W. (2020). Globalization and firm growth: Does ownership matter? Small Business Economics, 55(4), 1019–1037. https://doi.org/10.1007/S11187-019-00170-9
Zago, C., & Mello, G. R. (2015). A influência da liquidez na rentabilidade das empresas listadas no índice Bovespa. Revista de Contabilidade, 7(2), 27-40. http://dx.doi.org/10.5380/rcc.v7i2.35308
Zeitun, R., & Tian, G. G. (2014). Capital structure and corporate performance: Evidence from Jordan. SSRN Electronic Journal. https://doi.org/10.2139/SSRN.2496174
Refbacks
- There are currently no refbacks.
Portuguese Journal of Finance, Management and Accounting
e-ISSN: 2183-3826
DOI: 10.54663/2183-3826
International Networks of Indexing: GOOGLE SCHOLAR, RCAAP, REBID, DRJI 
