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Determinantes da Sustentabilidade da Dívida Empresarial nas Empresas Europeias
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A crescente complexidade do ambiente económico europeu, marcada pelos efeitos das crises financeiras, pela integração dos mercados e pela transformação digital, tem reforçado a importância da análise da sustentabilidade da dívida empresarial. Neste contexto, compreender os fatores que determinam a capacidade das empresas de manter níveis sustentáveis de endividamento torna-se essencial para assegurar a estabilidade financeira e o crescimento económico de longo prazo.
A presente dissertação tem como objetivo avaliar os impactos dos principais determinantes da sustentabilidade da dívida, como a eficiência bancária, grau de inclusão financeira, nível de inovação empresarial, crescimento económico e o grau de digitalização, no contexto europeu, no período de 2012 a 2022.
Esta investigação contribui para a literatura existente, na medida em que enriquece a literatura sobre Corporate Finance e digitalização, ao integrar variáveis financeiras, macroeconómicas e tecnológicas simultaneamente num único modelo empírico. Assim, oferece uma perspetiva mais abrangente e contemporânea sobre os fatores que condicionam a sustentabilidade da dívida empresarial, uma vez que muitos estudos apenas destacam fatores financeiros como determinantes
da estabilidade financeira, deixando a influência da digitalização ainda pouco explorada.
A metodologia adotada fundamentou-se numa estimação com dados em painel, utilizando um modelo estático, abrangendo 21 países europeus entre 2012 e 2022. O modelo econométrico foi estimado com base nos efeitos fixos e erros de padrão de Driscoll-Kraay, garantindo a robustez apropriada. As variáveis foram obtidas através de bases de dados internacionais, nomeadamente, World Bank Group (WBG) e Organização para a Cooperação e Desenvolvimento Económico (OCDE).
Os resultados empíricos obtidos evidenciam que a tanto a eficiência do sistema bancário, como o crescimento económico e, ainda, a digitalização impactam positivamente a sustentabilidade da dívida empresarial, sendo este último fator o mais influente e consistente entre os analisados. Em contrapartida, a inclusão financeira apresentou um efeito negativo sobre a sustentabilidade da dívida, sugerindo que o aumento do crédito interno ao setor privado, quando não é acompanhado por políticas e mecanismos de controlo adequados, pode conduzir ao sobre-endividamento. O fator inovação, embora o coeficiente estimado seja positivo, a variável não apresentou significância estatística.
O estudo confirma, assim, que a sustentabilidade da dívida empresarial é impactada não só por fatores financeiros, mas também por determinantes macroeconómicos e tecnológicos, contribuindo para uma compreensão mais ampla desta vertente no contexto europeu.
The growing complexity of the European economic environment, marked by the effects of financial crises, market integration, and digital transformation, has reinforced the importance of analyzing corporate debt sustainability. In this context, understanding the factors that determine companies' ability to maintain sustainable levels of indebtedness is essential to ensuring financial stability and long-term economic growth. This dissertation aims to assess the impacts of the main determinants of debt sustainability, such as banking efficiency, degree of financial inclusion, level of business innovation, economic growth, and degree of digitization, in the European context, from 2012 to 2022. This research contributes to the existing literature by enriching the literature on corporate finance and digitization, integrating financial, macroeconomic, and technological variables simultaneously into a single empirical model. It thus offers a more comprehensive and contemporary perspective on the factors that condition corporate debt sustainability, since many studies have focused primarily on financial factors as the main determinants of financial stability, leaving the influence of digitization still largely unexplored. The methodology adopted was based on a panel data estimation using a static model covering 21 European countries between 2012 and 2022. The econometric model was estimated based on fixed effects with Driscoll–Kraay standard errors to ensure robustness. The variables were obtained from international databases, namely the World Bank Group (WBG) and the Organization for Economic Cooperation and Development (OECD). The empirical results show that the efficiency of the banking system, economic growth, and digitization all have a positive impact on corporate debt sustainability, with the latter being the most influential and consistent factor among those analyzed. In contrast, financial inclusion had a negative effect on debt sustainability, suggesting that increased domestic credit to the private sector, when not accompanied by appropriate policies and control mechanisms, can lead to overindebtedness. Although the estimated coefficient for the innovation factor is positive, the variable was not statistically significant. The study thus confirms that corporate debt sustainability is impacted not only by financial factors, but also by macroeconomic and technological determinants, contributing to a broader understanding of this aspect in the European context.
The growing complexity of the European economic environment, marked by the effects of financial crises, market integration, and digital transformation, has reinforced the importance of analyzing corporate debt sustainability. In this context, understanding the factors that determine companies' ability to maintain sustainable levels of indebtedness is essential to ensuring financial stability and long-term economic growth. This dissertation aims to assess the impacts of the main determinants of debt sustainability, such as banking efficiency, degree of financial inclusion, level of business innovation, economic growth, and degree of digitization, in the European context, from 2012 to 2022. This research contributes to the existing literature by enriching the literature on corporate finance and digitization, integrating financial, macroeconomic, and technological variables simultaneously into a single empirical model. It thus offers a more comprehensive and contemporary perspective on the factors that condition corporate debt sustainability, since many studies have focused primarily on financial factors as the main determinants of financial stability, leaving the influence of digitization still largely unexplored. The methodology adopted was based on a panel data estimation using a static model covering 21 European countries between 2012 and 2022. The econometric model was estimated based on fixed effects with Driscoll–Kraay standard errors to ensure robustness. The variables were obtained from international databases, namely the World Bank Group (WBG) and the Organization for Economic Cooperation and Development (OECD). The empirical results show that the efficiency of the banking system, economic growth, and digitization all have a positive impact on corporate debt sustainability, with the latter being the most influential and consistent factor among those analyzed. In contrast, financial inclusion had a negative effect on debt sustainability, suggesting that increased domestic credit to the private sector, when not accompanied by appropriate policies and control mechanisms, can lead to overindebtedness. Although the estimated coefficient for the innovation factor is positive, the variable was not statistically significant. The study thus confirms that corporate debt sustainability is impacted not only by financial factors, but also by macroeconomic and technological determinants, contributing to a broader understanding of this aspect in the European context.
Descrição
Palavras-chave
Inovação Digitalização Dados em painel Sustentabilidade da dívida empresarial Eficiência bancária Inclusão financeira Corporate debt sustainability Banking efficiency Financial inclusion Innovation Digitalization Panel data