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Authors
Abstract(s)
A investigação pretende avaliar a influência dos ativos intangíveis, em particular, o
Goodwill, no desempenho empresarial, no custo e na estrutura da dívida.
Adicionalmente, pretende-se levar a cabo um estudo comparativo para empresas
portuguesas e espanholas.
A principal fonte de recolha de informação é a base de dados SABI, da qual retiramos a
amostra que vai ser objeto de estudo. Os dados são analisados com recurso ao STATA,
através de técnicas de inferência estatísticas como testes de hipóteses paramétricos e
não paramétricos, regressão linear de dados em painel, procurando dar resposta às
questões em investigação.
No atual contexto, as fusões, cisões e qualquer outro tipo de concentração empresarial
têm aumentado, pelo que, o Goodwill adquire cada vez maior relevância. Este tipo de
ativos incorpóreos tem adquirido uma importância acrescida, na medida em que
permitem diferenciar empresas, conferindo-lhes vantagens únicas. Assim, a análise do
impacto do Goodwill na rendibilidade empresarial, nas decisões de financiamento e no
custo da dívida, acresce valor a esta investigação.
Os resultados obtidos revelam que, em Portugal a rendibilidade operacional das
empresas é influenciada positivamente pelo Goodwill, enquanto em Espanha não se
revela significativo. Por sua vez, a taxa de juro, mantem uma relação inversa com o
Goodwill, ou seja, na medida em que o valor deste ativo aumenta, o custo da dívida
diminui. Os resultados sugerem ainda uma relação direta entre o Goodwill e a dívida de
longo prazo.
A presente investigação contribui para a literatura na medida que fornece evidências
empíricas sobre o efeito do Goodwill no desempenho empresarial, na estrutura da
dívida e no custo de recurso ao financiamento, facultando importantes informações
para ajudar os investidores, gestores e acionistas a tomarem decisões. Adquire ainda
relevância acrescida, face à temática abordada, às variáveis selecionadas e à amostra
em estudo.
ABSTRACT: The investigation intends to evaluate the influence of intangible assets, in particular, Goodwill, on business performance, cost, and debt structure. Additionally, we intend to conduct a comparative study of Portuguese and Spanish companies. The primary source of information collection is the SABI database, from which we take the sample that will be the object of study. Data are analyzed using STATA, through statistical inference techniques such as parametric and non-parametric hypothesis tests and linear regression of panel data, seeking to answer the questions under investigation. In the current context, mergers, spin-offs, and other business concentrations have increased, so Goodwill is becoming increasingly important. This type of intangible asset has increased importance insofar as they allow companies to differentiate, giving them unique advantages. Thus, the analysis of the impact of Goodwill on corporate profitability, financing decisions, and the cost of debt adds value to this investigation. The results obtained show that, in Portugal, the operating profitability of companies is positively influenced by Goodwill, while in Spain, it is not significant. In turn, the interest rate maintains an inverse relationship with Goodwill, that is, as the value of this asset increases, the cost of debt decreases. The results also suggest a direct relationship between Goodwill and long-term debt. The present investigation contributes to the literature as it provides empirical evidence on the effect of Goodwill on business performance, debt structure, and the cost of funding, providing vital information to help investors, managers and shareholders make decisions. It also acquires added relevance, given the theme addressed, the Variávels selected, and the sample under study.
ABSTRACT: The investigation intends to evaluate the influence of intangible assets, in particular, Goodwill, on business performance, cost, and debt structure. Additionally, we intend to conduct a comparative study of Portuguese and Spanish companies. The primary source of information collection is the SABI database, from which we take the sample that will be the object of study. Data are analyzed using STATA, through statistical inference techniques such as parametric and non-parametric hypothesis tests and linear regression of panel data, seeking to answer the questions under investigation. In the current context, mergers, spin-offs, and other business concentrations have increased, so Goodwill is becoming increasingly important. This type of intangible asset has increased importance insofar as they allow companies to differentiate, giving them unique advantages. Thus, the analysis of the impact of Goodwill on corporate profitability, financing decisions, and the cost of debt adds value to this investigation. The results obtained show that, in Portugal, the operating profitability of companies is positively influenced by Goodwill, while in Spain, it is not significant. In turn, the interest rate maintains an inverse relationship with Goodwill, that is, as the value of this asset increases, the cost of debt decreases. The results also suggest a direct relationship between Goodwill and long-term debt. The present investigation contributes to the literature as it provides empirical evidence on the effect of Goodwill on business performance, debt structure, and the cost of funding, providing vital information to help investors, managers and shareholders make decisions. It also acquires added relevance, given the theme addressed, the Variávels selected, and the sample under study.
Description
Keywords
Goodwill Rendibilidade Dívida Financiamento