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Abstract(s)
A avaliação do desempenho organizacional constitui um aspeto fundamental para
compreender os resultados das empresas, existindo inúmeras medidas para o avaliar. O
ponto de partida para a tomada de decisões é a gestão financeira, uma vez que esta
deve garantir a maximização da rentabilidade das empresas, sem colocar em risco a sua
continuidade.
A presente dissertação tem como objetivo avaliar de que forma os incentivos fiscais,
financeiros e os apoios governamentais condicionaram a rentabilidade das PME
portuguesas entre 2010 e 2019. O estudo baseia-se num trabalho de carácter
quantitativo com recurso a dados em painel e a diferentes fontes de informação.
Consideramos ainda que a insuficiência de estudos no contexto português constituiu um
impulso determinante na realização desta dissertação.
Para este estudo utilizam-se os dados em painel (ou configuração longitudinal), com
recurso a diferentes fontes de informação, como por exemplo o Orçamento de Estado,
o IAPMEI, o Banco de Portugal, o portal das Finanças e a PORDATA. O tratamento de
dados foi efetuado com recurso à metodologia de painéis estáticos com efeitos fixos. As
análises foram efetuadas com o STATA 16.
Os resultados obtidos revelam, de um modo geral, que os incentivos fiscais influenciam
a rentabilidade das PME, no entanto, os incentivos governamentais, não têm qualquer
impacto. Em relação aos incentivos financeiros os resultados sugerem impactos
distintos. Por um lado, os incentivos do QREN (Quadro de Referência Estratégica
Nacional) determinam positivamente a rentabilidade operacional do ativo e
negativamente a rentabilidade do capital próprio. Por outro lado, os incentivos do
Portugal 2020 apresentam nos primeiros anos de vida um fraco impacto, efeito que
tende a melhorar nos anos seguintes. Porém o incentivo à I&DT não tem relevância
estatística na rentabilidade.
As elevadas cargas fiscais e financeiras que incidem sobre as PME têm consequências na
situação financeira, na competitividade, na rentabilidade e no desenvolvimento das
empresas. Assim, o estudo analisa diferentes incentivos disponibilizados pelo governo
português que permitem suavizar essa carga e melhorar a rentabilidade empresarial.
Este trabalho pretende dar um contributo para que os investidores, gestores e acionistas
na tomada de decisão, tenham presente os impactos que os diferentes incentivos
(financeiros e fiscais) e os apoios governamentais exercem na rentabilidade das PME.
Como investigação futura sugere-se a incorporação na análise de outros indicadores
e/ou variáveis e se alargue o âmbito geográfico do estudo.
ABSTRACT: The evaluation of organizational performance is a fundamental aspect to understand the results of the companies, with indicators for the evaluation. The starting point for decision-making is financial management, since it must guarantee the maximization of companies' profitability, without putting their continuity at risk. The present dissertation aims to evaluate how the fiscal, financial incentives and government support conditioned the profitability of Portuguese SMEs between 2010 and 2019. The study is based on quantitative work using panel data and the different sources of information. We also consider that the lack of studies in the Portuguese context constituted a decisive impulse in the realization of this dissertation. For this study, panel data (or longitudinal configuration) is used, using different sources of information, such as the State Budget, IAPMEI, Banco de Portugal, the Finance portal and PORDATA. Data processing was carried out using the static panel methodology with fixed effects. The analyzes were performed with STATA 16. The results obtained reveal, in general, that tax incentives influence the profitability of SMEs, however, government incentives do not have any impact. Regarding financial incentives, the results suggest different impacts. On the one hand, the incentives of the QREN (National Strategic Reference Framework) positively determine the operational profitability of the asset and negatively the return on equity. On the other hand, Portugal 2020's incentives have a weak impact in the first years of life, an effect that tends to improve in the following years. However, the incentive to R&DT has no statistical relevance to profitability. The high tax and financial burdens on SMEs have consequences for the financial situation, competitiveness, profitability and development of companies. Thus, the study analyzes different incentives provided by the Portuguese government that allow to soften this burden and improve business profitability. This work intends to make a contribution so that investors, managers and shareholders in decision making, bear in mind the impacts that different incentives (financial and tax) and government support have on the profitability of SMEs. As a future investigation, it is suggested to incorporate other indicators and / or variables in the analysis and broaden the geographical scope of the study.
ABSTRACT: The evaluation of organizational performance is a fundamental aspect to understand the results of the companies, with indicators for the evaluation. The starting point for decision-making is financial management, since it must guarantee the maximization of companies' profitability, without putting their continuity at risk. The present dissertation aims to evaluate how the fiscal, financial incentives and government support conditioned the profitability of Portuguese SMEs between 2010 and 2019. The study is based on quantitative work using panel data and the different sources of information. We also consider that the lack of studies in the Portuguese context constituted a decisive impulse in the realization of this dissertation. For this study, panel data (or longitudinal configuration) is used, using different sources of information, such as the State Budget, IAPMEI, Banco de Portugal, the Finance portal and PORDATA. Data processing was carried out using the static panel methodology with fixed effects. The analyzes were performed with STATA 16. The results obtained reveal, in general, that tax incentives influence the profitability of SMEs, however, government incentives do not have any impact. Regarding financial incentives, the results suggest different impacts. On the one hand, the incentives of the QREN (National Strategic Reference Framework) positively determine the operational profitability of the asset and negatively the return on equity. On the other hand, Portugal 2020's incentives have a weak impact in the first years of life, an effect that tends to improve in the following years. However, the incentive to R&DT has no statistical relevance to profitability. The high tax and financial burdens on SMEs have consequences for the financial situation, competitiveness, profitability and development of companies. Thus, the study analyzes different incentives provided by the Portuguese government that allow to soften this burden and improve business profitability. This work intends to make a contribution so that investors, managers and shareholders in decision making, bear in mind the impacts that different incentives (financial and tax) and government support have on the profitability of SMEs. As a future investigation, it is suggested to incorporate other indicators and / or variables in the analysis and broaden the geographical scope of the study.
Description
Keywords
Rentabilidade Incentivos Fiscais Incentivos Financeiros Apoio Governamental