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Working capital and financial performance in portuguese accommodation companies
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Orientador(es)
Resumo(s)
Purpose: This study aims to analyse the impact of Working Capital on the Free Cash Flow of Portuguese companies that operate under the Division 55 Accommodation, and that represent the main companies in the tourism sector.
Methodology: The research used a sample of 2,227 companies, with a total of 26,689 observations between 2011 and 2023, obtained from the Sistema de Análise de Balanços Ibéricos database. A multiple linear regression was developed based on financial data from companies in Division 55 and 12 research hypotheses were formulated and tested, in order to analyse the impact of different components of working capital in determining the free cash flow of companies in the Accommodation sector.
Results: The variation in working capital proved to have a negative and statistically significant impact on the free cash flow of the companies analysed. It was also found that all the variables studied have a significant influence on the model, explaining around 60 per cent of the variation in Free Cash Flow.
Research limitations: The study focuses only on a specific sector, which may limit the generalisation of the results to other economic sectors.
Originality: This research contributes to the literature by empirically evaluating the relationship between working capital and free cash flow in the Accommodation sector in Portugal, which is a relevant sector for Gross Domestic Product and its companies are characterised by several specificities.
Descrição
Palavras-chave
Working capital Free cash flow Accommodation sector Financial management Linear regression Portuguese companies
Contexto Educativo
Citação
Fernandes, António B.; Cardim, Sofia; Ferreira, Jessica; Pinto, Lígia (2025). Working capital and financial performance in portuguese accommodation companies. In the International Conference on Tourism and Hospitality Management. p.160-162. ISBN 978-989-36197-1-1. DOI: 10.58869/ICTHM2025
Editora
ISAG - EUROPEAN BUSINESS SCHOOL