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Advisor(s)
Abstract(s)
O free cash flow (FCF) exprime o rendimento disponível para as empresas depois de retirados os gastos
com ativos fixos e o investimento em fundo de maneio (FM). As necessidades de fundo de maneio
(NFM) representam as carências do ciclo operacional (CO) das empresas, sendo o FM o pilar financeiro
que permite que a empresa dê continuidade à sua atividade operacional. Apesar de o investimento em
FM implicar uma diminuição do FCF, a sua gestão estratégica pode trazer benefícios para a empresa.
Tendo em conta a relevância do FM para o desempenho financeiro das empresas, o principal objetivo
deste trabalho foi perceber a influência do FM no valor do FCF das empresas do setor terciário
português. Além disso, pretendeu-se compreender se esta influência varia de acordo com a dimensão,
a atividade, a localização ou a forma jurídica das empresas. Desta forma, o enquadramento teórico
aprofundou os conceitos anteriormente referidos, considerados decisivos para responder aos objetivos
do estudo.
Assim, a amostra utilizada para desenvolver esta investigação foi constituída tendo por base as
empresas com a atividade pertencente à secção G (Comércio por grosso e a retalho; reparação de
veículos automóveis e motociclos) da classificação portuguesa das atividades económicas (CAE), tendo
sido extraídas do System Analysis of Iberian Sheets (SABI) o total de 89 703 empresas portuguesas,
com dados desde 2015 até 2022.
Como resultado do tratamento de dados no System Analysis of Iberian Sheets (SPSS), foi possível
concluir que o FM tem um impacto negativo e significativo no FCF das empresas portuguesas. Para
além disso, conclui-se que o FCF das empresas portuguesas varia de acordo com a sua localização,
dimensão, atividade e forma jurídica.
Free cash flow (FCF) expresses the income available to companies after removing expenditure on fixed assets and investment in working capital. Working capital requirements represent the shortfalls in a company's operating cycle, with working capital being the financial pillar that allows the company to continue operating. Although investment in working capital implies a reduction in FCF, its strategic management can bring benefits to the company. Bearing in mind the relevance of working capital for the financial performance of companies, the main objective of this study was to understand the influence of working capital on the FCF value of companies in the Portuguese tertiary sector. We also wanted to understand whether this influence varies according to the size, activity, location or legal form of the companies. In this way, the theoretical framework delved deeper into the concepts mentioned above, considered decisive in responding to the objectives of the study. Thus, the sample used to carry out this research was made up of companies with activities belonging to section G (wholesale and retail trade; repair of motor vehicles and motorcycles) of the Portuguese classification of economic activities, and a total of 89 703 Portuguese companies were extracted from the System Analysis of Iberian Sheets, with data from 2015 to 2022. As a result of the regressions applied in Statistical Package for the Social Sciences, it was possible to conclude that working capital has a negative and significant impact on the FCF Portuguese companies. In addition, it can be concluded that the FCF of Portuguese companies varies according to their location, size, activity and legal form.
Free cash flow (FCF) expresses the income available to companies after removing expenditure on fixed assets and investment in working capital. Working capital requirements represent the shortfalls in a company's operating cycle, with working capital being the financial pillar that allows the company to continue operating. Although investment in working capital implies a reduction in FCF, its strategic management can bring benefits to the company. Bearing in mind the relevance of working capital for the financial performance of companies, the main objective of this study was to understand the influence of working capital on the FCF value of companies in the Portuguese tertiary sector. We also wanted to understand whether this influence varies according to the size, activity, location or legal form of the companies. In this way, the theoretical framework delved deeper into the concepts mentioned above, considered decisive in responding to the objectives of the study. Thus, the sample used to carry out this research was made up of companies with activities belonging to section G (wholesale and retail trade; repair of motor vehicles and motorcycles) of the Portuguese classification of economic activities, and a total of 89 703 Portuguese companies were extracted from the System Analysis of Iberian Sheets, with data from 2015 to 2022. As a result of the regressions applied in Statistical Package for the Social Sciences, it was possible to conclude that working capital has a negative and significant impact on the FCF Portuguese companies. In addition, it can be concluded that the FCF of Portuguese companies varies according to their location, size, activity and legal form.
Description
Mestrado em IPB-ESTG e ASSOCIAÇÃO DE POLITÉCNICOS DO NORTE (APNOR): Instituto Politécnico do Cávado e do Ave, Instituto Politécnico de Viana do Castelo
Keywords
FM FCF ocalização Dimensão Atividade Forma jurídica