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O fundo de maneio como determinante da performance das empresas do comércio a retalho em supermercados e hipermercados
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O presente estudo analisa o impacto da gestão do fundo de maneio no desempenho financeiro das empresas do setor do comércio a retalho alimentar em Portugal. O objetivo principal consistiu em avaliar de que forma os componentes do capital circulante influenciam a criação de valor económico e a rentabilidade empresarial. A investigação abrangeu 9 549 empresas portuguesas entre 2010 e 2023, com dados extraídos da base de dados SABI (Sistema de Análise de Balanços Ibéricos), que reúne informação financeira e contabilística detalhada de empresas portuguesas e espanholas. A metodologia adotada combinou estatística descritiva, análise de correlação, regressão linear múltipla e análise de variância (ANOVA – one way), considerando como variáveis dependentes os indicadores EVA, ROA e EBIT. As variáveis independentes representaram a gestão do fundo de maneio, resultados antes de impostos, idade, dimensão, região (NUTS II) e estrutura jurídica das empresas. Os resultados empíricos evidenciam que o fundo de maneio exerce um efeito estatisticamente significativo sobre o desempenho financeiro, sendo o resultado antes de impostos (RAI) o fator mais determinante do EVA. Observou-se ainda que níveis excessivos de liquidez reduzem a criação de valor económico, enquanto a eficiência operacional e a otimização do ciclo de conversão de caixa contribuem positivamente para a rentabilidade e a estabilidade financeira. Conclui-se que uma gestão equilibrada do capital circulante é fundamental para reforçar a solidez financeira e a competitividade das empresas do retalho alimentar. Recomenda-se a implementação de políticas financeiras orientadas para a eficiência operacional, negociação estratégica com fornecedores e planeamento rigoroso de tesouraria, promovendo uma criação de valor sustentável a longo prazo.
This study examines the impact of working capital management on the financial performance of companies operating in the Portuguese food retail sector. The main objective was to assess how the components of working capital influence economic value creation and business profitability. The research covered 9,549 Portuguese companies between 2010 and 2023, using data from the SABI (Iberian Balance Sheet Analysis System), which provides comprehensive financial and accounting information on Portuguese and Spanish firms. The methodology adopted combined descriptive statistics, correlation analysis, multiple linear regression, and analysis of variance (ANOVA – one-way), considering EVA, ROA, and EBIT as dependent variables. The independent variables represented working capital management, pre-tax results, and age, complemented by control variables relating to company size, region (NUTS II), and legal structure. The empirical results show that working capital has a statistically significant effect on financial performance, with pre-tax results (RAI) being the most decisive factor in EVA. It was also observed that excessive levels of liquidity reduce economic value creation, while operational efficiency and optimisation of the cash conversion cycle contribute positively to profitability and financial stability. It is concluded that balanced working capital management is essential to strengthen the financial soundness and competitiveness of food retail companies. The implementation of financial policies geared towards operational efficiency, strategic negotiation with suppliers and rigorous cash flow planning is recommended, promoting sustainable long-term value creation.
This study examines the impact of working capital management on the financial performance of companies operating in the Portuguese food retail sector. The main objective was to assess how the components of working capital influence economic value creation and business profitability. The research covered 9,549 Portuguese companies between 2010 and 2023, using data from the SABI (Iberian Balance Sheet Analysis System), which provides comprehensive financial and accounting information on Portuguese and Spanish firms. The methodology adopted combined descriptive statistics, correlation analysis, multiple linear regression, and analysis of variance (ANOVA – one-way), considering EVA, ROA, and EBIT as dependent variables. The independent variables represented working capital management, pre-tax results, and age, complemented by control variables relating to company size, region (NUTS II), and legal structure. The empirical results show that working capital has a statistically significant effect on financial performance, with pre-tax results (RAI) being the most decisive factor in EVA. It was also observed that excessive levels of liquidity reduce economic value creation, while operational efficiency and optimisation of the cash conversion cycle contribute positively to profitability and financial stability. It is concluded that balanced working capital management is essential to strengthen the financial soundness and competitiveness of food retail companies. The implementation of financial policies geared towards operational efficiency, strategic negotiation with suppliers and rigorous cash flow planning is recommended, promoting sustainable long-term value creation.
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Keywords
Fundo de maneio EVA ROA ROE Desempenho financeiro Retalho alimentar