Los determinantes del desempeño económico y financiero de las pymes: la función del capital extranjero
DOI:
https://doi.org/10.18046/j.estger.2022.164.5104Palabras clave:
pyme, rendimiento de los activos, propiedad extranjera, modelo de efectos aleatoriosResumen
Las pequeñas y medianas empresas (pymes) son elementos esenciales de la estructura empresarial en Portugal. Debido a sus características intrínsecas, se convierten en un objetivo atractivo para los inversionistas extranjeros, lo que trae consecuencias en el ámbito financiero y económico, particularmente en la rentabilidad. A nivel internacional, el debate sobre su influencia en la rentabilidad es amplio, con una parte que defiende la importancia de la propiedad extranjera en la rentabilidad, y la otra su irrelevancia. La muestra de este estudio está compuesta de 5667 pymes portuguesas de diversos sectores y cubre el periodo de 2014 a 2018. Se usó un modelo de efectos aleatorios para análisis de datos de panel. Además de la muestra completa, también se realizan análisis con la muestra segmentada entre microempresas, pequeñas y medianas empresas y empresas pertenecientes a la industria manufacturera o al comercio al por mayor. Los resultados muestran que el capital extranjero no tiene una influencia significativa en la rentabilidad de las pymes.
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