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A literatura financeira documenta o crescimento de estudos e práticas de Gestão de Risco Empresarial (Enterprise Risk Management -ERM) ao longo do tempo, um movimento que foi amplamente impulsionado pelas últimas grandes crises. Nesse sentido, é imperativo que tanto a literatura académica, como as organizações incentivem esta trajetória evolutiva, continuando a desenvolver trabalhos e modelos que facilitem a implementação destas práticas de gestão de risco. Fatores que irão permitir uma maior estabilidade em períodos difíceis, bem como maior prosperarão em períodos de crescimento económico. O presente Trabalho Final de Mestrado (TFM) tem como objetivo analisar o impacto que a ERM tem sobre o custo da dívida, utilizando a realidade portuguesa como amostra. Assim, foram examinadas 28 empresas, cotadas na bolsa de valores portuguesa, ao longo de uma década, com foco nas suas práticas de gestão de risco. Para isso, recorreu-se a uma análise de regressão linear de mínimos quadrados ordinários (OLS), complementada por variáveis de controlo adicionais, para investigar a influência dessas mesmas práticas. Com os resultados obtidos, foi possível comprovar, de forma significativa, que empresas com medidas de gestão de risco têm um melhoramento do custo da dívida. Note-se, que enquanto as restantes variáveis de controlo do modelo, como ativos colaterais, valor de mercado do capital e dividendos, demonstraram relevância estatística, constatou-se que o logaritmo dos ativos, cash flow, os ativos intangíveis e a alavancagem não apresentaram a mesma relevância estatística neste estudo.
The financial literature documents the growth of Enterprise Risk Management (ERM) studies and practices over time, a movement that has been largely driven by the last major crises. In this sense, it is imperative that both academic literature and organizations encourage this evolutionary path, continuing to develop work and models that facilitate the implementation of these risk management practices. Factors that will allow for greater stability in difficult times, as well as greater prosperity in periods of economic growth. The aim of this Final Master's Work (TFM) is to analyze the impact that ERM has on the cost of debt, using the Portuguese reality as a sample. Thus, 28 companies listed on the Portuguese stock exchange were examined over the course of a decade, focusing on their risk management practices. To this end, an ordinary least squares (OLS) linear regression analysis was used, complemented by additional control variables, to investigate the influence of these practices. With the results obtained, it was possible to significantly prove that companies with risk management measures have an improvement in the cost of debt. It should be noted that while the other control variables in the model, such as collateral assets, market value of capital and dividends, showed statistical relevance, it was found that the logarithm of assets, cash flow, intangible assets and leverage did not show the same statistical relevance in this study.
The financial literature documents the growth of Enterprise Risk Management (ERM) studies and practices over time, a movement that has been largely driven by the last major crises. In this sense, it is imperative that both academic literature and organizations encourage this evolutionary path, continuing to develop work and models that facilitate the implementation of these risk management practices. Factors that will allow for greater stability in difficult times, as well as greater prosperity in periods of economic growth. The aim of this Final Master's Work (TFM) is to analyze the impact that ERM has on the cost of debt, using the Portuguese reality as a sample. Thus, 28 companies listed on the Portuguese stock exchange were examined over the course of a decade, focusing on their risk management practices. To this end, an ordinary least squares (OLS) linear regression analysis was used, complemented by additional control variables, to investigate the influence of these practices. With the results obtained, it was possible to significantly prove that companies with risk management measures have an improvement in the cost of debt. It should be noted that while the other control variables in the model, such as collateral assets, market value of capital and dividends, showed statistical relevance, it was found that the logarithm of assets, cash flow, intangible assets and leverage did not show the same statistical relevance in this study.
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Gestão de risco empresarial Custo de dívida Empresas portuguesas cotadas Enterprise risk management Cost of debt Listed Portuguese companies