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Abstract(s)
Nos últimos anos, as empresas portuguesas foram confrontadas com problemas de gestão cambial significativos, em mercados importantes como a Angola e o Brasil. Estes desafios são cíclicos e desde 1973, com a implementação do sistema de câmbios variáveis, a gestão do risco cambial tornou-se num dos fatores chaves da gestão financeira a nível global. Este estudo teve como propósito entender se as evidências encontradas em estudos internacionais se aplicavam a Portugal. Fizemo-lo através de dois estudos de caso de grupos fortemente expostos aos mercados internacionais e em particular aos de Brasil e de Angola. De um modo geral, as práticas de gestão do risco cambial da Efacec e da Nors são consistentes com os estudos realizados anteriormente ao nível de empresas não financeiras, que apontam para a prevalência da consistência entre práticas de cobertura das empresas portuguesas analisadas e as práticas de cobertura internacionais de 15 em 21.
In recent years, the Portuguese companies were confronted with significant foreign exchange management problems in important markets such as Angola and Brazil. These challenges are cyclical and, since 1973, with the implementation of the system of currency exchange, foreign exchange risk management has become one of the key factors of financial management at the global level. The purpose of this study was to understand if the evidence found in international studies applied to Portuguese companies. We did it through two case studies of Portuguese home-based groups, Efacec and Nors, heavily exposed to international markets, and in particular those of Brazil and Angola. In general, the exchange risk management practices of the Efacec and Nors are consistent with earlier studies at the level of non-financial companies, they point to the prevalence of consistency between the coverage practices of Portuguese companies analyzed and the international coverage practices.
In recent years, the Portuguese companies were confronted with significant foreign exchange management problems in important markets such as Angola and Brazil. These challenges are cyclical and, since 1973, with the implementation of the system of currency exchange, foreign exchange risk management has become one of the key factors of financial management at the global level. The purpose of this study was to understand if the evidence found in international studies applied to Portuguese companies. We did it through two case studies of Portuguese home-based groups, Efacec and Nors, heavily exposed to international markets, and in particular those of Brazil and Angola. In general, the exchange risk management practices of the Efacec and Nors are consistent with earlier studies at the level of non-financial companies, they point to the prevalence of consistency between the coverage practices of Portuguese companies analyzed and the international coverage practices.
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Keywords
Risco cambial Gestão de risco Técnicas de cobertura Currency risk Risk management Hedging techniques