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Abstract(s)
Esta tese foi realizada no âmbito do Trabalho Final de Mestrado de Gestão da Católica Porto
Business School da Universidade Católica Portuguesa.
O tema consiste num estudo económico-financeiro de dois setores nacionais da indústria
metalúrgica e metalomecânica, no período entre 2006 a 2015. São eles o setor metalúrgico de
base e o setor de produtos metálicos, exceto máquinas e equipamentos. O objetivo deste estudo
foi o de compreender e explicar o desempenho económico-financeiro comparativo e no tempo
destes importantes setores para a economia nacional e analisar os seus principais
determinantes.
A revisão da literatura permitiu comprovar a importância e a utilidade que a análise
económico-financeira através de indicadores de desempenho representa para as empresas e
para os diversos stakeholders, assim como as interdependências que existem entre os referidos
indicadores.
O modelo desenvolvido tem por base dados primários de todas as empresas nacionais
registadas em cada um dos setores, no período considerado. Através dos mesmos foi possível
obter um conjunto de indicadores de desempenho de cada um dos setores, nomeadamente, os
valores medianos e restantes quartis de desempenho. Tendo em consideração que as empresas
de cada setor são distintas em termos de dimensão e de estrutura de capital, decidiu-se por
segmentar a análise de acordo com estas duas importantes dimensões do desempenho. A
referida opção permitiu tornar o estudo económico-financeiro mais objetivo e menos
enviesado, na medida em que cada quartil reúne empresas idênticas, quer seja em termos de
dimensão quer seja em termos de estrutura de capital.
Relativamente às ilações que se pode retirar do modelo de análise, é possível inferir que para
o setor metalúrgico de base o desempenho está positivamente correlacionado com a dimensão
e negativamente correlacionado com o endividamento. Para o setor de produtos metálicos, as
relações não são tão evidentes, mas o desempenho parece negativamente correlacionado com
a dimensão e positivamente associado ao endividamento, em particular no último subperíodo,
ou seja, entre 2013-2015.
This thesis was performed within the scope of the Management Master’s Final Assignment of Católica Porto Business School of the Universidade Católica Portuguesa. The topic consists in an economic-financial study of two national industry sectors between 2006 and 2015: the manufacture of basic metals and the manufacture of fabricated metal products, except machinery and equipment. The goal of this study was to understand and explain the comparative economic-financial performance of these crucial sectors for the Portuguese economy over these years, analyse its main determinants and also to emphasise their importance in the metalworking industry. The literature review evidenced the importance and the utility that an economic-financial analysis through performance indicators has for the firms and for the different stakeholders, as well as the interdependencies that exist between the referred indicators. The developed model is based on the primary data of all national companies registered in each sector, in the period considered. These data allowed to obtain a set of performance indicators for each sector, namely the median and the other quartiles performance values. Taking into consideration that the companies of each sector are distinct in what concerns dimension and capital structure, it was decided to segment the analysis according to these two important performance dimensions. The above-stated option turned the financial and economic study more objective and less biased, since each quartile includes identical companies in what concerns dimension and capital structure. Regarding the conclusions that can be withdrawn from the analysis model, it is possible to infer that for the manufacture of basic metals sector the performance is positively correlated with the dimension and negatively correlated with the degree of indebtedness. For the manufacture of fabricated metal products sector, these relationships are not so clear, although it seems that the performance is negatively correlated with the dimension and positively associated with the degree of indebtedness, especially in the last sub-period.
This thesis was performed within the scope of the Management Master’s Final Assignment of Católica Porto Business School of the Universidade Católica Portuguesa. The topic consists in an economic-financial study of two national industry sectors between 2006 and 2015: the manufacture of basic metals and the manufacture of fabricated metal products, except machinery and equipment. The goal of this study was to understand and explain the comparative economic-financial performance of these crucial sectors for the Portuguese economy over these years, analyse its main determinants and also to emphasise their importance in the metalworking industry. The literature review evidenced the importance and the utility that an economic-financial analysis through performance indicators has for the firms and for the different stakeholders, as well as the interdependencies that exist between the referred indicators. The developed model is based on the primary data of all national companies registered in each sector, in the period considered. These data allowed to obtain a set of performance indicators for each sector, namely the median and the other quartiles performance values. Taking into consideration that the companies of each sector are distinct in what concerns dimension and capital structure, it was decided to segment the analysis according to these two important performance dimensions. The above-stated option turned the financial and economic study more objective and less biased, since each quartile includes identical companies in what concerns dimension and capital structure. Regarding the conclusions that can be withdrawn from the analysis model, it is possible to infer that for the manufacture of basic metals sector the performance is positively correlated with the dimension and negatively correlated with the degree of indebtedness. For the manufacture of fabricated metal products sector, these relationships are not so clear, although it seems that the performance is negatively correlated with the dimension and positively associated with the degree of indebtedness, especially in the last sub-period.
Description
Keywords
Dimensão Estrutura de capital Indicadores económico-financeiros Setor metalúrgico de base Setor de produtos metálicos Indústria metalúrgica e metalomecânica Dimension Capital structure Economic-financial indicators Manufacture of basic metals sector Manufacture of fabricated metal products Metalworking industry