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A criação de valor nas empresas portuguesas exportadoras para o mercado extracomunitário
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Orientador(es)
Resumo(s)
Este trabalho de investigação tem como objetivo identificar os determinantes da criação de valor das maiores empresas portuguesas exportadoras para os mercados extracomunitários. Começou-se por realizar um enquadramento teórico onde foram desenvolvidos vários temas relacionados com a lógica da criação de valor. Para, além disso, foi efetuada uma reflexão sobre os principais indicadores de avaliação da criação de valor referidos na bibliografia, bem como, sobre o conceito de custo do capital. O estudo empírico debruçou-se sobre as 250 maiores empresas portuguesas exportadoras para o mercado extracomunitário, tendo como referência os dados económicos e financeiros do exercício de 2015, obtidos na base de dados SABI (Sistema de Análise de Balanços Ibéricos). Os resultados da investigação evidenciam que são os resultados da atividade que influenciam verdadeiramente a capacidade de criação de valor, e em especial as rubricas da atividade operacional, diretamente associadas ao negócio desenvolvido pelas empresas. Verificou-se igualmente, que o custo do capital investido, era bastante reduzido face à rendibilidade criada, o que sugere que estas empresas ainda apresentam uma grande capacidade para se financiarem com capitais alheios e dessa forma, alavancarem o crescimento do seu negócio e a sustentabilidade financeira ao longo do tempo. Para além disso, parecem existir evidências de que a internacionalização para os mercados extracomunitários tem proporcionado uma maior rentabilização dos negócios, contribuindo para a sustentabilidade das empresas e da economia nacional.
ABSTRACT: This research aimed to identify the determinants of the value creation of the largest portuguese exporting companies to the extra-community markets. A theoretical framework was developed in which various topics related to value creation logic were developed. In addition, a reflection was made on the main value creation indicators mentioned in the bibliography, as well as on the concept of cost of capital. The empirical study focused on the 250 largest Portuguese exporting companies for the extra-communit market, based on the economic and financial data for the year 2015, obtained in the database SABI (System of Analysis of Iberian Balance Sheets). The research results show that is the results of the activity that truly influence the capacity to create value, especially the operational activity variables, directly associated with the business developed by the companies. It was also found that the cost of invested capital was very low compared to the profitability created, suggesting that these companies still have a great capacity to finance themselves with foreign capital and, thus, to leverage the growth of their business and sustainability over time. In addition, it seems to be evidence that internationalization for extra-community market has led to greater profitability of business, contributing to the sustainability of companies and the national economy.
ABSTRACT: This research aimed to identify the determinants of the value creation of the largest portuguese exporting companies to the extra-community markets. A theoretical framework was developed in which various topics related to value creation logic were developed. In addition, a reflection was made on the main value creation indicators mentioned in the bibliography, as well as on the concept of cost of capital. The empirical study focused on the 250 largest Portuguese exporting companies for the extra-communit market, based on the economic and financial data for the year 2015, obtained in the database SABI (System of Analysis of Iberian Balance Sheets). The research results show that is the results of the activity that truly influence the capacity to create value, especially the operational activity variables, directly associated with the business developed by the companies. It was also found that the cost of invested capital was very low compared to the profitability created, suggesting that these companies still have a great capacity to finance themselves with foreign capital and, thus, to leverage the growth of their business and sustainability over time. In addition, it seems to be evidence that internationalization for extra-community market has led to greater profitability of business, contributing to the sustainability of companies and the national economy.
Descrição
Palavras-chave
Criação de valor Internacionalização Rendibilidade Value creation Internationalization Profitabibity
Contexto Educativo
Citação
TEIXEIRA, Nuno ; DOMINGOS, Felisbela ; BRITES, Rui (2019) - A criação de valor nas empresas portuguesas exportadoras para o mercado extracomunitário = Creation of value in portugueses exporters for the extra community market. GESTIN. ISSN 1645-2534. Ano 15, nº 18/19, p. 255-273.
Editora
Escola Superior de Gestão de Idanha-a-Nova