O impacto das restrições financeiras no investimento e nas reservas de caixa das PME do setor da metalomecânica

Abstract

The main objective of this work is to analyze the impact of financial constraints on the investment and cash holdings of small and medium-sized Portuguese companies in the metalworking sector. The data was collected from the SABI database, from 2006 to 2016. Given the longitudinal structure of our data, the hypotheses were tested using panel data methodologies, namely by fixed effects models. Our results suggest that firms facing more financial constraints reveal greater investment sensitivity to the internal financing and save more money in relation to cash flows. On the other hand, our results suggest that exporters display higher investment and cash sensitivities to the cash flow than domestic firms. In addition, companies that export inside and outside the EU market appear to have greater sensitivity to their investment and cash holdings to the cash flow.