企业成长机会与盈利能力:一种非线性关系

Zélia M. Serrasqueiro, Paulo J. Maçãs Nunes, Sequeira Tiago Neves Sequeira
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引用次数: 10

摘要

本文使用不同的面板估计,在葡萄牙股票市场的公司样本中,增长机会和盈利能力之间的关系是非线性的。研究结果表明,成长机会分布较低和较高的企业盈利能力较高,而处于成长机会分布中间的企业盈利能力较低。这些研究表明,在具有中等增长机会的公司中,经理和所有者之间的代理问题尤其相关,因为经理的行为似乎是为了同时增长和降低盈利能力。
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Firms’ growth opportunities and profitability: a nonlinear relationship
Using different panel estimators, this article shows that the relationship between growth opportunities and profitability is nonlinear in a sample of firms in the Portuguese Stock Market. These results highlight that firms with low and high growth opportunities tend to show high profitability and firms in the middle of the growth opportunities distribution have small profitability. These suggest that the agency problems between managers and owners are particularly relevant in firms with middle growth opportunities, as managers seem to act in order to simultaneously grow and decrease profitability.
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