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Financing conditions and sustainability of SMEs in Portugal

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Resumo:Bearing in mind the vital role played by Small and Medium-sized Enterprises (SMEs) in the economy of Portugal and many other countries, the increase in the number of companies in a process of bankruptcy and the shortened amount of long-term loans granted to SMEs during the period of economic downturn, this research paper aims to investigate to what extent the level of access to finance for SMEs restricts its sustainability. For this purpose, it is developed an econometric model that uses indicators of financing conditions to which companies are subject and relates to representative financial ratios of the concept of sustainability. The model uses aggregate data collected from all companies operating in the country during the period under review and is applied twice in order to ensure that the results point in the same direction in both cases. Firstly, the data is organized by region and then, with a more extensive set of data, it is organized by industry. The findings reveal that longterm loans have a positive impact in the following accounting categories of SMEs: profitability, coverage and activity, thereby contributing to an improvement in their financial sustainability in these areas. However, at the same time, an increase in financial leverage is also registered, which is considered undesirable for the sustainability of companies. In addition, when compared to SMEs, large companies show a less strong impact on all ratios considered in the analysis.
Autores principais:Furtado, Ivo Miguel de Andrade Álvares
Assunto:Credit conceded Bank lending Financial sustainability SME financing Gestão financeira Crédito Empréstimo bancário Sustentabilidade Financiamento PME Pequenas e Médias Empresas Crédito Concedido Sustentabilidade Financeira Financiamento PME
Ano:2015
País:Portugal
Tipo de documento:dissertação de mestrado
Tipo de acesso:acesso restrito
Instituição associada:ISCTE
Idioma:inglês
Origem:Repositório ISCTE

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