Publicação
To invest or not to invest? The factors that solve the question - in depth analysis of hospitality sector
| Resumo: | We examine macroeconomic and microeconomic factors that influence investment decisions taken by Portuguese SMEs. We find from a macroeconomic perspective, the EPU index, interest rate and inflation to be statistically significant and to drive down the investment rate, whereas the GDP growth rate has a positive impact. From a microeconomic perspective, we find lagged investment, EBITDA margin, lagged retention ratio, long-term debt, tangible collateralizable assets and firm size to be statistically significant factors positively influencing investment, whereas lagged effective tax rate and financing costs have a negative effect. In addition, motivated by the statistical relevance of collateralizable assets in explaining investments, we explore how bank financing can evolve within the context of a digital economy. Finally, we perform a sectorial analyses over the hospitality sector. We find that different factors affect investment in this sector |
|---|---|
| Autores principais: | Botelho, Afonso Fontes da Silveira |
| Assunto: | Investment decisions Smes Bank financing Macroeconomic factors Microeconomic factors Intangibles Portugal Hospitality sector |
| Ano: | 2023 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade Nova de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório Institucional da UNL |
| Resumo: | We examine macroeconomic and microeconomic factors that influence investment decisions taken by Portuguese SMEs. We find from a macroeconomic perspective, the EPU index, interest rate and inflation to be statistically significant and to drive down the investment rate, whereas the GDP growth rate has a positive impact. From a microeconomic perspective, we find lagged investment, EBITDA margin, lagged retention ratio, long-term debt, tangible collateralizable assets and firm size to be statistically significant factors positively influencing investment, whereas lagged effective tax rate and financing costs have a negative effect. In addition, motivated by the statistical relevance of collateralizable assets in explaining investments, we explore how bank financing can evolve within the context of a digital economy. Finally, we perform a sectorial analyses over the hospitality sector. We find that different factors affect investment in this sector |
|---|