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The determinants of current ratio on Portuguese Tourism industry
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O Turismo é uma atividade económica importante em muitos países do mundo, mas assume um papel fundamental em países de pequena dimensão como Portugal dado o impacto positivo na economia através da criação de emprego e riqueza.
Este estudo pretende investigar os determinantes dos current ratio na indústria do turismo em Portugal. A análise baseou-se nos dados extraídos dos relatórios de contas anuais das empresas de turismo Portuguesas no período de 2010-2013.
De modo a testar a hipótese presente neste estudo foi utilizado um modelo robusto de análise de dados em painel, no qual se usou as metodologias OLS, efeitos fixos e efeitos aleatórios. Os resultados do primeiro modelo, utilizando a metodologia de efeitos aleatórios, revelam um impacto positivo e estatisticamente significativo no current ratio por parte a rentabilidade e a idade, e negativo no caso da alavancagem financeira, tamanho da empresa, número de dias de contas a pagar e número de dias de inventário. O segundo modelo apresenta um impacto positivo da rentabilidade, idade e ciclo de conversão de liquidez, e negativo da alavancagem financeira e tamanho da empresa sobre a variável dependente. Estes resultados são consistentes com vários estudos anteriores, embora não haja provas estatisticamente significativas da relação entre o número de dias de recebimentos e o current ratio.
Tourism is an important economic activity in most countries around the world but, for small countries like Portugal, it has a fundamental role due to its positive impact in the economy through the creation of jobs and wealth. This study aims to investigate the determinants of current ratio on the Portuguese tourism industry. The analysis was based on data extracted from the annual reports of the Portuguese tourism companies for the period of 2010-2013. In order to test the study hypothesis a robust panel data analysis was used, including pooled OLS, fixed effects and random effects methodologies. The results from the first model, using the random effects methodology, reveal a significant positive statistical impact on current ratio by profitability and age, and a negative by leverage, size, account payable days and inventory days. The second model presents a positive impact of profitability, age and cash conversion cycle and a negative of leverage and size on the dependent variable. These findings are consistent with several previous studies, although there is no prove of statistically significant relationship between account receivable days and current ratio.
Tourism is an important economic activity in most countries around the world but, for small countries like Portugal, it has a fundamental role due to its positive impact in the economy through the creation of jobs and wealth. This study aims to investigate the determinants of current ratio on the Portuguese tourism industry. The analysis was based on data extracted from the annual reports of the Portuguese tourism companies for the period of 2010-2013. In order to test the study hypothesis a robust panel data analysis was used, including pooled OLS, fixed effects and random effects methodologies. The results from the first model, using the random effects methodology, reveal a significant positive statistical impact on current ratio by profitability and age, and a negative by leverage, size, account payable days and inventory days. The second model presents a positive impact of profitability, age and cash conversion cycle and a negative of leverage and size on the dependent variable. These findings are consistent with several previous studies, although there is no prove of statistically significant relationship between account receivable days and current ratio.
Descrição
Mestrado em Finanças
Palavras-chave
Current Ratio Working Capital Management Portuguese Tourism Industry Regression Analysis
Contexto Educativo
Citação
Jerónimo, Duarte Francisco Reis (2015). "The determinants of current ratio on Portuguese Tourism industry". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão