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Publication
Influência das taxas de juro e da dívida nas decisões de investimento : evidências nas empresas da Zona Euro
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Authors
Abstract(s)
Esta dissertação analisa a influência das taxas de juro e da dívida nas decisões de investimento, como foco principal, tendo investigado também outras variáveis relevantes.
O trabalho foi realizado recorrendo-se a dados de 19 países da Zona Euro, cuja amostra utilizada abrangeu o período contabilístico de 1998 a 2017, e permitiu analisar os países de uma forma individualizada, assim como agregada. Foi estimado um modelo de investimento, procurando-se testar o efeito da interação conjunta da volatilidade das taxas de juro e da dívida nas decisões de investimento das empresas da Zona Euro. Posteriormente, foram adicionadas novas variáveis ao modelo, com o objetivo de testar a sua influência no desempenho do investimento.
Os resultados demonstram que as taxas de juro, a dívida, a interação conjunta entre a incerteza das taxas de juro e o nível de endividamento das empresas, os impostos, a rendibilidade do capital investido e a rendibilidade do capital próprio têm um impacto positivo nos investimentos realizados pelas empresas da Zona Euro. Por outro lado, o impacto negativo no investimento é evidenciado na relação com a incerteza (volatilidade das taxas de juro) e na interação entre esta e o nível de endividamento das empresas.
ABSTRACT: This dissertation aims to study the influence of interest rates and debt on investment decisions as well as of other relevant variables. The research was carried out using data from 19 countries of the Euro Area in the accounting period from 1998 to 2017, thus allowed a further analysis into set countries in an individualized as well as aggregated way. An investment model was estimated to test the effect of the joint interaction of the volatility of interest rates and debt on the investment decisions of the companies from the Euro Area. Subsequently, new variables were added to the estimated model to test their influence on investment performance. The results showed that interest rates, debt, the joint interaction between the interest rate uncertainty and the corporate indebtedness level, taxes, return on invested capital and return on equity have a positive impact on the investments made by companies from the Euro Area. On the other hand, a negative impact is evidenced in the relationship with the uncertainty (volatility of interest rates) and with the interaction between uncertainty and the level of indebtedness of companies.
ABSTRACT: This dissertation aims to study the influence of interest rates and debt on investment decisions as well as of other relevant variables. The research was carried out using data from 19 countries of the Euro Area in the accounting period from 1998 to 2017, thus allowed a further analysis into set countries in an individualized as well as aggregated way. An investment model was estimated to test the effect of the joint interaction of the volatility of interest rates and debt on the investment decisions of the companies from the Euro Area. Subsequently, new variables were added to the estimated model to test their influence on investment performance. The results showed that interest rates, debt, the joint interaction between the interest rate uncertainty and the corporate indebtedness level, taxes, return on invested capital and return on equity have a positive impact on the investments made by companies from the Euro Area. On the other hand, a negative impact is evidenced in the relationship with the uncertainty (volatility of interest rates) and with the interaction between uncertainty and the level of indebtedness of companies.
Description
Dissertação de Mestrado, Ciências Económicas e Empresariais, especialização em Finanças, 17 junho de 2019, Universidade dos Açores.
Keywords
Dívida Economia Investimento Taxa de Juro Debt Interest Rates Investment Euro Area
Citation
Andrade, Rodrigo Azevedo. "Influência das taxas de juro e da dívida nas decisões de investimento: evidências nas empresas da Zona Euro". 2019. 87 p.. (Dissertação de Mestrado em Ciências Económicas e Empresariais). Ponta Delgada: Universidade dos Açores, 2019. [Consult. Dia Mês Ano]. Disponível em www:<http://hdl.handle.net/10400.3/5204>.