Fatores determinantes do desempenho das empresas portuguesas cotadas

Abstract

The objective of this study is to analyze the determinants of the performance of Portuguese firms, which is very important for the efficient management of any organization. In this context, we consider a sample of non-financial firms listed on Euronext Lisbon between 2010 and 2015, and the panel data methodology is used. It is investigated whether some factors influence the firms’ performance, measuring this through the variables ROA, and Tobin’s Q. Overall, the results show that liquidity, leverage and market-to book influence firm performance. When we use Tobin's Q as a market measure, gross domestic product also appears as a variable explaining the performance of Portuguese companies.