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To invest or not to invest? The factors that solve the question - in depth analysis of hospitality sector
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Orientador(es)
Resumo(s)
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
Descrição
Palavras-chave
Investment decisions Smes Bank financing Macroeconomic factors Microeconomic factors Intangibles Portugal Hospitality sector