A statistical analysis of companies’ financing strategies in Portugal during the COVID-19 pandemic

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dc.contributor.authorSantos, Eulália
dc.contributor.authorVasconcelos, Mafalda Venâncio de
dc.contributor.authorTavares, Vasco Capela
dc.contributor.authorTavares, Fernando Oliveira
dc.date.accessioned2023-02-15T10:51:04Z
dc.date.available2023-02-15T10:51:04Z
dc.date.issued2023-02-11
dc.description.abstractThis study aims to establish which sources of financing were used and the relevance of different banking products for Portuguese companies during the pandemic. We also intend to understand the determinants of companies’ financing options and what lies behind their decisions concerning the appropriate level of debt. A quantitative methodology was used, based on a questionnaire given to Portuguese companies to analyse different financing issues. The sample was composed of 1957 companies with a business volume of more than EUR 500,000 per year. The results show that Portuguese companies focused on managing liquidity and corporate risk. We found evidence that companies kept financing themselves by banking products such as in the pre-pandemic period, although 29.6% resorted to the LAE-COVID economy support line. Companies decide on the appropriate amount of debt based on the nature of the business, the phase of the life cycle in which the company is, the cash flows’ volatility, accounting results, credit rating, and fiscal benefits. Academicians and companies should master the concept of company financing and adopt strategies to consider the level of debt and refine the banking products to be used. Although the literature on business financial management usually claims that all crises are the same, the COVID-19 pandemic not only caused a recession but also forced people and companies to adapt to a new environment. Portuguese companies have shown resilience and focus on their adoption of good financing practices.pt_PT
dc.identifier.citationTavares, F. O., Santos, E., Vasconcelos , M. V., & Tavares, V. C. (2023). A statistical analysis of companies’ financing strategies in Portugal during the COVID-19 pandemic. Journal of Risk and Financial Management, 16(2), 1-17. https://doi.org/10.3390/jrfm16020116. Repositório Institucional UPT. http://hdl.handle.net/11328/4685pt_PT
dc.identifier.doihttps://doi.org/10.3390/jrfm16020116pt_PT
dc.identifier.issn1911-8066 (Print)
dc.identifier.issn1911-8074 (Electronic)
dc.identifier.urihttp://hdl.handle.net/11328/4685
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherMDPI - Multidisciplinary Digital Publishing Institutept_PT
dc.relation.publisherversionhttps://www.mdpi.com/1911-8074/16/2/116pt_PT
dc.rightsopen accesspt_PT
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/pt_PT
dc.subjectFinancial managementpt_PT
dc.subjectFinancing strategiespt_PT
dc.subjectCredit evaluationpt_PT
dc.subjectFinancial structurept_PT
dc.subjectAlternative forms of financingpt_PT
dc.titleA statistical analysis of companies’ financing strategies in Portugal during the COVID-19 pandemicpt_PT
dc.typejournal articlept_PT
degois.publication.firstPage1pt_PT
degois.publication.issue2pt_PT
degois.publication.lastPage17pt_PT
degois.publication.titleJournal of Risk and Financial Managementpt_PT
degois.publication.volume16pt_PT
dspace.entity.typePublicationen
person.affiliation.nameREMIT – Research on Economics, Management and Information Technologies
person.familyNameTavares
person.givenNameFernando Oliveira
person.identifier.ciencia-id7D1A-C7C3-7AE8
person.identifier.orcid0000-0002-9672-8770
person.identifier.scopus-author-id58489088300
relation.isAuthorOfPublicationa62490e5-4b80-4c2c-80dc-bd4773804967
relation.isAuthorOfPublication.latestForDiscoverya62490e5-4b80-4c2c-80dc-bd4773804967

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