Investimento Empresarial em Portugal: Crise e Recuperação
Fernando Alexandre (),
Pedro Bação,
Carlos Carreira (),
João Cerejeira (),
Gilberto Loureiro (),
António Martins () and
Miguel Portela ()
Additional contact information
Fernando Alexandre: Escola de Economia e Gestão - Universidade do Minho
Gilberto Loureiro: Escola de Economia e Gestão da Universidade do Minho
António Martins: CeBER and Faculdade de Economia da Universidade de Coimbra
Miguel Portela: Escola de Ecomia e Gestão da Universidade do Minho
Notas Económicas, 2018, issue 46, 71-98
Abstract:
In this paper we provide a description and tentative explanations for the evolution of business investment in Portugal in recent years. Naturally, the feature that stands out is the abrupt fall in investment after the beginning of the international financial crisis. Net of capital depreciation, private investment actually became negative; only in 2017 did it became positive again. Our analysis suggests that the main driver of investment has been excess capacity relative to demand. Another important element has been the state of producers’ confidence. On the other hand, the cost of capital seems to have had a relatively small role, although indebtedness and the cash flow appear to have some influence on investment decisions. The more dynamic firms are especially sensitive to cash flows. Our analysis also suggests that the last few years have been characterized by high levels of zombie firms, although in 2016 the percentage of zombie firms declined considerably. Another recent piece of good news is the increase of tradable sectors’ share in corporate investment. These elements indicate that the Portuguese economy may be undergoing a process of structural change.
Keywords: Financial crisis; financial frictions; investment; Portugal; zombie firms (search for similar items in EconPapers)
JEL-codes: D22 D25 E22 E27 (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:
Downloads: (external link)
https://impactum-journals.uc.pt/notaseconomicas/article/view/2183-203X_46_4/4887 (application/pdf)
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:gmf:journl:y:2017:i:45:p:71:98
DOI: 10.14195/2183-203X_46_4
Access Statistics for this article
Notas Económicas is currently edited by Pedro Cerqueira and Carlos Carreira
More articles in Notas Económicas from Faculty of Economics, University of Coimbra Contact information at EDIRC.
Bibliographic data for series maintained by Sofia Antunes ().