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Gestão do Financiamento de Curto Prazo no Setor da Aviação: O Caso da TAP Air Portugal
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Abstract(s)
Através de uma análise empírica, a presente investigação tem como objetivo principal a evidência de quais os fatores determinantes da Variação do FM no setor da aviação, concretamente na Europa. A análise quantitativa considera o período de 2012 a 2016, sendo a amostra constituída por 11 companhias aéreas europeias cotadas em bolsa. Os resultados obtidos indicam que a Variação do FM é altamente influenciada pelo Tobin’s Q, a Dimensão da empresa e o Resultado Operacional. Deste modo, observou-se que as empresas com maior valor de mercado e dimensão tendem a demonstrar uma menor variabilidade do seu FM. Adicionalmente, os resultados constatam que quanto maior o Resultado Operacional da empresa, menos estável é a Variação do FM.
No que respeita a componente do trabalho relativa à TAP Air Portugal, considerando informação qualitativa e a análise de ferramentas de gestão, verificou-se que a TAP apresenta uma política de GFM agressiva. Isto deve-se, maioritariamente, à sua estrutura de financiamento e ao setor onde está inserida, sendo que o FM desta indústria é tendencialmente negativo.
Through an empirical analysis, the main objective of this research is to evidence the factors that most influence the Working Capital Variation in the airline European industry. The quantitative analysis considers a period between 2012 and 2016, considering a sample of 11 European airline companies in the stock market. The results suggest that the Variation of Working Capital is highly influenced by the Tobin’s Q ratio, the Size of the company and the Operational Income. Thus, it was observed that companies with higher market value and Size tend to show less variability in their Working Capital. Additionally, the higher the Operational Income, the less stable is the Working Capital Variation. Concerning the study component regarding TAP Air Portugal, considering qualitative information and the analysis of management tools, it was shown that TAP has an aggressive working capital policy. This is mainly due to its financing structure and the sector in which it is inserted, with a Working Capital usually negative.
Through an empirical analysis, the main objective of this research is to evidence the factors that most influence the Working Capital Variation in the airline European industry. The quantitative analysis considers a period between 2012 and 2016, considering a sample of 11 European airline companies in the stock market. The results suggest that the Variation of Working Capital is highly influenced by the Tobin’s Q ratio, the Size of the company and the Operational Income. Thus, it was observed that companies with higher market value and Size tend to show less variability in their Working Capital. Additionally, the higher the Operational Income, the less stable is the Working Capital Variation. Concerning the study component regarding TAP Air Portugal, considering qualitative information and the analysis of management tools, it was shown that TAP has an aggressive working capital policy. This is mainly due to its financing structure and the sector in which it is inserted, with a Working Capital usually negative.
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Keywords
TAP Air Portugal Aviação Fundo de maneio Gestão Estratégia Rentabilidade