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06.08.2018

The financial sustainability of Portuguese Private Institutions of Social Solidarity: are the critical regions preserved from the fade?

verfasst von: Paulo Mourao, Luis Gonçalves

Erschienen in: Quality & Quantity | Ausgabe 2/2019

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Abstract

The objective of this work was to financially analyze the balance sheets and financial reports from a sample of Portuguese non-profit organizations. These organizations were observed in a certain region (Bragança) of the inner area of Portugal in the austerity period between 2011 and 2014. We detected that most of these institutions followed a convergent path for their major financial variables. We particularly studied the sales’ volume, the ratio of dependence on public support, the employees’ expenses and the earnings before taxes, interests and depreciations. Our estimations, by System of Generalized Method of Moments, also evidenced that the size of each institution interfered with the sales’ profile and with the level of employees’ expenses.

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To minimize the number of instruments, we use the collapse sub-option for the GMM-style instruments.

We identify the year dummies as strictly exogenous variables. As we used xtabond2, the (remaining) non-strictly exogenous variables are considered within ‘gmm suboption.’ Following the literature, the depreciation values and financial costs are treated as predetermined, and there is a lag used as an instrument for these variables. The own work is considered an endogenous variable (and there are two lags used as instruments for these variables).

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Titel: The financial sustainability of Portuguese Private Institutions of Social Solidarity: are the critical regions preserved from the fade?
verfasst von: Paulo Mourao
Luis Gonçalves
Publikationsdatum: 06.08.2018
Verlag: Springer Netherlands
Erschienen in: Quality & Quantity / Ausgabe 2/2019
Print ISSN: 0033-5177
Elektronische ISSN: 1573-7845
DOI: https://doi.org/10.1007/s11135-018-0803-9

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