<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0123-5923</journal-id>
<journal-title><![CDATA[Estudios Gerenciales]]></journal-title>
<abbrev-journal-title><![CDATA[estud.gerenc.]]></abbrev-journal-title>
<issn>0123-5923</issn>
<publisher>
<publisher-name><![CDATA[Universidad Icesi]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0123-59232022000300334</article-id>
<article-id pub-id-type="doi">10.18046/j.estger.2022.164.5104</article-id>
<title-group>
<article-title xml:lang="pt"><![CDATA[As determinantes do desempenho econômico-financeiro das PME: o papel do capital estrangeiro]]></article-title>
<article-title xml:lang="en"><![CDATA[Determinants of the SMEs&#8217; economical and financial performance: The role of foreign capital]]></article-title>
<article-title xml:lang="es"><![CDATA[Los determinantes del desempeño económico y financiero de las pymes: la función del capital extranjero]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pacheco]]></surname>
<given-names><![CDATA[Luis]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pedrinho]]></surname>
<given-names><![CDATA[Bruno]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Portucalense Departamento de Economia e Gestão ]]></institution>
<addr-line><![CDATA[Porto ]]></addr-line>
<country>Portugal</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Aveiro Departamento de Economia ]]></institution>
<addr-line><![CDATA[Aveiro ]]></addr-line>
<country>Portugal</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2022</year>
</pub-date>
<volume>38</volume>
<numero>164</numero>
<fpage>334</fpage>
<lpage>346</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0123-59232022000300334&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0123-59232022000300334&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0123-59232022000300334&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo As pequenas e médias empresas (PME) são uma importante componente da estrutura empresarial portuguesa. Devido às suas características intrínsecas, estas tornam-se um alvo atrativo de investimento por parte de forças extranacionais, o que tem consequências a nível económico-financeiro, mais especificamente ao nível da rendibilidade. É amplo o debate acerca da influência do capital estrangeiro, com autores a defender a sua importância e outros a sua não significância em termos de rendibilidade. O objetivo geral deste estudo é verificar qual o impacto do capital estrangeiro na rendibilidade das PME. Através da análise de dados para 5.667 PME portuguesas, dos mais diversos setores de atividade e para o período de 2014 a 2018, é empregue uma regressão de dados em painel, mais especificamente o modelo de efeitos aleatórios. Para além da amostra completa, são igualmente realizadas regressões com a amostra segmentada entre micro, pequenas e médias empresas e empresas pertencentes à indústria transformadora ou ao comércio por grosso. Os resultados evidenciam que a origem externa do capital não exerce qualquer influência significativa na rendibilidade daquelas empresas. Classificações JEL: F23, G32.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Small and medium enterprises (SMEs) are essential components of the Portuguese business structure. Due to their intrinsic features, they become an enticing target for foreign investors, causing consequences in all business levels, more importantly at an economic and financial level, more specifically at profitability. At an international level, the debate about its influence on profitability is broad, with one side of the argument defending the importance of foreign ownership on profitability, and the other advocating for its irrelevance. O objective of this study is to verify the impact of foreign capital on SMEs&#8217; profitability. With the study of a sample of 5.667 Portuguese SMEs, from a broad range of activity sectors and for the period 2014-2018, it is used a random effects model for panel data analysis. Besides the complete sample, the data is also analyzed distinguishing between micro, small and medium firms and between firms pertaining to the manufacturing or commercial sectors. The results evidence that he foreign source of the capital does not have a significant impact on the profitability of SMEs.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Las pequeñas y medianas empresas (pymes) son elementos esenciales de la estructura empresarial en Portugal. Debido a sus características intrínsecas, se convierten en un objetivo atractivo para los inversionistas extranjeros, lo que trae consecuencias en el ámbito financiero y económico, particularmente en la rentabilidad. A nivel internacional, el debate sobre su influencia en la rentabilidad es amplio, con una parte que defiende la importancia de la propiedad extranjera en la rentabilidad, y la otra su irrelevancia. La muestra de este estudio está compuesta de 5667 pymes portuguesas de diversos sectores y cubre el periodo de 2014 a 2018. Se usó un modelo de efectos aleatorios para análisis de datos de panel. Además de la muestra completa, también se realizan análisis con la muestra segmentada entre microempresas, pequeñas y medianas empresas y empresas pertenecientes a la industria manufacturera o al comercio al por mayor. Los resultados muestran que el capital extranjero no tiene una influencia significativa en la rentabilidad de las pymes.]]></p></abstract>
<kwd-group>
<kwd lng="pt"><![CDATA[PME]]></kwd>
<kwd lng="pt"><![CDATA[rendibilidade do ativo]]></kwd>
<kwd lng="pt"><![CDATA[capital sob propriedade estrangeira]]></kwd>
<kwd lng="pt"><![CDATA[modelo de efeitos aleatórios]]></kwd>
<kwd lng="en"><![CDATA[SME]]></kwd>
<kwd lng="en"><![CDATA[return on assets]]></kwd>
<kwd lng="en"><![CDATA[foreign ownership]]></kwd>
<kwd lng="en"><![CDATA[random effects model]]></kwd>
<kwd lng="es"><![CDATA[pyme]]></kwd>
<kwd lng="es"><![CDATA[rendimiento de los activos]]></kwd>
<kwd lng="es"><![CDATA[propiedad extranjera]]></kwd>
<kwd lng="es"><![CDATA[modelo de efectos aleatorios]]></kwd>
</kwd-group>
</article-meta>
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