ISCAP - DM- Finanças Empresariais
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Browsing ISCAP - DM- Finanças Empresariais by Author "Cabral, Cátia Rafaela Santos"
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- Estrutura de propriedade e dívida como mecanismo de governo das sociedades: uma análise empírica para PME industriais portuguesasPublication . Cabral, Cátia Rafaela Santos; Silva, Armando Mendes Jorge Nogueira daComprehending that the portuguese business fabric is mostly dominated by small and medium-sized enterprises (SME’s), caracterized by a concentrated ownership structure where usually the shareholders are themselves the entities managers, the conflict of interests between main shareholders are part of the theme of corporate governance with more relevance than the other conflicts between the different stakeholders. This study aims to analyze the relationship between the Ownership Propriety and Corporate Debt, this as a form of Corporate Governance mechanism. The analysis is based on the level of existing debt on companies, due to conflict of intererests related to ownership concentration, type of main shareholder and number of shareholders that companies comprehend. On a sample of 5.918 portuguese small and medium-sized enterprises, between 2010 and 2018, the study shows a positive influence of ownership concentration on debt, giving rise to evidence that the concentration of ownership, through debt, helps to reduce conflicts of interest among shareholders. On the other hand, regarding the relationship of debt with the type of main shareholder, the study showed that when it comes to a family shareholder, there is a positive influence on indebtedness, showing that family businesses, on average, eventually use more debt capital to reduce conflicts between shareholders. Finally, as the number of share capital holders is used to measure the shareholder structure, the study concluded that there is a negative influence employed by the number of shareholders on indebtedness, indicating that the greater the number of shareholders within a company, on average, greater is the preference for financing their projects with equity rather than resorting to external financing, as creditors retain part of their income.