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O impacto da COVID-19 nos determinantes da estrutura de capitais no setor têxtil em Portugal
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Abstract(s)
O presente estudo empírico tem como objetivo analisar o impacto da crise
pandémica da COVID-19 na estrutura de capitais das pequenas e médias empresas
portuguesas do setor têxtil.
Para este estudo, a revisão de literatura baseou-se nas principais teorias sobre a
estrutura de capitais, inicialmente por Durand (1952), em seguida de Modigliani e Miller
(1958), teoria dos custos de agência (1976), teoria do trade off (1984) e teoria da pecking
order (1984).
De acordo com a literatura, recorreu-se ao estudo de alguns determinantes da
estrutura de capitais: dimensão, rendibilidade, crescimento, tangibilidade, benefícios
ficais não decorrentes da dívida e risco de negócio deram origem às hipóteses formuladas.
Assim, realizou-se um estudo quantitativo, através de um modelo de regressão
linear múltipla, de modo a analisar o impacto dos determinantes descritos anteriormente.
De forma a constatar quais são os principais determinantes que influenciam as decisões
da estrutura de capitais das empresas em análise.
Com isto, é utilizado um painel de dados balanceado, estimado a partir de um
modelo de efeitos fixos. A amostra é constituída por 173 empresas para o período entre
2016 e 2021 do setor têxtil, obtida através da SABI.
Os principais resultados obtidos demonstram que o impacto da crise resultou na
diminuição do endividamento no espectro temporal em análise. Com os resultado deste
trabalho, foi possível concluir que o comportamento dos determinantes estudados
demonstra que a teoria da pecking order é a teoria que mais reflete o comportamento das
empresas têxteis portuguesas.
This empirical study aims to analyse the impact of the COVID-19 pandemic crisis on the capital structure of small and medium-sized portuguese companies in the textile sector. For this study, the literature review was based on the main theories of capital structure, initially by Durand (1952), followed by Modigliani and Miller (1958), agency cost theory (1976), trade off theory (1984) and pecking order theory (1984). According to the literature, a number of capital structure determinants were studied: size, profitability, growth, tangibility, non-debt tax benefits and business risk gave rise to the hypotheses formulated. A quantitative study was therefore carried out using a multiple linear regression model in order to analyse the impact of the determinants described above. In order to ascertain which are the main determinants that influence the capital structure decisions of the companies being analysed. To this end, a balanced data panel is used, estimated using a fixed effects model. The sample consists of 173 companies for the period between 2016 and 2021 in the textile sector, obtained from SABI. The main results obtained show that the impact of the crisis has resulted in a decrease in indebtedness over the period analysed. With the results of this work, it was possible to conclude that the behaviour of the determinants studied shows that pecking order theory is the theory that most reflects the behaviour of Portuguese textile companies.
This empirical study aims to analyse the impact of the COVID-19 pandemic crisis on the capital structure of small and medium-sized portuguese companies in the textile sector. For this study, the literature review was based on the main theories of capital structure, initially by Durand (1952), followed by Modigliani and Miller (1958), agency cost theory (1976), trade off theory (1984) and pecking order theory (1984). According to the literature, a number of capital structure determinants were studied: size, profitability, growth, tangibility, non-debt tax benefits and business risk gave rise to the hypotheses formulated. A quantitative study was therefore carried out using a multiple linear regression model in order to analyse the impact of the determinants described above. In order to ascertain which are the main determinants that influence the capital structure decisions of the companies being analysed. To this end, a balanced data panel is used, estimated using a fixed effects model. The sample consists of 173 companies for the period between 2016 and 2021 in the textile sector, obtained from SABI. The main results obtained show that the impact of the crisis has resulted in a decrease in indebtedness over the period analysed. With the results of this work, it was possible to conclude that the behaviour of the determinants studied shows that pecking order theory is the theory that most reflects the behaviour of Portuguese textile companies.
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Keywords
Estrutura de capitais Endividamento Covid-19 Determinantes Capital structure Determinants Debt