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Explanatory Factors of the Capital Structure

2020Journal article Open access
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dc.contributor.authorSilva, Marta
dc.contributor.authorGomes, Luís
dc.contributor.authorLopes, Isabel Cristina
dc.date.accessioned2021-09-13T07:13:24Z
dc.date.available2021-09-13T07:13:24Z
dc.date.issued2020
dc.description.abstractThis paper presents an empirical study of the capital structure of Portuguese companies where the main objective is to find key explanatory factors for indebtedness decisions. The relations between indebtedness and its determinants are tested in the light of the Trade-Off Theory and the Pecking-Order Theory. The motivation of this work was to contribute to the scientific research on the influential determinants of the capital structure and to deepen the knowledge of the Portuguese market. The quantitative methodology is used, through an econometric model for panel data using accounting information of 55 Portuguese companies between 2014 and 2016. Statistical tests such as the F test, the Lagrange Multiplier Breusch-Pagan test and the Hausman test were used to identify the most appropriate method of estimation, which resulted in a panel data model with random effects for individuals. The findings of this study suggest that indebtedness have a positive relation with tangibility and the size of the company, which supports the Trade-Off Theory. However, the positive relationship with the non-debt tax benefits suggests the importance of taxes, contrary to Trade-Off Theory. The negative relationship with cash flows, coupled with the positive relationships between size and growth opportunities, suggest the use of funding only when internal funds become insufficient, supporting the Pecking-Order Theory. The general results support that both theories partially explain the financing decisions of Portuguese companies.pt_PT
dc.description.sponsorshiphis work is financed by Portuguese national funds through FCT - Fundação para a Ciência e Tecnologia, under the project UIDB/05422/2020.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.doi10.28991/esj-2020-01249pt_PT
dc.identifier.issn2610-9182
dc.identifier.urihttp://hdl.handle.net/10400.22/18354
dc.language.isoengpt_PT
dc.publisherItal Publicationspt_PT
dc.relation.publisherversionhttps://ijournalse.org/index.php/ESJ/article/view/379pt_PT
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/pt_PT
dc.subjectCapital structurept_PT
dc.subjectTrade-off theorypt_PT
dc.subjectPecking order theorypt_PT
dc.subjectIndebtednesspt_PT
dc.titleExplanatory Factors of the Capital Structurept_PT
dc.typejournal article
dspace.entity.typePublication
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/157644/PT
oaire.citation.endPage529pt_PT
oaire.citation.issue6pt_PT
oaire.citation.startPage519pt_PT
oaire.citation.titleEmerging Science Journalpt_PT
oaire.citation.volume4pt_PT
oaire.fundingStream6817 - DCRRNI ID
person.familyNameM. P. Gomes
person.familyNameLopes
person.givenNameLuís
person.givenNameIsabel Cristina
person.identifier2277025
person.identifier.ciencia-id3D1C-EBEA-6CE6
person.identifier.ciencia-idBC14-DF88-AEBC
person.identifier.orcid0000-0001-9792-1049
person.identifier.orcid0000-0002-4833-470X
person.identifier.ridHNP-5419-2023
person.identifier.ridL-7458-2017
person.identifier.scopus-author-id57204729388
person.identifier.scopus-author-id36185835200
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.nameFundação para a Ciência e a Tecnologia
rcaap.rightsopenAccesspt_PT
rcaap.typearticlept_PT
relation.isAuthorOfPublication770ceb21-6446-4672-83fa-29cddfdf4334
relation.isAuthorOfPublication70af5a18-432a-4ef9-862d-c5a79581c255
relation.isAuthorOfPublication.latestForDiscovery770ceb21-6446-4672-83fa-29cddfdf4334
relation.isProjectOfPublicatione7781604-d277-4710-b3fd-8b759ec9a920
relation.isProjectOfPublication.latestForDiscoverye7781604-d277-4710-b3fd-8b759ec9a920

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