| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 674.6 KB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
Dada a relevância que a estrutrura de capitais apresenta numa empresa para o seu bom desempenho, este tema tem vindo a ganhar interesse e a ser estudado nos últimos tempos, sobretudo na área financeira. Este tema começou a surgir com os estudos levados a cabo por Modigliani e Miller (1958), desenvolvendo-se, posteriormente, outros trabalhos como é o caso da teoria do Trade Off e da teoria do Pecking Order. Contudo, pode-se dizer que não existe uma teoria ótima da estrutura de capitais dada a relativa divergência dos estudos e dos diversos modelos de organização, e, como refere Myers (2001, citado por Meira, 2015), a mesma não é necessária.
Assim sendo, e com a publicação de diversos estudos sobre a estrutura de capitais, despoletou-se um interesse por estudar se a crise financeira iniciada em Portugal em 2011 afetou a estrutura de capitais das empresas dos distritos de Bragança e Vila Real.
O painel da amostra é constituído por 1.436 empresas, utilizando-se, para o efeito, um conjunto de variáveis dependentes, independentes e de controlo para o período anual compreendido entre 2010 a 2019, e aplicando-se o modelo de efeitos fixos para estudar se a crise financeira (2010 a 2014) afetou ou não a estrutura de capitais destas empresas.
Os resultados obtidos revelam que as variáveis indepedentes rendibilidade, tangibilidade, dimensão, outros beneficios fiscais para além da dívida e a variável de controlo nível de internacionalização apresentam sinais opostos em épocas de crise (2010 a 2014) face a épocas de não crise (2015 a 2019), o que significa que a crise financeira apresenta impacto na estrutura de capitais das empresas presentes no estudo, sendo que em alguns casos a teoria explicativa deste fenómeno mais adaptada é a teoria do Pecking Order e noutras situações aplica-se melhor a teoria do Trade Off.
Given the relevance that the capital structure has in a company for its good performance, this topic has been gaining interest and being studied in recent times, especially in the financial area. This theme began to emerge with the studies carried out by Modigliani and Miller (1958), later developing other works such as the Trade Off theory and the Pecking Order theory. However, it can be said that there is no optimal theory of capital structure given the divergence of studies and the different models of organization, and as the author Myers (2001, cited by Meira, 2015) refers, it is not necessary. Therefore, and with the publication of several studies on the capital structure, an interest was triggered in studying whether the financial crisis that began in Portugal in 2011 affected the capital structure of companies in the districts of Bragança and Vila Real. The sample panel consists of 1,436 companies, using for this purpose a set of dependent, independent and control variables for the annual period from 2010 to 2019, and applying the fixed effects model to study whether the crisis (2010 to 2014) affected or not the capital structure of these companies. The results obtained show that the independent variables, profitability, tangibility, dimension, Other Tax Benefits beyond Debt and the control variable, level of internationalization, show opposite signs in times of crisis (2010 to 2014) compared to times of non-crisis (2015 to 2019), which means that the financial crisis has impacts on the capital structure of the companies present in the study, and in some cases the explanatory theory of this phenomenon is the Pecking Order theory and in other situations the Trade Off theory is applied.
Given the relevance that the capital structure has in a company for its good performance, this topic has been gaining interest and being studied in recent times, especially in the financial area. This theme began to emerge with the studies carried out by Modigliani and Miller (1958), later developing other works such as the Trade Off theory and the Pecking Order theory. However, it can be said that there is no optimal theory of capital structure given the divergence of studies and the different models of organization, and as the author Myers (2001, cited by Meira, 2015) refers, it is not necessary. Therefore, and with the publication of several studies on the capital structure, an interest was triggered in studying whether the financial crisis that began in Portugal in 2011 affected the capital structure of companies in the districts of Bragança and Vila Real. The sample panel consists of 1,436 companies, using for this purpose a set of dependent, independent and control variables for the annual period from 2010 to 2019, and applying the fixed effects model to study whether the crisis (2010 to 2014) affected or not the capital structure of these companies. The results obtained show that the independent variables, profitability, tangibility, dimension, Other Tax Benefits beyond Debt and the control variable, level of internationalization, show opposite signs in times of crisis (2010 to 2014) compared to times of non-crisis (2015 to 2019), which means that the financial crisis has impacts on the capital structure of the companies present in the study, and in some cases the explanatory theory of this phenomenon is the Pecking Order theory and in other situations the Trade Off theory is applied.
Description
Esta versão contém as críticas e sugestões dos elementos do Júri
Keywords
Estrutura de Capital Endividamento Crise Financeira Modelo de efeitos fixos Capital structure Indebtedness Financial crisis LSDV Model