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Abstract(s)
As decisões sobre a estrutura de capital sempre foram consideradas das mais importantes no contexto da gestão financeira das empresas. O artigo de Modigliani e Miller (1958) sobre a irrelevância da estrutura de capitais sobre o valor da empresa originou o aparecimento de diversas teorias que procuram explicar a estrutura de capitais, nomeadamente, a teoria do Trade-Off e a teoria do Pecking Order.
O presente trabalho tem como objetivos verificar quais dos determinantes da estrutura de capital apresentam um maior impacto na mesma, bem como testar quais das seguintes teorias sobre a estrutura de capitais, a teoria do Trade-Off e a teoria do Pecking Order, apresentam um maior poder explicativo na forma como as PME portuguesas da indústria transformadora se financiam.
Utilizou-se como metodologia a estimação de modelos de regressão de efeitos fixos. Das estimações realizadas, a maior parte apresentou bons coeficientes de determinação com boa capacidade explicativa e significância estatística. As variáveis que apresentam um maior impacto e capacidade explicativa são a rentabilidade, liquidez geral e tangibilidade do ativo.
As evidências apresentadas reforçam um maior poder explicativo da teoria do Trade-Off.
Decisions on capital structure have always been considered the most important in the context of corporate financial management. Modigliani and Miller's (1958) article on the irrelevance of the capital structure of the firm's value led to the emergence of several theories that seek to explain capital structure, namely, the Trade-Off theory and the Pecking Order theory. The purpose of this paper is to verify which of the determinants of the capital structure have a greater impact on the capital structure, as well as to test which of the following theories about capital structure, Trade-Off theory and Pecking Order theory have a greater explanatory power in the way Portuguese manufacturing SMEs are financed. The estimation of fixed effects regression models was used as methodology. Of the estimates made, the majority had good determination coefficients with good explanatory capacity and statistical significance. The variables that present a greater impact and explanatory capacity are the profitability, general liquidity and tangibility of the asset. The evidence presented reinforces a greater explanatory power of the Trade-Off theory.
Decisions on capital structure have always been considered the most important in the context of corporate financial management. Modigliani and Miller's (1958) article on the irrelevance of the capital structure of the firm's value led to the emergence of several theories that seek to explain capital structure, namely, the Trade-Off theory and the Pecking Order theory. The purpose of this paper is to verify which of the determinants of the capital structure have a greater impact on the capital structure, as well as to test which of the following theories about capital structure, Trade-Off theory and Pecking Order theory have a greater explanatory power in the way Portuguese manufacturing SMEs are financed. The estimation of fixed effects regression models was used as methodology. Of the estimates made, the majority had good determination coefficients with good explanatory capacity and statistical significance. The variables that present a greater impact and explanatory capacity are the profitability, general liquidity and tangibility of the asset. The evidence presented reinforces a greater explanatory power of the Trade-Off theory.
Description
Versão Final (Esta versão contém as críticas e sugestões dos elementos do júri)
Keywords
Estrutura de capitais Indústria transformadora Determinantes da estrutura de capital Endividamento Pequenas e médias empresas Capital structure Small and medium size enterprises Manufacturing Determinants of capital structure Indebtedness