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Abstract(s)
Em 1958, Modigliani e Miller provaram que o valor da empresa é autonomo da estrutura de capitais, perante um mercado perfeito. O modelo de Modigliani e Miller impulsionou a formação de novas teorias baseadas nas críticas ao mesmo (falhas dos pressupostos), como a teoria do trade-off e a teoria da pecking order, que explicam que o valor da empresa é alterado pela estrutura de capitais. A estrutura de capitais tem sido uma temática bastante debatida, uma vez que apresentando impacto sobre o valor de uma empresa, pode ditar o futuro da mesma.
A presente dissertação tem o objetivo de identificar os factores que determinam o nível de endividamento das empresas portuguesas, assim como identificar em qual das teorias da estrutura de capitais (a trade-off ou a pecking order) se enquadram os respectivos fatores de forma a compreender qual das teorias consegue explicar melhor a estrutura de capitais das empresas analisadas. A amostra selecionada compreende 55 empresas portuguesas num período de 3 anos (2014-2016).
Os resultados obtidos através do modelo estatístico de dados em painel, sugerem que a estrutura de capitais é influenciada positivamente pelas variáveis tangibilidade, dimensão, oportunidades de crescimento e pelos benefícios fiscais não decorrentes da dívida. Porém, os resultados indicam uma influência negativa da variável fluxo de caixa sobre a estrutura de capitais. Por outro lado, a rendibilidade apresenta-se sem poder explicativo sobre a estrutura de capitais. Posto isto, os resultados indiciam que as empresas estudadas tendem a seguir parcialmente ambas as teorias estudadas no que diz respeito à tomada de decisão sobre o financiamento.
In 1958, Modigliani and Miller proved that the value of the company is autonomous of the capital structure, before a perfect market. The model of Modigliani and Miller has propelled the formation of new theories based on the critiques (assumptions failures), such as the theory of the trade-off and the pecking order theory, that explain that the value of the company is changed by the capital structure. The structure of capital has been a much debated topic, since having an impact on the value of a company, can dictate the future of it. The objective of this dissertation is to identify the factors that determine the level of indebtedness of Portuguese companies, as well as to identify in which of the capital structure theories (the trade-off or pecking order) fit the respective factors in order to understand which of the theories can better explain the capital structure of the companies analyzed. The selected sample comprises 55 Portuguese companies in a period of 3 years (2014-2016). The results obtained through the statistical model of panel data suggest that the capital structure is positively influenced by the variables tangibility, size, growth opportunities and non-debt tax benefits. However, the results indicate a negative influence of the variable cash flow on the capital structure. On the other hand, profitability presents itself without explanatory power on the capital structure. Thus, the results indicate that the firms studied tend to follow partially the two theories studied when making decisions about financing.
In 1958, Modigliani and Miller proved that the value of the company is autonomous of the capital structure, before a perfect market. The model of Modigliani and Miller has propelled the formation of new theories based on the critiques (assumptions failures), such as the theory of the trade-off and the pecking order theory, that explain that the value of the company is changed by the capital structure. The structure of capital has been a much debated topic, since having an impact on the value of a company, can dictate the future of it. The objective of this dissertation is to identify the factors that determine the level of indebtedness of Portuguese companies, as well as to identify in which of the capital structure theories (the trade-off or pecking order) fit the respective factors in order to understand which of the theories can better explain the capital structure of the companies analyzed. The selected sample comprises 55 Portuguese companies in a period of 3 years (2014-2016). The results obtained through the statistical model of panel data suggest that the capital structure is positively influenced by the variables tangibility, size, growth opportunities and non-debt tax benefits. However, the results indicate a negative influence of the variable cash flow on the capital structure. On the other hand, profitability presents itself without explanatory power on the capital structure. Thus, the results indicate that the firms studied tend to follow partially the two theories studied when making decisions about financing.
Description
Keywords
Estrutura de capitais Teoria do trade-off Teoria da pecking order Endividamento Capital structure Indebtedness Trade-off theory Pecking order theory