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Abstract(s)
Esta dissertação analisa os determinantes da estrutura de capital nas empresas do setor da confeção do vestuário em Portugal. O objetivo é o de obter evidência empírica sobre o papel dos fatores específicos da empresa na decisão da estrutura de capital.
O estudo foi desenvolvido através de uma análise empírica da relação entre um conjunto de nove variáveis das caraterísticas das empresas, escolhidas a partir da revisão de literatura, e três indicadores de endividamento selecionados (alavancagem total, alavancagem de longo prazo e alavancagem de curto prazo).
A metodologia utilizada consiste na estimação de um modelo de regressão linear múltipla com recurso ao método dos mínimos quadrados (OLS) para efeitos fixos, durante o período 2011-2015, utilizando-se dados anuais de um painel, de modo a analisar os impactos manifestados e o seu valor explicativo.
Os resultados revelam que os padrões de financiamento podem ser explicados pelas características das empresas. Além disso, o estudo apresenta evidências do maior poder explicativo dos determinantes para os rácios de alavancagem baseados na dívida de longo prazo. Para esta especificação do modelo é confirmada a maioria dos determinantes da estrutura sugeridos pela teoria. A rendibilidade, liquidez, risco, dimensão, carga fiscal, depreciações e crescimento mostraram uma associação significativa com a decisão da estrutura de capital da empresa. As evidências para as restantes especificações não apresentam a mesma consistência. Não se observaram diferenças significativas nas estruturas de financiamento entre empresas exportadoras e empresas apenas orientadas para o mercado doméstico. Os resultados também indicam que as teorias financeiras sobre a estrutura de capital, por si só, não fornecem uma explicação cabal sobre como as empresas analisadas estão financiadas neste setor específico. Finalmente, o estudo evidencia que as empresas da confeção do vestuário tendem a depender excessivamente da dívida de curto prazo.
This study analyses the determinants of the capital structure of the companies in the clothing industry sector in Portugal. The objective is to obtain empirical evidence on the role of the company and the specific factors in the capital structure decision. The study was developed through an empirical analyses of the relationship among a set of nine variables of the selected companies characteristics from the review of the literature and three selected indicators of indebtedness - total leverage, long-term leverage and short-term leverage. The methodology used consists on the estimation of a multiple linear regression model using the least squares method for fixed purposes, during the period of 2011-2015, using annual data from one panel in order to analyse the manifested impacts and their explained value. The results show that the financing patern can be explained by the companies characteristics. Besides this study also shows the explanatory power of determinants in long-term debt (Alav2). For this model specification most of the structure determinants can be confirmed by the theory suggestion. Profitability, liquidity, risk, size, tax burden, depreciation and growth showed a significant association with the decision of the company's capital structure. The evidences for the other specifications aren’t showing the same consistency. There is no significant differences about financing structures in exporting companies or companies who are focused in domestic market. The results also indicates that the financial theories about the structure company by themselves don't show and explain in full how the analysed companies are financed in this specific sector. Finally it also shows that clothing industry tend to depend on short-term debt.
This study analyses the determinants of the capital structure of the companies in the clothing industry sector in Portugal. The objective is to obtain empirical evidence on the role of the company and the specific factors in the capital structure decision. The study was developed through an empirical analyses of the relationship among a set of nine variables of the selected companies characteristics from the review of the literature and three selected indicators of indebtedness - total leverage, long-term leverage and short-term leverage. The methodology used consists on the estimation of a multiple linear regression model using the least squares method for fixed purposes, during the period of 2011-2015, using annual data from one panel in order to analyse the manifested impacts and their explained value. The results show that the financing patern can be explained by the companies characteristics. Besides this study also shows the explanatory power of determinants in long-term debt (Alav2). For this model specification most of the structure determinants can be confirmed by the theory suggestion. Profitability, liquidity, risk, size, tax burden, depreciation and growth showed a significant association with the decision of the company's capital structure. The evidences for the other specifications aren’t showing the same consistency. There is no significant differences about financing structures in exporting companies or companies who are focused in domestic market. The results also indicates that the financial theories about the structure company by themselves don't show and explain in full how the analysed companies are financed in this specific sector. Finally it also shows that clothing industry tend to depend on short-term debt.
Description
Keywords
Alavancagem Estrutura de capital Setor do vestuário Capital Structure Clothing industry Leverage