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Abstract(s)
O objetivo do estudo é melhorar o conhecimento existente sobre as práticas financeiras das PME em Portugal, as suas preferências em matéria de financiamento e decisões sobre a estrutura de capital. Aborda a seguinte questão de investigação: “Quais são os fatores específicos das empresas que influenciam a estrutura de capital das PME portuguesas?”.
O desenvolvimento da questão é encaminhado através da análise das relações entre o endividamento e os determinantes da estrutura de capital sugeridos pela teoria utilizando rácios de endividamento baseados em valores contabilísticos.
As hipóteses, formuladas a partir das teorias do pecking order e do trade-off, são testadas utilizando modelos de regressão linear múltipla através dos métodos dos mínimos quadrados (PLS) para efeitos fixos e dos momentos generalizados (PGMM).
A amostra é constituída por dados anuais de dois painéis - PME Líder e PME Excelência – representativos dos variados setores de atividade, numa observação temporal de quatro anos (2013 a 2016).
O estudo revela que as PME tendem a utilizar mais as dívidas de curto prazo do que as de médio e longo prazo. Além disso, as evidências confirmam que os padrões de endividamento podem ser explicados pelas características específicas das empresas. A rentabilidade, liquidez e tangibilidade são importantes determinantes da estrutura de capital das PME. Outros fatores que evidenciaram associações estatísticas significativas com as opções de endividamento são: dimensão da empresa (excetuando a DCP nas PME Líder e a DMLP nas PME Excelência); e o crescimento nas PME Excelência. Além disso, a idade não se mostrou estatisticamente associada ao endividamento total das PME estudadas.
Os dados são cruzados com os dois principais setores de atividade económica – secundário e terciário – e a localização das PME por regiões. Os resultados mostram que a decisão da estrutura de capital, para os dois setores, é explicada essencialmente pelos mesmos determinantes. De igual forma, não se observaram dissemelhanças significativas entre PME das três principais regiões portuguesas.
O estudo, portanto, fornece novas evidências empíricas sobre as fontes preferidas de financiamento e os determinantes da estrutura de capital das PME em Portugal.
Our goal is to enhance existing knowledge about Portuguese SME's financial practices and their preferences regarding liabilities and capital structure decisions. We address the following research question: "What specific factors influence the corporate capital structure in Portuguese SMEs?". Theme development is guided by the analysis of relationships between debt and capital structure determinants, theoretically suggested by debt ratios based on book values. The hypotheses, formulated from the pecking order and trade-off theories, are tested with multiple linear regression models using least squares methods (PLS) for fixed effects and the generalized method of moments (GMM). The sample consists of panel data on Portuguese SMEs from two sources - PME Líder and PME Excellence - representing many sectors of activity, in a four-year time observation (2013 to 2016). Our study shows that SMEs tend to use short-term debt more than medium- and long-term debt. Moreover, the evidence confirms that debt patterns can be explained by specific corporate characteristics. Profitability, liquidity and tangibility are relevant determinants of SME's capital structure. Other factors that evidence significant statistical associations with debt options are: The company's size (except the DCP case in the PME Líder and the DMLP in the PME Excellence) and growth in PME Excellence. Additionally, for how long a SME has been operating doesn't seem to be statistically associated with total indebtedness. Data is cross-referenced with two main economic sectors - industry and services - and the geography of SMEs. Results show that the capital structure decision, for both sectors, is essentially explained by the same determinants. Likewise, there were no significant differences between SMEs among the three considered Portuguese regions. The analysis provides therefore new empirical evidence on preferred financing sources and on capital structure determinants for the case of Portuguese SMEs.
Our goal is to enhance existing knowledge about Portuguese SME's financial practices and their preferences regarding liabilities and capital structure decisions. We address the following research question: "What specific factors influence the corporate capital structure in Portuguese SMEs?". Theme development is guided by the analysis of relationships between debt and capital structure determinants, theoretically suggested by debt ratios based on book values. The hypotheses, formulated from the pecking order and trade-off theories, are tested with multiple linear regression models using least squares methods (PLS) for fixed effects and the generalized method of moments (GMM). The sample consists of panel data on Portuguese SMEs from two sources - PME Líder and PME Excellence - representing many sectors of activity, in a four-year time observation (2013 to 2016). Our study shows that SMEs tend to use short-term debt more than medium- and long-term debt. Moreover, the evidence confirms that debt patterns can be explained by specific corporate characteristics. Profitability, liquidity and tangibility are relevant determinants of SME's capital structure. Other factors that evidence significant statistical associations with debt options are: The company's size (except the DCP case in the PME Líder and the DMLP in the PME Excellence) and growth in PME Excellence. Additionally, for how long a SME has been operating doesn't seem to be statistically associated with total indebtedness. Data is cross-referenced with two main economic sectors - industry and services - and the geography of SMEs. Results show that the capital structure decision, for both sectors, is essentially explained by the same determinants. Likewise, there were no significant differences between SMEs among the three considered Portuguese regions. The analysis provides therefore new empirical evidence on preferred financing sources and on capital structure determinants for the case of Portuguese SMEs.
Description
Versão Final (Esta versão contém as críticas e sugestões dos elementos do júri
Keywords
Endividamento Estrutura de capital PME líder PME excelência Indebtedness Capital structure SMEs