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Os determinantes da estrutura de capital das empresas exportadoras portuguesas
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Abstract(s)
Este trabalho tem como objetivo verificar os determinantes da estrutura
de capital das empresas exportadoras portuguesas, comparando, sempre que
possível, os resultados obtidos com outros trabalhos já desenvolvidos sobre o
tema.
Aplicando o Modelo dos Efeitos Fixos (MEF) a uma amostra de 7.001
empresas no período 2007-2013, concluiu-se que os determinantes com maior
significância no nível de endividamento empresarial são: a rendibilidade, a
dimensão, o crescimento e ainda os outros benefícos fiscais. Em relação às
exportações, verificou-se através da variável dummy “exportar”, que o facto de
as empresas terem exportações superiores a 10% das vendas totais, têm uma
relação positiva com o endividamento de médio e longo prazo mas negativa com
o endividamento de curto prazo. Perante estes resultados admitimos que as
empresas exportadoras ao diversificarem (na fase inicial) o seu portfólio de
clientes conseguem maiores níveis de cash-flows, o que as dispensa de algum
endividamento de curto prazo, mas no médio e longo prazo as necessidades de
investimento para fazer face a mercados muito competitivos está associada a
um maior nível de endividamento. Relativamente à importância explicativa das
variáveis “peso das vendas para o mercado comunitário” e “peso das vendas
para o mercado extra comunitário”, curiosamente, apresentam resultados
diferentes; o peso das vendas para o mercado extra comunitário não revela
relação significativa com o endividamento mas já o peso das vendas para o
mercado comunitário tem uma relação positiva com endividamento a curto prazo
e negativa com o endividamento de médio e longo prazo.
This paper's purpose is to verify the determinants of the Portuguese export companies capital structure, comparing, when possible, the obtained results with other papers already developed about this subject. Applying the Fixed Effects Model (MEF) to a sample of 7.001 companies between 2007-2013, we conclude that the corporate debt determinants with a higher significant level are: profitability, size/dimension, growth and other fiscal benefits. Regarding the exports, we verify, through the dummy variable "export", that companies with exports higher than 10% of the total sales have a positive relationship with the long and medium term debt, but a negative relationship with the shortterm debt. Facing these results we admit that the export companies through the diversification of their client’s portfolio, on the initial stage, have higher levels of cash-flows, which allows them to avoid some of the short term debt, but on the long and medium term the leverage level needed to respond to high competitive markets is associated to a higher level of debt. Concerning the explanatory significance of the variables “weight of the sales for the European Union market" and "weight of the sales out of the European Union market", we observe they have different results: the weight of the sales for the markets outside of the European Union is not significant for the debt butthe weight of the sales for the European Union market has a positive relationship with the short term debt and negative one with the long and medium term debt.
This paper's purpose is to verify the determinants of the Portuguese export companies capital structure, comparing, when possible, the obtained results with other papers already developed about this subject. Applying the Fixed Effects Model (MEF) to a sample of 7.001 companies between 2007-2013, we conclude that the corporate debt determinants with a higher significant level are: profitability, size/dimension, growth and other fiscal benefits. Regarding the exports, we verify, through the dummy variable "export", that companies with exports higher than 10% of the total sales have a positive relationship with the long and medium term debt, but a negative relationship with the shortterm debt. Facing these results we admit that the export companies through the diversification of their client’s portfolio, on the initial stage, have higher levels of cash-flows, which allows them to avoid some of the short term debt, but on the long and medium term the leverage level needed to respond to high competitive markets is associated to a higher level of debt. Concerning the explanatory significance of the variables “weight of the sales for the European Union market" and "weight of the sales out of the European Union market", we observe they have different results: the weight of the sales for the markets outside of the European Union is not significant for the debt butthe weight of the sales for the European Union market has a positive relationship with the short term debt and negative one with the long and medium term debt.
Description
Keywords
Estrutura de capital Endividamento Exportação Internacionalização Modelo dos efeitos fixos Capital structure Debt Export Internationalization Fixed effects models
Pedagogical Context
Citation
Publisher
Instituto Politécnico do Porto. Escola Superior de Estudos Industriais e de Gestão