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Abstract(s)
O presente estudo analisa os principais fatores pelo qual algumas empresas, portuguesas e espanholas do mesmo setor, comércio por grosso, seguem uma política de baixo endividamento. O estudo foi limitado a oito anos, entre o período de 2011 a 2018.
A metodologia utilizada consiste na estimação de um modelo de regressão linear, tendo por base um modelo econométrico do tipo Logit, de forma a permitir verificar quais as características das empresas que permitem seguir uma política de baixo endividamento. Num primeiro momento foi efetuado uma comparação entre as empresas com baixo endividamento, ou seja, empresa com endividamente inferior ou igual a 20%, e empresa com endividamento superior a 20%. Em seguida, foi aplicado o modelo econométrico do tipo Logit de forma a perceber quais os fatores que caracterizam as empresas com baixo endividamento.
Os resultados obtidos das empresas da amostra sugerem que, as empresa com baixo endividamento apresentam, em média, menos liquidez, menores valores de depósitos e caixa, e tem maior percentagem de ativos tangíveis.
O estudo do fenómeno do baixo endividamento é importante, dado que, permite perceber alguns fatores determinantes para que as empresas optem por seguir uma política de baixo endividamento e quais as causas para que isso aconteça.
This study analyzes the main factors why some Portuguese and Spanish companies in the same sector, wholesale trade, follow a low debt policy. The study was limited to eight years, from 2011 to 2018. The methodology used consists in the estimation of a linear regression model, based on a Logit econometric model, in order to verify which characteristics of the companies allow them to follow a low indebtedness policy. In a first step, a comparison was made between companies with low indebtedness, that is, companies with indebtedness lower than or equal to 20%, and companies with indebtedness higher than 20%. Then, the Logit econometric model was applied in order to understand which factors characterize the companies with low indebtedness. The results obtained from the sample companies suggest that, on average, the companies with low debt have less liquidity, lower values of deposits and cash, and have a higher percentage of tangible assets. The study of the low indebtedness phenomenon is important since it allows us to understand some of the determining factors for companies to choose to follow a low indebtedness policy and the causes for this to happen.
This study analyzes the main factors why some Portuguese and Spanish companies in the same sector, wholesale trade, follow a low debt policy. The study was limited to eight years, from 2011 to 2018. The methodology used consists in the estimation of a linear regression model, based on a Logit econometric model, in order to verify which characteristics of the companies allow them to follow a low indebtedness policy. In a first step, a comparison was made between companies with low indebtedness, that is, companies with indebtedness lower than or equal to 20%, and companies with indebtedness higher than 20%. Then, the Logit econometric model was applied in order to understand which factors characterize the companies with low indebtedness. The results obtained from the sample companies suggest that, on average, the companies with low debt have less liquidity, lower values of deposits and cash, and have a higher percentage of tangible assets. The study of the low indebtedness phenomenon is important since it allows us to understand some of the determining factors for companies to choose to follow a low indebtedness policy and the causes for this to happen.
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Keywords
Baixo Endividamento Renbibilidade Dimensão Financiamento Low indebtedness Dimension, Financing Renewability