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Abstract(s)
Uma regularidade empírica persistente e intrigante é o facto de que muitas empresas
adotarem uma política de endividamento conservador. Essas empresas “subalavancadas”
carregam substancialmente menos dívidas do que o previsto pelas principais teorias de
estrutura de capital (Myers, 1984). Neste estudo, investigou-se os motivos pelos quais as
empresas escolhem uma política de endividamento conservadora do ponto de vista das
necessidades de financiamento. Através de uma análise quantitativa usando o modelo
Logit e o modelo Probit numa amostra de empresas cotadas em bolsa do setor das
indústrias transformadoras da Zona Euro, no período de 2010 a 2018, foram possíveis
apurar as seguintes conclusões: 1) empresas sem necessidade de financiamento externo
têm maior probabilidade de apresentar uma política de dívida conservadora; 2) empresas
com maiores restrições financeiras têm maior probabilidade de apresentar políticas de
alavancagem conservadora; 3) as empresas com maior flexibilidade financeira têm maior
probabilidade de apresentar uma política de alavancagem conservadora; e 4) as empresas
com alavancagem conservadora têm menores dimensões, demonstram um maior
crescimento do ativo, possuem mais disponibilidades de caixa, apresentam menores
ativos tangíveis e mostram-se menos lucrativas do que as empresas mais alavancadas.
A persistent and intriguing empirical regularity is the fact that many firms adopt a conservative debt policy. These "underleveraged" firms carry less debt than predicted by mainstream theories of capital structure (Myers, 1984). In this study, we investigate the reasons why firms choose a conservative debt policy from the standpoint of financing needs. Through a quantitative analysis using the Logit model and the Probit model in a sample of listed firms from the Eurozone manufacturing sector over the period 2010 to 2018, we were able to ascertain the following activities: 1) companies without external financing needs are more likely to have a conservative debt policy; 2) firms with bigger financial constraints are more likely to present conservative leverage policies; 3) as firms with larger financial flexibility are more likely to present a conservative leverage policy; and 4) as firms with conservative leverage are smaller, demonstrate a greater asset growth, have more cash reserves, have fewer tangible assets, and are less profitable than more levered firms.
A persistent and intriguing empirical regularity is the fact that many firms adopt a conservative debt policy. These "underleveraged" firms carry less debt than predicted by mainstream theories of capital structure (Myers, 1984). In this study, we investigate the reasons why firms choose a conservative debt policy from the standpoint of financing needs. Through a quantitative analysis using the Logit model and the Probit model in a sample of listed firms from the Eurozone manufacturing sector over the period 2010 to 2018, we were able to ascertain the following activities: 1) companies without external financing needs are more likely to have a conservative debt policy; 2) firms with bigger financial constraints are more likely to present conservative leverage policies; 3) as firms with larger financial flexibility are more likely to present a conservative leverage policy; and 4) as firms with conservative leverage are smaller, demonstrate a greater asset growth, have more cash reserves, have fewer tangible assets, and are less profitable than more levered firms.
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Keywords
Endividamento Necessidades de financiamento Restrições financeiras Flexibilidade financeira Leverage Financial flexibility Financial constraints Financing Needs