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Abstract(s)
Este estudo tem como principal objetivo analisar a relaĆ§Ć£o existente entre a
internacionalizaĆ§Ć£o e a estrutura de capital das empresas comerciais exportadoras
portuguesas. Mais concretamente, pretende-se testar a validade da hipĆ³tese Upstream-
Downstream, que pressupƵe um aumento (diminuiĆ§Ć£o) do rĆ”cio de endividamento quando
o destino das exportaƧƵes sĆ£o mercados considerados mais estĆ”veis (arriscados)
comparativamente ao mercado domƩstico. Assim, procura-se enriquecer a literatura
empĆrica jĆ” existente com as caraterĆsticas do mercado comercial portuguĆŖs, cujo grau de
abertura internacional tem vindo a aumentar.
Nesse contexto, aplicou-se o modelo de regressĆ£o de efeitos fixos (MEF) a uma
amostra nĆ£o balanceada de 1.184 empresas pertencentes ao setor comercial, que inclui
PME e grandes empresas, durante o perĆodo de 2010-2020.
Os resultados obtidos indicam que ao exportar para o mercado comunitƔrio, o
rƔcio de endividamento das empresas comerciais exportadoras portuguesas diminui e
paralelamente, ao exportar para os mercados extracomunitƔrios, observa-se um aumento
do referido rĆ”cio de endividamento. Estas evidĆŖncias contrariam o esperado na hipĆ³tese
de Kwok e Reeb (2000). Ainda assim, com a realizaĆ§Ć£o de anĆ”lises de robustez aplicadas
a subamostras, observa-se que o efeito Downstream Ʃ vƔlido para as empresas de menor
dimensĆ£o.
The main purpose of this study is to analyze the relationship between internationalization and the capital structure of Portuguese commercial exporting firms. More specifically, the aim is to test the validity of the Upstream-Downstream hypothesis, which assumes an increase (decrease) in the leverage ratio when the destination of exports is markets considered more stable (risky) than the domestic market. Thus, this paper seeks to enrich the existing empirical literature with the characteristics of the Portuguese commercial market, whose degree of international openness has been increasing. In this context, the Fixed Effects Regression (FEM) model was applied to an unbalanced sample of 1,184 firms belonging to the trade sector, which includes SMEs and large firms, during the period 2010-2020. The results indicate that when exporting to the EU market, the leverage ratio of Portuguese trading firms decreases; in parallel, when exporting to non-EU markets, the leverage ratio increases. This evidence contradicts the hypothesis of Kwok and Reeb (2000). Still, with robustness analysis applied to subsamples, we observe that the downstream effect holds for smaller firms.
The main purpose of this study is to analyze the relationship between internationalization and the capital structure of Portuguese commercial exporting firms. More specifically, the aim is to test the validity of the Upstream-Downstream hypothesis, which assumes an increase (decrease) in the leverage ratio when the destination of exports is markets considered more stable (risky) than the domestic market. Thus, this paper seeks to enrich the existing empirical literature with the characteristics of the Portuguese commercial market, whose degree of international openness has been increasing. In this context, the Fixed Effects Regression (FEM) model was applied to an unbalanced sample of 1,184 firms belonging to the trade sector, which includes SMEs and large firms, during the period 2010-2020. The results indicate that when exporting to the EU market, the leverage ratio of Portuguese trading firms decreases; in parallel, when exporting to non-EU markets, the leverage ratio increases. This evidence contradicts the hypothesis of Kwok and Reeb (2000). Still, with robustness analysis applied to subsamples, we observe that the downstream effect holds for smaller firms.
Description
Keywords
Estrutura de Capital Setor comercial Upstream-downstream InternacionalizaĆ§Ć£o Endividamento Portugal Capital structure Leverage Internationalization