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Abstract(s)
O tema estrutura de capitais tem sido alvo de diversos estudos ao longo das últimas décadas, em consequência do trabalho levado a cabo por Modigliani e Miller (1958). Após a publicação deste trabalho despoletou-se um maior interesse por parte da comunidade científica em estudar esta tema, de maneira que se desenvolveram novos estudos e teorias, nomeadamente a trade-off theory e a pecking order theory.
A presente dissertação tem como objetivo estudar o impacto da crise do subprime nos determinantes da estrutura de capitais das empresas do setor do calçado em Portugal.
A análise efetuada, tem por base uma amostra de 1.467 empresas, para a qual se recorreu à aplicação do método GMM (Generalized Method of Moments), tendo por base dados compreendidos entre os anos de 2007 a 2014, sendo que se definiu 2007-2010 como o período de pré-crise e 2011-2014 o período de crise.
Os resultados obtidos indicam que a variável dimensão influencia positivamente o endividamento, enquanto que, a variável liquidez e a rendibilidade influenciam negativamente o endividamento, em períodos de pré-crise. Por sua vez, em períodos de crise, a dimensão e a rendibilidade afetam negativamente o endividamento, sendo que, em anos de crise existe uma relação mais fraca entre a rendibilidade e o endividamento, enquanto que, a liquidez afeta positivamente o endividamento. No caso do setor do calçado, em anos de pré-crise parece aplicar-se sobretudo a trade-off theory e em períodos de crise a pecking order theory.
The theme of capital structure has been the subject of several studies over the last decades, as a consequence of the work carried out by Modigliani and Miller (1958). After the publication of this work there was a greater interest on the part of the scientific community to study this subject, so that new studies and theories were developed, namely trade-off theory and pecking order theory. This dissertation aims to study the impact of the subprime crisis on the determinants of the capital structure of companies in the footwear sector in Portugal. The analysis was based on a sample of 1.467 companies, for which the use of GMM (Generalized Method of Moments), was used based on data from 2007 to 2014, defined as 2007-2010 such as the pre-crisis period and 2011-2014 the crisis period. The results indicate that the size positively influences indebtedness while the liquidity and profitability negatively influence indebtedness in pre-crisis periods. In turn, in times of crisis, size and profitability negatively affect indebtedness, and in years of crisis there is a weaker relationship between profitability and indebtedness, while liquidity positively affects indebtedness. In the case of the footwear sector, in pre-crisis years the trade-off theory seems to be applied, pecking order theory seems applied in periods of crisis.
The theme of capital structure has been the subject of several studies over the last decades, as a consequence of the work carried out by Modigliani and Miller (1958). After the publication of this work there was a greater interest on the part of the scientific community to study this subject, so that new studies and theories were developed, namely trade-off theory and pecking order theory. This dissertation aims to study the impact of the subprime crisis on the determinants of the capital structure of companies in the footwear sector in Portugal. The analysis was based on a sample of 1.467 companies, for which the use of GMM (Generalized Method of Moments), was used based on data from 2007 to 2014, defined as 2007-2010 such as the pre-crisis period and 2011-2014 the crisis period. The results indicate that the size positively influences indebtedness while the liquidity and profitability negatively influence indebtedness in pre-crisis periods. In turn, in times of crisis, size and profitability negatively affect indebtedness, and in years of crisis there is a weaker relationship between profitability and indebtedness, while liquidity positively affects indebtedness. In the case of the footwear sector, in pre-crisis years the trade-off theory seems to be applied, pecking order theory seems applied in periods of crisis.
Description
Versão final (Esta versão contém as críticas e sugestões dos elementos do júri)
Keywords
Estrutura de capital Indústria de calçado Subprime Modelo GMM Capital structure GMM model Footwear industry