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- A indústria hoteleira no Algarve: aplicação da metodologia dos grupos estratégicosPublication . Matias, Maria Fernanda Ludovina Inácio; Magalhães, Manuela deO Algarve dotado de ímpares condições paisagísticas, e de um clima ameno e de grande luminosidade, tornou-se numa região de lazer e de recreio muito apetecida. (...)
- Indústrias transformadoras e estrutura de capital das PMEPublication . Matias, Fernanda; Domingues, LetíciaEste estudo investiga o efeito das indústrias transformadoras e das características das empresas na estrutura de capital de 14.254 PME portuguesas. Os resultados sugerem que as características das PME (Pequenas e Médias Empresas) industriais têm diferente relevância na forma como as empresas se financiam e, na sua maior parte, são mais consistentes com a teoria da pecking order, colocando a dívida de curto prazo a seguir aos fundos próprios, o que deverá merecer a atenção dos gestores, atendendo a que a dívida de curto prazo acarreta maiores encargos financeiros. Considerando cada uma das indústrias separadamente, a evidência empírica também confere maior consistência à teoria da pecking order. O efeito observado nas indústrias transformadoras prevê que a estrutura de capital das empresas envolvidas não poderá ser exclusivamente explicada pelas características das empresas, mas também pela indústria na qual estão inseridas.
- The low‐carbon equity market: A new alternative for investment diversification?Publication . Gabriel, Vítor Manuel de Sousa; Lozano, María Belén; Matias, FernandaAddressing the topic of ethical investment, this paper considers stock market indices related to climate change and provides the first comprehensive analysis of the links between low-carbon equities and conventional equities. Results show that in the long run, low carbon economy indices do not behave like conventional indices, and no balance relationship is identified between the two, such that investors can find in the low-carbon sector an opportunity to diversify investment as an alternative to traditional equity investment. In the short-run, the two investment segments display identical behaviour, especially in contemporary terms, with daily dynamics driven fundamentally by market factors. These results will help regulators and policy makers to design policies for sustainable equity investment according to macroprudential policies.
- Capital structure of portuguese hotel firms: a structural equation modelling approachPublication . Matias, Fernanda; Salsa, Leonor; Afonso, Carlos M.This paper addresses capital structure determinants for Portuguese hotel firms between 2006 and 2014. Secondary data from 356 hotel units was analysed using the partial least squares (PLS) statistical technique, a variance-based structural equation modelling (SEM). The results show that the explanatory variables proposed as capital structure determinants have an impact on the financing and debt decisions made by the firms in the sample. Of these, tangibility has the greater explanatory power. Overall, the results support the notion that trade-off theory and pecking-order theory are important in explaining the capital structure of the Portuguese hotel industry, particularly as regards the agency conflicts triggered by growth opportunities and the preference firms have for internal funding. The results also point to the importance of collateral in accessing credit and the lesser impact of asymmetric information pertaining to tangible asset value and firm size. The results suggest small firms find it difficult to contract loans, which can somewhat limit their growth and performance.
- How do Spanish unlisted family firms rebalance their capital structures?Publication . Serrasqueiro, Zelia; Matias, Fernanda; Dieguez-Soto, JulioPurpose This paper seeks to analyze the family firm's capital structure decisions, focusing on the speed of adjustment (SOA) as well as on the effect of distance from the target capital structure on the SOA towards target short-term and long-term debt ratios in unlisted small and medium-sized family firms. Design/methodology/approach Methodologically, we use dynamic panel data estimators to estimate the effects of distance on the speeds of adjustment towards those targets. Data for the period 2006-2014 were collected for two research sub-samples: one sub-sample with 398 family firms; the other sub-sample contains 217 non-family firms. Findings The results show that the deviation from the target debt ratios impacts negatively on the speeds of adjustment towards target short-term and long-term debt ratios in unlisted family firms. These results suggest that family firms, deviating from target debt ratios, face deviation costs, i.e. insolvency costs, inferior to the adjustment costs, i.e. transaction costs. Therefore, family firms stay away from the target debt ratios for a long time than do non-family firms. Research limitations/implications The research sample comprises a low number of family firms, therefore for future research we suggest increasing the size of the sample of family firms to get a deeper understanding of family firms' SOA towards capital structure. Additionally, we suggest the analysis of other potential determinants of the speed of adjustment towards target capital structure. Practical implications The results obtained suggest that the distance from the target short-term and long-term debt ratios can be avoided if these firms do not depend almost exclusively on internal finance to adjust towards target capital structure. Moreover, for policymakers, we suggest the creation/promotion of alternative external finance sources, allowing reduced transaction costs that contribute to a faster adjustment of small family firms towards target capital structure. Originality/value The most previous research focusing on capital structure decisions have focused on listed family firms. To fill this gap, this study examines the speed of adjustment towards target debt ratios in the context of unlisted family firms. Moreover, transaction costs are a function of debt maturity, therefore this study examines separately the speeds of adjustment towards target short-term and long-term debt ratios. This paper shows that the adjustment costs (i.e. transaction costs) could hold back family firms from rebalancing its capital structure.
- Are there reliable determinant factors of capital structure decisions? Empirical study of SMEs in different regions of PortugalPublication . Matias, Fernanda; Serrasqueiro, ZeliaOn the basis of the empirical literature review about the capital structure decisions in Portuguese SMEs, this study analyses the relationships between the determinants - profitability, size, age, asset structure and growth, identified as reliable determinants in the empirical literature, and debt for SMEs located in different regions of Portugal (NUTS II). The global sample is made up of 11.016 SMEs and covers the period between 2007 and 2011. Overall, the results suggest that those determinants are reliable in explaining Portuguese SME capital structure decisions, suggesting that these decisions are closer to the predictions of Pecking Order Theory in comparison to the assumptions of Trade-off Theory. However, both financial theories are not enough to explain SME capital structure decisions. Furthermore, our results suggest that SMEs' capital structure differs across regions and that, concerning the impact of profitability, size, age, asset structure and growth on firm debt, there are some differences across regions, which could be explained by regional heterogeneity. However, we do not find statistically significant differences in the kind (signs) of the relationships between those determinants and debt in Portuguese SMEs across the various regions. (C) 2016 Elsevier B.V. All rights reserved.
- Estrutura de capital e especificidade dos activosPublication . Matias, Maria Fernanda Ludovina Inácio; Esperança, José Paulo AfonsoEste estudo pretende medir o impacto da estratégia empresarial na estrutura de capital, examinando a relação existente entre a natureza dos activos da empresa (nível de especificidade) e a sua forma de financiamento, em paralelo com a investigação empírica dos determinantes financeiros do nível de endividamento da empresa . (...)