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Estrutura de capital das indústrias transformadoras portuguesas: uma análise de dados em painel
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Abstract(s)
A estrutura de capital desenvolveu-se como móbil da investigação especialmente com a publicação do trabalho de Modigliani e Miller (1958). A publicação deste artigo originou o surgimento de várias teorias explicativas da estrutura de capital, normalmente agregadas em teoria da pecking order e teoria do trade-off.
Este estudo tem como objetivo principal investigar os determinantes financeiros da estrutura de capital das micro, pequenas e médias empresas das indústrias transformadoras portuguesas. Baseia-se em dados financeiros de uma amostra final composta por 14.254 empresas do período compreendido entre 2010 e 2016, tendo-se obtido um painel com 82.036 observações. Os dados utilizados neste estudo foram obtidos através da base de dados Sistema de Análise de Balanços Ibéricos (SABI).
Neste estudo foram utilizadas três variáveis dependentes (dívida total, dívida de médio e longo prazo e dívida de curto prazo) e dez variáveis independentes (rendibilidade, tangibilidade, dimensão, crescimento, poupança fiscal não associada à dívida, risco, liquidez, inventários, especificidade e reputação).
Em termos sintéticos, ajustando modelos de dados em painel, neste estudo as variáveis rendibilidade, reputação e dimensão mostram-se como as mais importantes na explicação do nível de dívida total, as duas primeiras com efeito negativo enquanto a dimensão tem efeito positivo. Na explicação do nível de dívida de curto prazo, as variáveis tangibilidade, rendibilidade e dimensão são as que têm maior poder explicativo, as duas primeiras com efeito negativo, enquanto a dimensão tem efeito positivo. Relativamente ao endividamento de médio e longo prazo, as variáveis tangibilidade, dimensão, reputação e rendibilidade são as mais importantes na explicação desse nível de dívida, as duas primeiras com impacto positivo enquanto as duas últimas têm impacto negativo. Os efeitos do tempo e do setor também se revelaram estatisticamente significativos
Tendo em conta as características das teorias da estrutura de capital TOT e POT, pode-se afirmar que os resultados deste estudo empírico são consistentes com ambas as teorias, sendo que o efeito de rendibilidade e da reputação serão melhor explicadas pela POT e o efeito de dimensão pela TOT e o de tangibilidade por ambas as teorias.
The capital structure developed as a motive for research especially with the publication of the work of Modigliani and Miller (1958). The publication of this article led to the emergence of several explanatory theories of capital structure, usually aggregated in pecking order theory and trade-off theory. This study has as main objective to investigate the financial determinants of the capital structure of micro, small and medium enterprises of the Portuguese manufacturing industries. It is based on financial data of a final sample composed by 14.254 companies from the period between 2010 and 2016, obtaining a panel with 82.036 observations. The data used in this study were obtained from the database of the Iberian Balance Analysis System (SABI). In this study, three dependent variables (total debt, medium and long-term debt and short-term debt) and ten independent variables (profitability, tangibility, size, growth, tax savings not associated with debt, risk, liquidity, inventories, specificity and reputation). In synthetic terms, adjusting panel data models, in this study the variables profitability, reputation and size are shown to be the most important in explaining the total debt level, the first two with a negative effect while the dimension has a positive effect. In explaining the level of short-term debt, the variables tangibility, profitability and size are the ones with the greatest explanatory power, the first two with a negative effect, while the dimension has a positive effect. Regarding medium- and long-term indebtedness, the variables tangibility, size, reputation and profitability are the most important in explaining this level of debt, the first two with a positive impact while the latter two have a negative impact. The effects of time and industry were also statistically significant Given the characteristics of the capital structure theories TOT and POT, it can be affirmed that the results of this empirical study are consistent with both theories, and the effect of profitability and reputation will be better explained by POT and the effect of dimension by TOT and tangibility by both theories.
The capital structure developed as a motive for research especially with the publication of the work of Modigliani and Miller (1958). The publication of this article led to the emergence of several explanatory theories of capital structure, usually aggregated in pecking order theory and trade-off theory. This study has as main objective to investigate the financial determinants of the capital structure of micro, small and medium enterprises of the Portuguese manufacturing industries. It is based on financial data of a final sample composed by 14.254 companies from the period between 2010 and 2016, obtaining a panel with 82.036 observations. The data used in this study were obtained from the database of the Iberian Balance Analysis System (SABI). In this study, three dependent variables (total debt, medium and long-term debt and short-term debt) and ten independent variables (profitability, tangibility, size, growth, tax savings not associated with debt, risk, liquidity, inventories, specificity and reputation). In synthetic terms, adjusting panel data models, in this study the variables profitability, reputation and size are shown to be the most important in explaining the total debt level, the first two with a negative effect while the dimension has a positive effect. In explaining the level of short-term debt, the variables tangibility, profitability and size are the ones with the greatest explanatory power, the first two with a negative effect, while the dimension has a positive effect. Regarding medium- and long-term indebtedness, the variables tangibility, size, reputation and profitability are the most important in explaining this level of debt, the first two with a positive impact while the latter two have a negative impact. The effects of time and industry were also statistically significant Given the characteristics of the capital structure theories TOT and POT, it can be affirmed that the results of this empirical study are consistent with both theories, and the effect of profitability and reputation will be better explained by POT and the effect of dimension by TOT and tangibility by both theories.
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Keywords
Estrutura de capital Indústrias transformadoras portuguesas Análise de dados Painel