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Determinantes da estrutura de capital das empresas exportadoras portuguesas da indústria alimentar
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| 1.53 MB | Adobe PDF |
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Abstract(s)
O presente estudo visa conhecer os determinantes da estrutura de capital das empresas
exportadoras portuguesas da indústria alimentar. Sustenta-se em dados financeiros de
uma amostra final composta por 232 empresas, referentes ao período compreendido entre
2014 e 2020.
Visando o objetivo principal do estudo, utilizou-se a base de dados SABI. Foram
investigadas as seguintes varáveis explicativas: intensidade de exportação, dimensão,
rendibilidade, tangibilidade, crescimento, liquidez, benefícios fiscais não associado à
dívida e idade.
Aplicando a regressão linear múltipla robusta, estudou-se o impacto das referidas
variáveis no nível de endividamento de médio e longo prazo e de dívida de curto prazo.
O resultado dos modelos de regressão robusta mostra que a dívida de médio e longo prazo
tem uma relação positiva e estatisticamente significativa com a tangibilidade e os
benefícios fiscais não associados à dívida. Por outro lado, tem uma relação negativa com
a rendibilidade, a intensidade da exportação e a dimensão. O modelo da dívida de curto
prazo mostra uma relação positiva e estatisticamente significativa com a idade e a
intensidade da exportação e negativa com a dimensão, a rendibilidade, a tangibilidade e
a liquidez. A variável crescimento não foi significativa neste estudo. O estudo confere
algum suporte às predições da pecking order e do trade-off. As empresas com maior
longevidade parece que terão maior facilidade na obtenção de crédito.de curto prazo.
A intensidade da exportação, variável não investigada recorrentemente, contribui para
explicar a estrutura de capital das empresas em estudo.
This study aims to know the determinants of the capital structure of Portuguese exporting companies in the food industry. It is based on financial data from a final sample of 232 companies, for the period between 2014 and 2020. Aiming at the main objective of the study, the SABI database was used. The following explanatory variables were investigated: export intensity, size, profitability, tangibility, growth, liquidity, tax benefits not associated with debt and age. By applying robust multiple linear regression, the impact of the said variables on the level of medium and long-term debt and short-term debt was studied. The result of the robust regression models shows that medium and long-term debt has a positive and statistically significant relationship with tangibility and non-debt tax benefits. On the other hand, it has a negative relationship with profitability, export intensity and size. The short-term debt model shows a positive and statistically significant relationship with age and export intensity and a negative one with size, profitability, tangibility and liquidity. The growth variable was not significant in this study. The study provides some support to the pecking order and trade-off predictions. Firms with greater longevity seem to find it easier to obtain short-term credit. Export intensity, a variable not investigated recurrently, contributes to explain the capital structure of the firms under study.
This study aims to know the determinants of the capital structure of Portuguese exporting companies in the food industry. It is based on financial data from a final sample of 232 companies, for the period between 2014 and 2020. Aiming at the main objective of the study, the SABI database was used. The following explanatory variables were investigated: export intensity, size, profitability, tangibility, growth, liquidity, tax benefits not associated with debt and age. By applying robust multiple linear regression, the impact of the said variables on the level of medium and long-term debt and short-term debt was studied. The result of the robust regression models shows that medium and long-term debt has a positive and statistically significant relationship with tangibility and non-debt tax benefits. On the other hand, it has a negative relationship with profitability, export intensity and size. The short-term debt model shows a positive and statistically significant relationship with age and export intensity and a negative one with size, profitability, tangibility and liquidity. The growth variable was not significant in this study. The study provides some support to the pecking order and trade-off predictions. Firms with greater longevity seem to find it easier to obtain short-term credit. Export intensity, a variable not investigated recurrently, contributes to explain the capital structure of the firms under study.
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Keywords
Estrutura de capital Exportação Indústria alimentar Internacionalização