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Determinantes da estrutura de capital do setor imobiliário em Portugal
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Abstract(s)
O presente trabalho analisa os determinantes da estrutura de capital do setor imobiliário em Portugal. Pretende-se testar o poder explicativo dos principais determinantes identificados pelas várias teorias da estrutura de capital. Utilizou-se como metodologia o modelo de dados em painel, com base numa mostra de 1.703 Pequenas e Médias Empresas (PME) portuguesas obtida através da base de dados Sistema de Análise de Balanços Ibéricos (SABI) para o período compreendido entre 2014 e 2019.
Neste estudo considerou-se uma variável dependente, o endividamento total, e seis variáveis independentes, rendibilidade, tangibilidade, dimensão, oportunidades de crescimento, liquidez e benefícios fiscais não associados à dívida.
Os resultados obtidos sugerem que as variáveis rendibilidade, liquidez, dimensão e crescimento são explicativas, tendo um efeito negativo no endividamento total as duas primeiras, e um efeito positivo as duas últimas. As variáveis tangibilidade e benefícios fiscais não associados à dívida não se revelam determinantes da estrutura de capital das PME do setor imobiliário português. Os resultados conferem um suporte mais evidente à teoria da pecking order.
The present work analyzes the determinants of the capital structure of the real estate firms in Portugal. It is intended to test the explanatory power of the main determinants identified by the various theories of the capital structure. The panel data model was used as methodology, based on a sample of 1,703 Portuguese Small and Medium-sized Enterprises (SMEs) obtained through the Iberian Balance Sheet Analysis System (SABI) database for the period between 2014 and 2019. In this study, a dependent variable, total indebtedness, and six independent variables, profitability, tangibility, size, growth opportunities, liquidity and tax benefits not associated with debt were considered. The results obtained suggest that the variables profitability, liquidity, size and growth are explanatory, with the first two having a negative effect on total indebtedness, and a positive effect on the last two. Tangibility variables and non-debt tax benefits do not prove to be determinants of the capital structure of SMEs in the Portuguese real estate sector. The results give more support to the pecking order theory.
The present work analyzes the determinants of the capital structure of the real estate firms in Portugal. It is intended to test the explanatory power of the main determinants identified by the various theories of the capital structure. The panel data model was used as methodology, based on a sample of 1,703 Portuguese Small and Medium-sized Enterprises (SMEs) obtained through the Iberian Balance Sheet Analysis System (SABI) database for the period between 2014 and 2019. In this study, a dependent variable, total indebtedness, and six independent variables, profitability, tangibility, size, growth opportunities, liquidity and tax benefits not associated with debt were considered. The results obtained suggest that the variables profitability, liquidity, size and growth are explanatory, with the first two having a negative effect on total indebtedness, and a positive effect on the last two. Tangibility variables and non-debt tax benefits do not prove to be determinants of the capital structure of SMEs in the Portuguese real estate sector. The results give more support to the pecking order theory.
Description
Keywords
Estrutura de capital Dados em painel Determinantes da estrutura de capital Setor imobiliário portugal