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Quais são os fatores que afetam a estrutura de capital das empresas hoteleiras? Evidência empírica em diferentes regiões de Portugal
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Abstract(s)
O presente estudo analisa os determinantes d a estrutura de capital de PME hoteleiras portuguesas por regiões (NUTS I). A variável dependen te investigada é a dívida total e as
variáveis explicativas são o crescimento, a dimensão, os ganhos fiscais não associados à dívida, a idade, a rendibilidade, a tangibilidade do ativo e a localização. Recorrendo à base
de dados Orbis, foram obtidos dados relativos a uma amostra de 994 empresas para o período 2015 2019 . F oi aplicada a metodologia dos modelos de dados em painel à amostra total e à s sub amostras das diferentes regiões em estudo.
Os resultados obtidos para a amostra total e para o Continente permitem concluir que todos os d eterminantes financeiros em estudo são estatisticamente significativ os na explicação do endividamento total Relativamente à subamostra Madeira, o nível de endividamento das suas empresas é explicado pelas variáveis dimensão, idade, rendibilidade e tangibi lidade do ativo. A dívida total das empresas dos Açores, por sua vez, só apresenta uma relação estatisticamente significativa com a variável rendibilidade.
A presente investigação também possibilitou verificar que existem diferenças estatisticamente significativas entre a s regiões portuguesas (NUTS I) ao nível do endividamento total das PME do setor hoteleiro.
É possível concluir que tanto a trade off theory (TOT) como a pecking order theory (POT) são relevantes para a fundamentação do comportamento da estrutura de capital das empresas analisadas.
This study analyzes the capital structure determinants of Portuguese hotel SMEs by regions (NUTS I). The dependent variable investigated is total debt and the independent variables are growth, size, non-debt tax shields, age, profitability, asset tangibility and location. Using Orbis database, data was obtained for a sample of 994 companies, for the period 2015-2019. The panel data methodology was applied to the total sample and to the subsamples correspondent to the different regions under observation. The results obtained for the total sample and for the Continent region allow us to conclude that all the financial determinants studied are statistically significant in explaining the total debt. Regarding Madeira’s subsample, the level of debt of its companies is explained by the variables size, age, profitability and asset tangibility. In turn, the total debt of Azores’ companies only presents a statistically significant relationship with the profitability variable. This investigation also allowed the finding of statistically significant differences between Portuguese regions (NUTS I) in terms of hospitality SMEs’ total debt. It is proper to conclude that both the trade-off theory (TOT) and the pecking order theory (POT) are important in justifying capital structure’s behavior of the samples analyzed in this study.
This study analyzes the capital structure determinants of Portuguese hotel SMEs by regions (NUTS I). The dependent variable investigated is total debt and the independent variables are growth, size, non-debt tax shields, age, profitability, asset tangibility and location. Using Orbis database, data was obtained for a sample of 994 companies, for the period 2015-2019. The panel data methodology was applied to the total sample and to the subsamples correspondent to the different regions under observation. The results obtained for the total sample and for the Continent region allow us to conclude that all the financial determinants studied are statistically significant in explaining the total debt. Regarding Madeira’s subsample, the level of debt of its companies is explained by the variables size, age, profitability and asset tangibility. In turn, the total debt of Azores’ companies only presents a statistically significant relationship with the profitability variable. This investigation also allowed the finding of statistically significant differences between Portuguese regions (NUTS I) in terms of hospitality SMEs’ total debt. It is proper to conclude that both the trade-off theory (TOT) and the pecking order theory (POT) are important in justifying capital structure’s behavior of the samples analyzed in this study.
Description
Keywords
Estrutura de capital Dados em painel Heterogeneidade regional PME Setor hoteleiro