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Determinantes da estrutura de capital do setor hospitalar em Portugal
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Abstract(s)
O presente estudo analisa os determinantes da estrutura de capital no setor hospitalar em Portugal. Tendo como base um conjunto de dados referentes a 62 empresas, recolhidos da base de dados Orbis, para o período de 2015 a 2019, exploram-se os determinantes da estrutura de capital, nomeadamente, a rendibilidade, a tangibilidade, o crescimento, a dimensão, a idade, os benefícios ficais não associados à divida e o tipo de propriedade. Considerando o modelo de dados em painel que melhor se ajusta, o modelo de efeitos fixos (AR1), os resultados sugerem que a rendibilidade, a tangibilidade, o crescimento e a dimensão têm impacto estatisticamente significativo na estrutura de capital das empresas do setor hospitalar. Os resultados observados neste estudo permitem concluir que ambas as teorias, do trade-off e da pecking order, desempenham um papel fundamental na explicação da estrutura de capital do setor hospitalar em Portugal.
The present study focuses on the analysis of the determinants of capital structure in the hospital sector in Portugal. Based on a dataset of 62 companies, collected from the Orbis database for the period from 2015 to 2019, we explore the determinants of capital structure, specifically, profitability, tangibility, growth, size, age, non-debt tax benefits, and type of ownership. Considering the model that best fits the data, the fixed-effects model (AR1), the results suggest that profitability, tangibility, growth, and size have a statistically significant impact on the capital structure of companies in the hospital sector. The findings of this study allow us to conclude that both the trade-off theory and the pecking order theory play a fundamental role in explaining the capital structure of the hospital sector in Portugal.
The present study focuses on the analysis of the determinants of capital structure in the hospital sector in Portugal. Based on a dataset of 62 companies, collected from the Orbis database for the period from 2015 to 2019, we explore the determinants of capital structure, specifically, profitability, tangibility, growth, size, age, non-debt tax benefits, and type of ownership. Considering the model that best fits the data, the fixed-effects model (AR1), the results suggest that profitability, tangibility, growth, and size have a statistically significant impact on the capital structure of companies in the hospital sector. The findings of this study allow us to conclude that both the trade-off theory and the pecking order theory play a fundamental role in explaining the capital structure of the hospital sector in Portugal.
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Keywords
Estrutura de Capital Hospital Dados em Painel Portugal