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Abstract(s)
Nos últimos anos, as empresas que optam por uma política de endividamento zero têm aumentado ao longo do mundo. O presente trabalho analisa o facto de muitas empresas deterem um peso de endividamento zero, comportamento que não vai ao encontro dos modelos financeiros da literatura sobre estrutura de capital (Strebulaev e Yang, 2007).
Atualmente, os desenvolvimentos neste tema ainda são poucos e não apresentam conclusões consistentes e claras uma vez que apenas consideram uma ou duas motivações para as empresas optarem por este tipo de comportamento.
Por forma a ultrapassar as limitações existentes, este trabalho aborda três motivações: a ausência de necessidades de financiamento externo; as restrições financeiras; e a flexibilidade financeira para as empresas cotadas do Reino Unido, no período temporal de 2008 a 2016, considerando o endividamento total, o endividamento de curto-prazo e o endividamento de médio e longo-prazo.
Adicionalmente, incluiu-se ainda os determinantes dimensão, tangibilidade, rendibilidade, benefícios fiscais não financeiros, crescimento e risco (Titman e Wessels, 1988; Rajan e Zingales, 1995).
Os resultados obtidos sugerem que empresas com ausência de necessidades de financiamento externo incorrem com menor probabilidade em políticas de endividamento nulo, as restrições financeiras empresariais não têm impacto na probabilidade de as empresas optarem por uma política de endividamento nulo e empresas que procuram maior flexibilidade financeira têm maior probabilidade de optarem por uma política de endividamento nulo.
In the last years, firms that choose zero-leverage policy have largely increased all around the word. This master thesis analyzes the fact that many firms have a zero leverage behavior that does not meet the financial models of the literature on capital structure (Strebulaev and Yang, 2007). Currently, the developments in this topic are few and do not present consistent and clear conclusions since they only consider one or two motivations for firms choose this type of behavior. In order to overcome the existing constraints, this master thesis addresses three motivations: the non-external financing needs; the financial constraints and the financial flexibility for United Kingdom listed firms, for the period from 2008 to 2016, considering total debt, short term debt and medium- and long-term debt. Additionally, the determinants of size, tangibility, non-financial tax benefits, growth and risk were also included (Titman and Wessels, 1988; Rajan and Zingales, 1995). The results suggest that firms with no external financing needs are less likely to become non leverage firms, the firm’s financial constrains have no impact on the likelihood of opting for a non leverage policy and companies that intend to achieve greater financial flexibility are more likely to become non leverage firms.
In the last years, firms that choose zero-leverage policy have largely increased all around the word. This master thesis analyzes the fact that many firms have a zero leverage behavior that does not meet the financial models of the literature on capital structure (Strebulaev and Yang, 2007). Currently, the developments in this topic are few and do not present consistent and clear conclusions since they only consider one or two motivations for firms choose this type of behavior. In order to overcome the existing constraints, this master thesis addresses three motivations: the non-external financing needs; the financial constraints and the financial flexibility for United Kingdom listed firms, for the period from 2008 to 2016, considering total debt, short term debt and medium- and long-term debt. Additionally, the determinants of size, tangibility, non-financial tax benefits, growth and risk were also included (Titman and Wessels, 1988; Rajan and Zingales, 1995). The results suggest that firms with no external financing needs are less likely to become non leverage firms, the firm’s financial constrains have no impact on the likelihood of opting for a non leverage policy and companies that intend to achieve greater financial flexibility are more likely to become non leverage firms.
Description
Keywords
Empresas com endividamento zero Ausência de necessidade de financiamento externo Restrição financeira Flexibilidade financeira Zero leverage firms No external financing needs Financial constrains Financial flexibility