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Abstract(s)
O presente trabalho teve como objetivo analisar os determinantes da estrutura de capitais das empresas portuguesas no sector da saúde em Portugal. Usando dados da SABI, entre 2007 e 2012, foi-nos possível construir, não só uma amostra da totalidade de empresas a operar no sector da saúde em Portugal, como também classificar as mesmas entre empresas públicas, PME privadas e grandes privadas.
Baseados nos vários estudos e teorias de estrutura de capitais da literatura financeira iniciada por Modigliani & Miller (1958), testamos as seguintes variáveis: Dimensão, Risco, Rentabilidade, Composição do Ativo, Outros Benefícios Fiscais para além da dívida, Crescimento e Idade. Como variável dependente, utilizámos o Endividamento Total. A metodologia usada nesta análise tem por base estudos empíricos fundamentais na área da estrutura de capitais, nomeadamente Rajan & Zingales (1995).
Por fim, concluímos que no sector da saúde todos os fatores de estrutura de capitais analisados são estatisticamente significativos na explicação do endividamento de uma empresa, com exceção dos fatores Risco e Outros Benefícios Fiscais. Constatámos também que os fatores Crescimento e Dimensão são estatisticamente significativos nas empresas públicas. No que toca às empresas privadas, para as PME todos os fatores considerados são estatisticamente significantes, mas por outro lado, o fator Crescimento é o único determinante na estrutura de capitais das grandes empresas.
This project had the objective of analyzing the factors that influence the most the capital structure of Portuguese companies operating within the healthcare industry in Portugal. Using data from SABI, between 2007 and 2012, we were able, not only to set a sample of the entire universe of operating firms within the healthcare industry in Portugal, but also to classify them as public companies, private SME or big companies. Based on several studies of the capital structure theories initiated by Modigliani & Miller (1958), we have tested the following variables: Size, Operational Risk, Profitability, Asset Composition, Other Tax Benefits beyond debt, Business Growth and Age. The dependent variable that we used was Leverage. The basis for the used methodology follows the groundbreaking empirical studies in the field of capital structure, namely the one from Rajan & Zingales (1995). We concluded that within the healthcare industry all explanatory factors significantly explain leverage, with exception of Operational Risk and Other Tax Benefits beyond debt. The model’s intercept was not found to be statistically significant. We also report that the factors Business Growth and Size hold statistical significance across public companies. Regarding private companies, we found that all the proposed factors significantly explain leverage across SME, whereas, regarding big companies, only the factor Business Growth significantly explain the firms’ capital structure.
This project had the objective of analyzing the factors that influence the most the capital structure of Portuguese companies operating within the healthcare industry in Portugal. Using data from SABI, between 2007 and 2012, we were able, not only to set a sample of the entire universe of operating firms within the healthcare industry in Portugal, but also to classify them as public companies, private SME or big companies. Based on several studies of the capital structure theories initiated by Modigliani & Miller (1958), we have tested the following variables: Size, Operational Risk, Profitability, Asset Composition, Other Tax Benefits beyond debt, Business Growth and Age. The dependent variable that we used was Leverage. The basis for the used methodology follows the groundbreaking empirical studies in the field of capital structure, namely the one from Rajan & Zingales (1995). We concluded that within the healthcare industry all explanatory factors significantly explain leverage, with exception of Operational Risk and Other Tax Benefits beyond debt. The model’s intercept was not found to be statistically significant. We also report that the factors Business Growth and Size hold statistical significance across public companies. Regarding private companies, we found that all the proposed factors significantly explain leverage across SME, whereas, regarding big companies, only the factor Business Growth significantly explain the firms’ capital structure.
Description
Keywords
Estrutura de capitais Endividamento total Sector da saúde Dados painel Capital structure Healthcare industry Leverage Panel data