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Abstract(s)
O objetivo deste estudo consiste na análise empírica dos determinantes da maturidade do endividamento ao nível setorial de 32 empresas não financeiras cotadas no índice PSI Geral, num horizonte temporal de 2016 a 2019. Considerando a revisão da literatura, foram usadas técnicas de dados em painel (modelo mínimo dos quadrados) para analisar o impacto das variáveis das características das empresas (oportunidades de investimento, dimensão da empresa, qualidade da empresa, liquidez, taxa de imposto efetiva, nível de endividamento) e das variáveis macroeconómicas (taxa de crescimento do PIB, taxa de inflação, volatilidade da taxa de inflação) sobre a estrutura da maturidade do endividamento. Dada a necessidade de cumprir com alguns pressupostos estatísticos, a variável taxa de crescimento do PIB foi excluída por apresentar problemas de multicolinearidade. Através dos resultados obtidos, pode-se concluir que as variáveis características da empresa e as variáveis macroeconómicas têm impactos diferentes entre setores. De facto, as variáveis explicativas oportunidades de investimento e dimensão da empresa tiveram resultados diferentes entre setores. Além disso, as variáveis explicativas taxa de imposto efetiva, liquidez alta e baixa, confirmaram o que é argumentado na literatura, enquanto que as variáveis qualidades da empresa e volatilidade da taxa de inflação não foram ao encontro do que é dito na literatura. Realce-se, também, que as variáveis endividamento e taxa de inflação não tiverem nenhum resultado estatisticamente significativo.
The purpose of this study is the empirical analysis of the determinants of corporate debt maturity structure with a sector analysis of 32 non-financial companies listed on the PSI Geral index, over a time horizon from 2016 to 2019. Considering the literature review, panel data techniques (minimum square model) were used to analyze the impact of firms' characteristics variables (investment opportunities, firm size, firm quality, liquidity, effective tax rate, debt level) and macroeconomic variables (GDP growth rate, inflation rate, inflation rate volatility) on the debt maturity structure. Given the need to comply with some statistical assumptions, the variable GDP growth rate was excluded because it presents multicollinearity problems. Through the results obtained, it can be concluded that the firm’s characteristics variables and the macroeconomics variables have different impacts between sectors. In fact, the explanatory variables investment opportunities and company size had different results between sectors. Furthermore, the explanatory variables effective tax rate, high and low liquidity, confirmed what is argued in the literature, while the variables quality of the company and volatility of the inflation rate did not meet what is said in the literature. In addition, the results of indebtedness and inflation rate variables were not statistically significant.
The purpose of this study is the empirical analysis of the determinants of corporate debt maturity structure with a sector analysis of 32 non-financial companies listed on the PSI Geral index, over a time horizon from 2016 to 2019. Considering the literature review, panel data techniques (minimum square model) were used to analyze the impact of firms' characteristics variables (investment opportunities, firm size, firm quality, liquidity, effective tax rate, debt level) and macroeconomic variables (GDP growth rate, inflation rate, inflation rate volatility) on the debt maturity structure. Given the need to comply with some statistical assumptions, the variable GDP growth rate was excluded because it presents multicollinearity problems. Through the results obtained, it can be concluded that the firm’s characteristics variables and the macroeconomics variables have different impacts between sectors. In fact, the explanatory variables investment opportunities and company size had different results between sectors. Furthermore, the explanatory variables effective tax rate, high and low liquidity, confirmed what is argued in the literature, while the variables quality of the company and volatility of the inflation rate did not meet what is said in the literature. In addition, the results of indebtedness and inflation rate variables were not statistically significant.
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Keywords
Maturidade do endividamento Análise setorial PSI geral Dados em painel Debt maturity Sector analysis Panel data