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A estrutura de capital das empresas tem sido um tópico bastante discutido e abordado entre as finanças empresariais, desde os anos 50. Foi debatido, em primeira instância, pela visão tradicional de David Durand (1952), mas foi a partir do artigo de Modigliani & Miller, em 1958, que se desenvolveram as principais teorias sobre esta matéria, entre os quais se destacam a teorias trade-off, a teoria dos custos de agência e a teoria pecking order. Os autores debatem primordialmente sobre a potencial existência de uma estrutura de capital ótima; no entanto, quando estas teorias são aplicadas nos modelos de gestão das empresas, esta relação de otimização não se verifica, dado que as empresas não têm caraterísticas homogéneas e não é possível uniformizar um modelo que abranja todas as especifidades. Tendo como suporte os modelos e teorias explicativas sobre estrutura de capital, este estudo procura analisar se os determinantes da estrutura de capital das PME’s portuguesas sofreram alterações com a conjuntura económica, com especial foco na comparação do período da Troika em Portugal com o que se verifica nos últimos anos. O modelo proposto de determinantes de estrutura de capital foi estimado com base numa amostra de dados em painel, não balanceada, durante os anos de 2011 a 2018. Pelos resultados obtidos, comprova-se que os níveis dos determinantes da estrutura de capital apresentam relações diferentes com o endividamento, pelo que é possível inferir que a crise económica teve impacto sobre as decisões de financiamento por parte dos gestores. No entanto, as variáveis estimadas estão em conformidade com o proposto pelos principais modelos de estrutura de capital.
Firm capital structure has been a widely discussed topic in corporate finance since the fifties. It was debated, in the first instance, by the traditional perspective of David Durand (1952), but it was from the Modigliani & Miller article, in 1958, that the main theories of capital structure were developed, among which stand out the trade-off theory, the agency costs theory and the pecking order theory. The authors discuss primarily the potential existence of an optimal capital structure; however, when these theories are applied to the companies’ management models, this optimization relationship does not occur, once companies do not have homogeneous characteristics and it is not possible to standardize a model that covers all the specificities. Based on the models and the explanatory theories of capital structure, this study analyzes if the determinants of the capital structure of Portuguese SME’s have changed, in the context of economic crisis with main focus on the period of Troika intervention in Portugal, by comparing this period with recent years. The model was estimated based on an unbalanced panel data sample covering the years 2011 to 2018. Our results show that some of the determinants of capital structure have a different relation with debt in the two periods indeed, so it is possible to infer that the economic crisis had an impact on the managers financing decisions. However, the estimated variables are in accordance with the main literature on capital structure.
Firm capital structure has been a widely discussed topic in corporate finance since the fifties. It was debated, in the first instance, by the traditional perspective of David Durand (1952), but it was from the Modigliani & Miller article, in 1958, that the main theories of capital structure were developed, among which stand out the trade-off theory, the agency costs theory and the pecking order theory. The authors discuss primarily the potential existence of an optimal capital structure; however, when these theories are applied to the companies’ management models, this optimization relationship does not occur, once companies do not have homogeneous characteristics and it is not possible to standardize a model that covers all the specificities. Based on the models and the explanatory theories of capital structure, this study analyzes if the determinants of the capital structure of Portuguese SME’s have changed, in the context of economic crisis with main focus on the period of Troika intervention in Portugal, by comparing this period with recent years. The model was estimated based on an unbalanced panel data sample covering the years 2011 to 2018. Our results show that some of the determinants of capital structure have a different relation with debt in the two periods indeed, so it is possible to infer that the economic crisis had an impact on the managers financing decisions. However, the estimated variables are in accordance with the main literature on capital structure.
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Estrutura de capital Endividamento Determinantes da estrutura de capital Pequenas e médias empresas Troika Capital structure Debt Determinants of capital structure Small and medium enterprises