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Este trabalho analisa o facto de muitas empresas deterem um peso de endividamento inferior ao que seria expectável, de acordo com os alguns modelos financeiros da literatura sobre estrutura de capital (Minton e Wruck, 1991; Strebulaev e Yang, 2007) e, portanto, pretende-se encontrar confirmação empírica para o caso das empresas Portuguesas não cotadas do setor da fabricação do calçado, para o período de 2006 a 2015. Neste contexto, são essencialmente dois modelos teóricos explicativos da estrutura de capital: o modelo do trade-off, que identifica as vantagens e desvantagens marginais do recurso ao endividamento como determinantes da estrutura de capital, e o modelo da pecking order, que considera que as decisões de financiamento são tomadas de forma incremental sem referência ao stock inicial de capital. Por outro lado, é feita a distinção e comparação entre as empresas sem endividamento, que neste trabalho se considera que são empresas que detêm entre 0% e 1% de dívida financeira (Zero Leverage Firms), empresas com pouco endividamento, empresas que em média se encontram abaixo dos 10% de dívida financeira (Low Leverage Firms), e as restantes empresas, com endividamento médio acima dos 20%. Os factores considerados como determinantes da escolha das empresas entre dívida e capital próprio, foram a dimensão, a tangibilidade, a rendibilidade, o crescimento, os benefícios fiscais não financeiros, o risco e a taxa efetiva de imposto (Titman e Wessels, 1988; Rajan e Zingales, 1995). Os resultados obtidos sugerem que as zero leverage firms e as low leverage firms baseiam as decisões de endividamento nas variáveis explicativas tangibilidade e rendibilidade. De referir ainda que a teoria do trade-off parece ser mais consistente para explicar o endividamento das empresas do sector de fabricação do calçado português.
This master thesis examines the fact that many firms have a lower debt than would be expected, according to some pricing models of the capital structure literature (Minton and Wruck, 1991; Strebulaev and Yang, 2007) and therefore, it is intended to find empirical confirmation for the case of unlisted Portuguese companies in the footwear manufacturing sector, for the period from 2006 to 2015. In this context, there are essentially two theoretical models that explain the capital structure: the trade-off model, which identifies the marginal advantages and disadvantages of borrowing as determinants of the capital structure, and the pecking order model, which considers that financing decisions are made incrementally without reference to the initial capital stock. On the other hand, it is distinguished and compared the companies without indebtedness, which in this paper are considered to be companies that hold between 0% and 1% of financial debt (Zero Leverage Firms), companies with low indebtedness, companies that in average are below 10% of financial debt (Low Leverage Firms), and the remaining companies, with an average debt above 20%. The factors considered as determinants of the choice of the companies between debt and equity were the dimension, tangibility, profitability, growth, non-financial tax benefits, risk and the effective tax rate (Titan and Wessels, 1988; and Zingales, 1995). The obtained results suggest that the zero leverage firms and low leverage firms base the debt decisions on the explanatory variables tangibility and profitability. It should also be noted that the trade-off theory seems to be more consistent to explain the indebtedness in the Portuguese companies of the footwear manufacturing sector.
This master thesis examines the fact that many firms have a lower debt than would be expected, according to some pricing models of the capital structure literature (Minton and Wruck, 1991; Strebulaev and Yang, 2007) and therefore, it is intended to find empirical confirmation for the case of unlisted Portuguese companies in the footwear manufacturing sector, for the period from 2006 to 2015. In this context, there are essentially two theoretical models that explain the capital structure: the trade-off model, which identifies the marginal advantages and disadvantages of borrowing as determinants of the capital structure, and the pecking order model, which considers that financing decisions are made incrementally without reference to the initial capital stock. On the other hand, it is distinguished and compared the companies without indebtedness, which in this paper are considered to be companies that hold between 0% and 1% of financial debt (Zero Leverage Firms), companies with low indebtedness, companies that in average are below 10% of financial debt (Low Leverage Firms), and the remaining companies, with an average debt above 20%. The factors considered as determinants of the choice of the companies between debt and equity were the dimension, tangibility, profitability, growth, non-financial tax benefits, risk and the effective tax rate (Titan and Wessels, 1988; and Zingales, 1995). The obtained results suggest that the zero leverage firms and low leverage firms base the debt decisions on the explanatory variables tangibility and profitability. It should also be noted that the trade-off theory seems to be more consistent to explain the indebtedness in the Portuguese companies of the footwear manufacturing sector.
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Zero leverage firms Low leverage firms Trade-off Pecking order Estrutura de capitais Capital structure